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    Business Wire India

    ACE Group announced today the relocation of its Asia Pacific regional as well as local operations in Singapore on July 20. Located in the heart of Singapore’s Central Business District at 138 Market Street, the move signals ACE’s strong commitment to better serve its business partners, of which some are based within close proximity of its new premises.


    The new office occupies approximately 38,500 sq. feet, spread over two interconnected floors housing over 250 employees. The relocation to CapitaGreen, an environmentally-friendly building, also supports ACE’s overarching commitment to sustainability.


    Mr. Juan Luis Ortega, Regional President for ACE’s general insurance operations in the Asia Pacific region, said, “This is a very exciting time for everyone at ACE Asia Pacific. At CapitaGreen, we have ample space for dynamic collaboration which enhances our ability to support our growth strategies in this region which is full of opportunity.”


    “Asia Pacific is a key growth region for ACE Group. Since the establishment of our regional headquarters in 1999, we have grown and diversified our products, distribution channels and geographies. Our footprint currently spans 13 markets, namely Australia, China, Hong Kong, Indonesia, Korea, Macao, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam. We offer a broad array of quality insurance and risk management solutions, ranging from property and casualty, accident and health, to personal and business insurance. As Singapore celebrates its 50th anniversary this year, our move to the Central Business District bears testament to the nation’s stature as a premier regional hub for multinationals,” Mr. Ortega added.


    Mr. Mack Eng, Country President of ACE’s operations in Singapore, added, “We are in the business of fulfilling promises to our customers and business partners. The move to Singapore’s financial district brings us closer to them and reinforces ACE’s dedication and commitment to our relationships with key stakeholders. The integration of space also means greater efficiencies and workplace effectiveness.”


    About ACE Group


    ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. ACE's core operating insurance companies are rated AA for financial strength by Standard & Poor’s and A++ by A.M. Best.


    ACE®, ACE logo®, and ACE insured® are trademarks of ACE Limited.





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    Business Wire India

    Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, today announced that ICE Futures Singapore has appointed Brink’s as the approved vault operator for the physically delivered ICE one-kilo Gold futures contract and that Metalor will provide assayer services.


    The ICE One Kilo Gold futures contract will trade and clear at ICE Futures Singapore and ICE Clear Singapore, upon launch later this year. The underlying gold bars for physical delivery will be stored at Singapore vaults operated by Brink's, a global leader in security-related services. Metalor, a global refiner of precious metals, will provide assaying services that will support ICE’s gold bar inspection and certification processes.


    In support of the ICE Gold futures contract, Brink’s Singapore will provide inventory management and secure vaulting services. Brink’s Singapore operates across three locations, with six secure vaults in Singapore.


    Metalor Singapore is accredited by the London Bullion Markets Association (LBMA) and provides a range of refining services, from evaluation to bullion production, across South East Asia. The company will provide comprehensive assaying services to ICE Futures Singapore for underlying gold bars in the event of any discrepancies.


    “Brink’s has been working closely with bullion banks, gold traders and retailers across Asia for many years; and with Singapore developing as a precious metals hub, Brink’s is pleased to leverage its expertise and provide its services in secure vaulting and storage to ICE Futures Singapore,” said Baskaran Narayanan, Country General Manager, Brink's Singapore.


    Mr. Teo Eng Cheong, Chief Executive Officer of International Enterprise (IE) Singapore, the Singapore government’s trade development agency, said: “IE Singapore aims to develop Singapore as a trading hub for precious metals. Recent developments, such as the exemption of GST on investment precious metals and Metalor setting up a gold refinery in Singapore, have enhanced Singapore’s ecosystem for precious metals trading. The new ICE Singapore Gold futures contract will further strengthen Singapore as an efficient and transparent market for gold trading and presents yet another milestone in our journey towards a gold hub.”


    “Singapore has long been an important regional trading hub for commodities. We are therefore pleased to offer a physically delivered gold futures contract with the planned launch of the exchange and clearing house later this year and to confirm the vault storage and assayer services of Brink’s and Metalor, respectively,” said Ang Swee Tian, Chairman, ICE Futures Singapore and ICE Clear Singapore.


    The establishment of ICE Futures Singapore and ICE Clear Singapore will support an expanded customer base and the further development of the derivatives markets in Asia with a local exchange and clearing presence. ICE has had a presence in Singapore since 2000 serving customers in the global energy markets. In recent years, Asia-based trading activity in our benchmark commodity and interest rate products has been rising as the region assumes a greater role in global derivatives markets.


    About Intercontinental Exchange


    Intercontinental Exchange (NYSE:ICE) operates the leading network of regulated exchanges and clearing houses. ICE’s futures exchanges and clearing houses serve global commodity and financial markets, providing risk management and capital efficiency. The New York Stock Exchange is the world leader in capital raising and equities trading.


    Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at


    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC on February 5, 2015.


    SOURCE: Intercontinental Exchange







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    Business Wire IndiaBrickwork Finance Academy had organized convocation for the BFA Level I and Level II graduating batch of 2015, at their facility on Bannerghatta Road, Bengaluru today. Mr. A Balasubramanian, CEO, Birla Sun Life Asset Management delivered the convocation address.

    As the Chief Guest, Mr. A Balasubramanian, Chief Executive Officer, Birla Sun Life Asset Management said, “I am pleased to deliver the convocation address at the BFA campus in Bengaluru. I was impressed with the facility, faculty and energy level of students. I am sure that BFA Level I and Level II candidates will find great jobs in the commercial banks, investment banks and mutual funds as well as KPOs in the outsourcing industry.”

    Delivering the Inaugural Address, Prof. K R S Murthy, Advisor BFA and former Director IIM, said, “I am glad that the BFA program uses highly qualified IIM and
    IISc. Professors and industry experts, that adds great value to those interested in pursuing a career in the BFSI sector. The BFA faculty, with their experience in the banking and credit rating industries, provides practical knowledge in credit, investment and risk management. I would like to congratulate the successful candidates of BFA Level I and Level II exam and wish them well in their finance careers in the banking and financial sector".

    Earlier welcoming the audience, Vivek Kulkarni, President of Brickwork Finance Academy said, “Banking and Financial Analyst - BFA’s Level I and Level II are meant for bright and hardworking students. The exams are tough and test areas in banking, portfolio management, risk management and credit management. BFA believes in quality and only 37% have passed the BFA Level II exam. I would like to congratulate all the successful candidates and wish them success”.

    Proposing the vote of thanks, D Ravishankar, Founder Director, Brickwork Ratings, stated “Banking & Financial Analyst course focuses on credit, investment and risk management programs to build knowledge and skill sets that are required at banks, insurance companies, mutual funds and large corporates. I believe in the changing
    economic environment, BFA offers specialisation & opportunities for placement as specialists in the market place".

    Only 37% pass BFA Level II exams

    The BFA 2015 batch candidates were primarily post graduates, CA, CFA, Engineers, M Tech, MSc, etc. About 70% of the candidates are MBA and about 16% have passed various levels of CA, CS and CFA, US. About 70% candidates who appeared for BFA Level I exam passed. Only 37% of those who appeared for BFA Level II could pass this year.

    BFA 2016 batch

    Vivek Kulkarni, President of Brickwork Finance Academy welcomed the new batch of candidates who have enrolled for the BFA 2016 batch. About 70% of candidates already hold an MBA. About 15% have passed CFA/CA exams at various levels. These candidates will take the BFA Level I and II exams scheduled 9 April 2016. BFA exams are held in many centres across India on the second Saturday of April every year.

    About Brickwork Finance

    Banking & Financial Analyst (BFA) is a certification conferred upon by Brickwork Finance Academy. The certification is offered at two levels – Level I and Level II. The candidates who pass these exams would have higher level of analytical rigor, understanding of equity, fixed income, derivative markets, knowledge of Indian bank lending and mastery of credit and risk analysis. They could be absorbed as rating analysts, financial analysts, business analysts, credit analysts, risk analysts, loan officers, fixed income analysts in commercial banks, investment banks, mutual funds, insurance firms and pension funds. They can also be absorbed as Business Analysts in KPOs and IT firms in BFSI sector.

    There are three choices to pursue BFA program. They could attend 9 month weekend classes offered at Brickwork Finance Academy. They could view the same classes via Online. Else, they can do self-study and take the exams directly.

    BFA has distinguished faculty with vast and relevant experience. Our faculty are from IIM, IISc, and hold PhD from the US universities. A few are CA, CPA, MBA and experienced bankers.

    Photo Caption: From Right to Left: Mr. Vivek Kulkarni, Mr. A Balasubramanian, Prof. K R S Murthy, Mr. D Ravishankar

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    Business Wire India

    The Western Union Company, a leader in global payment services, announced the activation of international remittances into Greece, allowing customers to receive cash payouts in minutes* at select walk-in retail Agent locations from almost anywhere around the world.


    This Smart News Release features multimedia. View the full release here:

    Western Union opened for business today in Greece allowing customers to receive cash payouts in minu ...

    Western Union opened for business today in Greece allowing customers to receive cash payouts in minutes* at select walk-in retail Agent locations from almost anywhere around the world. (Photo: Business Wire)

    International and domestic Western Union Money Transfer® transactions are available for payout at up to 2701 out of 1,000 locations of WorldBridge Payment Institution (Paylink®) across Greece, with customers allowed to receive cash in amounts not subject to Greek capital controls.


    Western Union is working on expanding its in-bound payout Agent locations to include the entire network of over 1,800 locations represented by Agents WorldBridge Payment Institution (Paylink®) and ELTA - Hellenic Post, Greece’s Postal Authority.


    “To reinstate money transfer services for our customers is a great triumph, as we know the need to move money into Greece has never been more relevant than it is today. Our experience across the globe shows that during any type of crises – economic or otherwise – families and friends living abroad come together to support their loved ones in need,” said Giovanni Angelini, Senior Vice President and General Manager for Europe at Western Union.


    “We are pleased to reinstate this important lifeline for customers in Greece who urgently depend upon the generosity and kindness of their family and friends across the world to send them funds to pay for regular expenses, including everyday living expenses, health care and education,” he said.


    The activation of Western Union international and domestic transfers follows a new law issued by the Greek government, allowing money transfer operators to resume intra as well as in-bound transactions under special conditions.


    Western Union also recently activated in-bound transfers directly into Greek bank accounts from family or loved ones from 30 countries across North America, Europe, CIS and Asia Pacific.


    Western Union’s cross-border platform is a rare combination of a physical and fast-growing digital network in 200 countries and territories. Across its brands the company has over 500,000 retail agent locations around the world – including leading retailers and banks, more than 100,000 ATMs and kiosks, over 90 active account-based money transfer banks, bank payout in more than 50 countries and sites in 25 countries.


    * Service and funds availability depends on certain factors including the Service selected, the selection of delayed delivery options, special terms applicable to each Service, amount sent, destination country, currency availability, regulatory issues, consumer protection issues, identification requirements, delivery restrictions, agent location hours, and differences in time zones (collectively, “Restrictions”).




    About Western Union


    The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of March 31, 2015, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks. In 2014, The Western Union Company completed 255 million consumer-to-consumer transactions worldwide, moving $85 billion of principal between consumers, and 484 million business payments. For more information, visit


    1 Availability of funds across the 270 select locations will be initially gradual; customers may call WorldBridge’s Call Center at 800 1002020 (local toll free) & +30 210 9005000 to verify the full functionality of locations.



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    Business Wire IndiaPerformance Highlights

    • Standalone profit after tax at Rs. 1,361 crore for the quarter ended June 30, 2015
    • Standalone Net Interest Margin for the quarter ended June 30, 2015 at 3.8%, spread on loans at 2.31%
    • 23% growth in the individual loan book (after adding back the loans sold in the preceding 12 months)
    • Gross non-performing loans at 0.69% of the loan portfolio as at June 30, 2015 compared to 0.70% in the corresponding quarter of the previous year
    • Consolidated profit after tax at Rs. 2,204 crore for the quarter ended June 30, 2015
    The Board of Directors of Housing Development Finance Corporation Limited (HDFC) announced its unaudited standalone and consolidated financial results for the first quarter of the financial year 2015-16, following its meeting on Tuesday, July 28, 2015 in Mumbai. The accounts have been subjected to a limited review by the Corporation’s statutory auditors in line with the regulatory guidelines.
    The financial results for the quarter ended June 30, 2015 are not comparable with the corresponding quarter of the previous year. 

    The Corporation holds 21.6% of the equity share capital of HDFC Bank. HDFC Bank declared a dividend of Rs. 8 per share for FY 2015. The Annual General Meeting of HDFC Bank was held on July 21, 2015, post which the dividend payout was made. Consequently, the income from dividend from HDFC Bank of Rs. 315 crore would be booked in the second quarter of the financial year. In the previous year, dividend from HDFC Bank amounting to Rs. 269 crore was received in the first quarter. Hence the quarter financials are not comparable.
    For the quarter ended June 30, 2015, the profit after tax stood at Rs. 1,361 crore as compared to Rs. 1,345 crore in the previous year.
    As at June 30, 2015, the total assets of HDFC stood at Rs. 2,57,739 crore as against Rs. 2,30,053 crore as at June 30, 2014 – an increase of  12%.


    As at June 30, 2015, the loan book stood at Rs. 2,31,224 crore as against Rs. 2,03,384 crore as at June 30, 2014. Loans sold in the preceding twelve months amounted to Rs. 10,949 crore. After adding back the loans sold in the preceding 12 months, the growth in the individual loan portfolio is 23%. The growth in the non-individual loan portfolio stood at 10%. The growth in the total loan book after adding back the loans sold in the preceding 12 months is 19%. 
    Of the total loan book, individual loans comprise 72%. The average size of the individual loans stood at Rs. 23.4 lac.
    As at June 30, 2015, the total loans outstanding in respect of loans sold/assigned stood at Rs. 27,764 crore. HDFC continues to service these loans and is entitled to the residual interest on the loans sold. The residual interest on the individual loans sold is 1.24% p.a. and is being accounted over the life of the loans and not on an upfront basis.
    Non-Performing Loans

    Gross non-performing loans as at June 30, 2015 amounted to Rs. 1,609 crore. This is equivalent to 0.69% of the loan portfolio (previous year – 0.70%). The non-performing loans of the individual portfolio stood at 0.54% while that of the non-individual portfolio stood at 1.04%.
    As per NHB norms, the Corporation is required to carry a total provision of Rs. 1,742 crore.
    The balance in the provision for contingencies account as at June 30, 2015 stood at Rs. 2,082 crore of which Rs. 499 crore is on account of non-performing loans and the balance Rs. 1,583 crore is in respect of general provisioning on standard loans and other provisions. This balance in the provision for contingencies is equivalent to 0.89% of the portfolio. Thus the Corporation carries an additional provision of Rs. 340 crore over the regulatory requirements.
    Spread and Net Interest Margin
    The spread on loans over the cost of borrowings for the quarter ended June 30, 2015 stood at 2.31% compared to 2.29% in the corresponding quarter previous year.
    Net Interest Margin for the quarter ended June 30, 2015 was 3.8%.


    As at June 30, 2015, the unrealised gains on HDFC’s listed investments amounted to Rs. 57,958 crore (previous year Rs. 43,431crore). This excludes the appreciation in the value of unlisted investments.
    The Corporation’s capital adequacy ratio (CAR) after reducing the investment in HDFC Bank from Tier I capital stood at 15.8%. Of this, Tier I capital was 12.4% and Tier II capital was 3.4%. Deferred Tax Liability on Special Reserve has been considered as a deduction in the computation of Tier I and Tier II capital.
    The CAR without reducing the investment in HDFC Bank from Tier I capital, while treating it as a 100% risk weight stood at 18.2%. Of this, Tier I capital was 14.9% and Tier II capital 3.3%. As per the regulatory norms, the minimum requirement for the capital adequacy ratio and Tier I capital is 12% and 6% respectively.
    HDFC’s distribution network spans 382 outlets which include 104 offices of HDFC’s distribution company, HDFC Sales Private Limited (HSPL). HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank Limited and third party direct selling associates.
    To cater to non-resident Indians, HDFC has offices in London, Dubai and Singapore and service associates in Kuwait, Oman, Qatar, Abu Dhabi and Saudi Arabia.
    For the quarter ended June 30, 2015, the consolidated profit after tax stood at Rs. 2,204 crore as compared to Rs. 1,873 crore in the corresponding quarter last year, representing a growth of 18%.

    Photo Caption: 
    From left to right – Mr. Keki M. Mistry, Mr. Deepak Parekh, and Ms. Renu Sud Karnad at HDFC Ltd. Annual General Meeting, 2015.

    To View the Results Click on the links Below:
    Consolidated Results for Quarter ended in June, 2015
    Standalone Results for Quarter ended in June, 2015                                              

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    Business Wire India

    Russell Reynolds Associates, one of the top five global executive search and leadership firms, recently unveiled its new corporate identity.


    This initiative reflects the evolution of the firm as it continues to stay ahead of market dynamics and increasingly complex client needs – setting the standard for innovation and service in the executive search industry.


    Clarke Murphy, Chief Executive Officer at Russell Reynolds: “Clients told us that they want to work with a connected, forward-looking advisor that brings the insight and innovation they need to win. Through Russell Reynolds’ exciting new corporate identity, we are underlining our ability to be their trusted partner and connect them to what’s next, right now.”


    Sangeeta Prasad, Chief Marketing Officer at Russell Reynolds: “The objective of this initiative is to capture the evolution of our business. Our consultants not only respond to client needs today, but more importantly, prepare them for what is coming. Our new positioning, descriptors and strapline have been developed to create a differentiated identity for the firm and to reflect our approach – helping clients see around corners.”


    Russell Reynolds’ new logo and updated colour palette – which adds purple and teal to its traditional navy blue – are designed to represent the positioning and evoke a feeling of confidence, credibility and relevance.


    The firm’s new website echoes its new corporate identity, where thought leadership content is central to the design. The Insights section has been restructured to organise and surface content easily and an advanced search function, to provide speedy access to consultants, has also been incorporated. The website is fully responsive, to ensure visitors can access the same content and functionality across desktop, tablet and mobile devices.


    Russell Reynolds engaged Prophet, a global brand and marketing consultancy, to evolve its corporate positioning and visual identity; while full-service agency, Designory, was appointed to develop the firm’s new website.


    For more information or to arrange an interview with Sangeeta Prasad, please contact:

  / 0844 561 1416


    About Russell Reynolds Associates


    Russell Reynolds Associates is a global leader in assessment, recruitment and succession planning for boards of directors, chief executive officers and key roles within the C-suite. With more than 370 consultants in 45 offices around the world, we work closely with public, private and nonprofit organizations across all industries and regions. We help our clients build teams of transformational leaders who can meet today’s challenges and anticipate the digital, economic, environmental and political trends that are reshaping the global business environment. Find out more at and follow us on Twitter: @RRAonLeadership





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    Business Wire India

    Visa Inc. (NYSE:V) and Stripe, a mobile and online payment provider, announced a strategic partnership to support new technologies and online payment experiences for merchants, developers and consumers worldwide. Through this relationship, Stripe will accelerate its international expansion, particularly in emerging markets, accessing Visa’s global footprint through its acquiring and issuing partners. To support this growth and joint long-term initiatives, Visa has also made a strategic investment in Stripe.


    Working together, the companies will enable a global payments solution for new ecommerce experiences like “buy buttons” and new innovations to come. Stripe will also be one of the first beta partners to connect to Visa’s network capabilities via APIs and SDKs, offering their developer community access to payment and risk management services, Visa’s tokenization service and security technologies. With this joint effort, Visa and Stripe will offer an expanded set of capabilities to the developer community and the payment ecosystem worldwide.


    “Given the explosive growth of new commerce experiences enabled by a global developer community, Visa is expanding its strategic relationships across the payments ecosystem,” said Jim McCarthy, executive vice president, innovation and strategic partnerships, Visa. “We are very excited to work with Stripe and leverage our combined assets to broaden our offering to new types of merchants and developers globally.”


    “Stripe aims to give developers the tools they need to create the most secure and novel buying experiences,” said Patrick Collison, CEO and co-founder of Stripe. “Our partnership with Visa will accelerate our ability to expand to markets around the world, and give developers even more control over the end-to-end experience. We’re very excited about the potential.”


    About Visa Inc.


    Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 56,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit, and @VisaNews.





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    Business Wire India

    Western Union Company (NYSE:WU), a leader in global payment services, today celebrated its 20th anniversary in Africa. With over 34,000 locations and connections to millions of bank accounts and mobile wallets in more than 50 countries and territories, across Africa, the Western Union network serves millions of senders and receivers with a choice of 120 currencies.


    To celebrate this special milestone, Western Union’s President for Africa, Middle East, Asia Pacific, Eastern Europe and CIS, Jean Claude Farah, in addition to Aida Diarra, Western Union’s Regional Vice President and Head of Africa and other members of the Africa leadership team visited the first agent location at ADB (Agricultural Development Bank) that offered Western Union money transfer services for the first time in Africa in 1995. The WU leadership team also visited Ecobank head office in Accra and marked the occasion with the launch of the Account Based Money Transfer services through ATM in Ghana.


    The Western Union 20th Anniversary celebration in Ghana in Africa, coincides with a speech made by President Barack Obama at the African Union Headquarters in Addis Ababa, Ethiopia, where he is quoted saying:


    “Today, Africa is one of the fastest-growing regions in the world.Africa’s middle class is projected to grow to more than one billion consumers.With hundreds of millions of mobile phones, surging access to the Internet, Africans are beginning to leapfrog old technologies into new prosperity.Africa is on the move, a new Africa is emerging.”


    Western Union is committed to the expansion and development of its pan-African network which provides a critical link to the ever growing African Diaspora living and working in countries around the world.


    “More than 30 million Africans live outside their home countries, contributing billions of USD in remittances to their families and communities back home every year1”, said Jean Claude Farah. “We are very humbled to play a role in helping them move their money as they seek to elevate their economic status, meet emergency needs, support healthcare requirements, contribute to the education of future generations and in many instances build their own small businesses. By moving money for better for 20 years Western is enabling a world of possibilities for Africa and in Africa.”


    Aida Diarra added, “Through the work we do we also enable economic activity and job creation. Currently over 155,000 Front Line Associates (FLAs) are employed in our agent network on the African continent. Western Union invests in training these FLAs developing their business, technical and compliance skills.”


    In addition to the socio-economic impact that remittances enable, the company also supports philanthropic activities in Africa via the Western Union Foundation which has a long history of giving back to communities across the African continent. It supports organizations that promote economic opportunity and growth for individuals, families and entire communities throughout the region. Since its creation, the Western Union Foundation has committed to $8.703 million in grants and donations to 158 NGOs in more than 40 countries across Africa.


    About Western Union


    The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of March 31, 2015, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks. In 2014, The Western Union Company completed 255 million consumer-to-consumer transactions worldwide, moving $85 billion of principal between consumers, and 484 million business payments. For more information, visit




    1 IFAD, 2009





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    Business Wire India

    BBPOS, the global mobile point-of-sale (mPOS) innovation and solutions leader, will debut its new Chipper 2X device in the third quarter of 2015, the only mobile card payment acceptance solution that integrates magstripe, EMV and NFC contactless compatibility into a single compact audio jack-based design. Just weeks away from launch, Chipper 2X merchants and organizations will enjoy broad compatibility and enhanced functionality that similar products on the market lack and will benefit from acceptance of both card-base transactions and NFC contactless payments.


    This Smart News Release features multimedia. View the full release here:

    Chipper 2X accepting NFC payment (Photo: Business Wire)

    Chipper 2X accepting NFC payment (Photo: Business Wire)

    “Chipper 2X will kick off a new era of incredibly easy, secure and reliable mPOS solutions,” said Alex Choi, President & Chief Executive Officer of BBPOS. “We are bringing our merchant and institutional customers the features and payment acceptance versatility they have asked for, in an ultra-advanced device that will truly transform their ability to satisfy customers and engage the marketplace. Gathering magstripe, EMV and NFC chip reader technology and Apple Pay, MasterCard PayPass and VISA payWave compatibility into one solution is a giant step forward.”


    Chipper 2X is designed for maximum convenience and portability: the ultra-compact module is lightweight and sturdy, with hi-visibility LED charging and NFC operation indicators. Chipper 2X simultaneously enhances functionality and expands options available to merchants, while reducing transaction complexity. Chipper 2X complies with EMV Contactless requirements, allowing it to process NFC cards in addition to magnetic stripe and standard EMV IC cards. A SDK is available to support easy integration into mobile payment application and development with iOS, Android, Windows Phone and MS Windows.


    The need for market leading mPOS solutions is highlighted by the current EMV migration underway in the United States, as well as the emergent Apple Pay, MasterCard PayPass and VISA payWave standards. The combination of magstripe/EMV/NFC capability in the Chipper 2X allows maximum versatility and the ability to accommodate customers on both sides of the transitional divide.


    BBPOS is a preferred supplier of end-to-end mPOS solutions to markets around the world, with an uninterrupted reputation for merchant- and customer-friendly products that combine innovative technology, unparalleled convenience and outstanding reliability. Chipper 2X is ready to ship in Q3 2015, pricing and availability will be announced shortly.


    About BBPOS


    BBPOS is a leading innovator, designer, manufacturer and provider of end-to-end mobile point-of-sale (mPOS) solutions to all sectors, including mobile merchant, retail, hospitality, delivery, transport and government. BBPOS has developed a family of innovative mPOS devices that deliver the highest standards of quality, security and certification, with the flexible connectivity required to securely manage any transaction, in any environment. BBPOS was founded in 2008. The company is headquartered in Hong Kong and maintains regional offices in San Jose, Miami, London, Singapore and Shanghai.





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    Business Wire IndiaNew era of Mobile App payments dawn with the launch of XPay wallet, the real time payment platform that provides faster, easier and prompt service to people. It’s a moment of pride for the leading financial hub UAE Exchange India, to launch its Mobile app featuring QR code in India. People can transfer money to another person’s wallet and to shops free of charge round the clock. People can also transfer money from their bank account to Xpay wallet and from wallet to bank account for a fee.

    Devoid of generation-gap, people can make payments easily and instantly without typing too many details. Mobile recharge, person to person payments, payments to shops, online shopping, online movie ticket booking‎ and loading the wallet can be carried out in a fraction of seconds.

    UAE Exchange is licensed by the Reserve Bank of India for issuing digital wallets. A digital wallet like XPay functions in lieu of a cash. Carrying cash comes with risks of theft, loss and the struggle for balance change when one wants to pay in exchange for day to day essentials. Digital wallets have outgrown Credit/Debit Card usage in India in the last year ushering in a new era of digital payments and there are more than 125 Million Digital Wallet users in India.

    XPay wallet, a user friendly mobile app for paying money can be downloaded freely from Google play or from People can pre-load money in XPay wallet either from any of the branches of UAE Exchange, India or through net banking or through credit/debit card or from registered shops.
    Company invites all to download XPay wallet and use it for their payments and receipts and support India in moving to a digital economy. Mobile wallet can become a house hold habit if many people start using it for making payments which will bring convenience to the lives of the people”, said Mr. V George Antony, MD, UAE Exchange, India.
    With almost two decades of experience in providing value-added services to customers, UAE Exchange, India delivers cost effective solutions through a combination of advanced technology, proven processes, and outstanding personnel in Foreign Exchange, Domestic Money Transfer, Loans, Tours & Ticketing, Insurance and Online share trading across the 400 branches in India. 

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    Business Wire India

    Tigers are coming.........


    Tigers have roamed China for thousands of years. They inspire awe in their prowess, ferocity and beauty. Now a new Tiger is coming to China.


    TigerRisk Partners LLC (“TigerRisk”) is pleased to announce its first presence in Asia with the opening of the Hong Kong office of its subsidiary TigerRisk China Partners. TigerRisk China Partners is a member of the Hong Kong Confederation of Insurance Brokers effective July 30.


    TigerRisk Partners is a US-based reinsurance, capital management and strategic advisor created in 2008. In April of this year, the firm added investment banking, M&A and capital markets advisory expertise with the creation of TigerRisk Capital Markets & Advisory. TigerRisk is based in Stamford, CT., with offices in New York, London, Minneapolis, Chicago, Raleigh, Dallas, Bermuda and now Hong Kong.


    "The 21st Century belongs to Asia in terms of economic development. The most powerful engine of that development is China. That is why we elected to start our Asian presence here,” said Rod Fox, CEO of TigerRisk.


    TigerRisk President, Tony Ursano, added: “We want to be an important participant in the development of the Chinese insurance market. We will do so by bringing the analytic, technical, product development and advisory skills we have developed in North America and Europe. We are delighted with the highly qualified and experienced team we have been able to attract to join us in Hong Kong."


    TigerRisk's team in Hong Kong will be led by Dr. Houqin Zhu, a highly experienced veteran of the insurance and reinsurance business. Dr. Zhu began his career with one of the prominent insurance groups in China as a reinsurance buyer. He subsequently moved to Singapore as a treaty underwriter for American Re and QBE Re. After several years of underwriting, he switched his career focus to become a professional reinsurance broker and led Willis Re’s China operation. Dr. Zhu will be supported by a hand-picked team of experienced professionals including Michael Fung, Raymond Chen and other seasoned veterans. This team will receive the full support of the analytic, technical and capital markets advisory resources resident in TigerRisk’s US, London and Bermuda offices.


    “China and the United States share a great number of common challenges in measuring and protecting capital from the risk of natural peril catastrophe,” said Dr. Zhu. “TigerRisk is excited to share and introduce our innovative approaches about measuring, controlling and mitigating catastrophe risk and spreading those risks globally.”


    In its seven-year history TigerRisk has developed a top-tier client list by delivering unique analytical approaches, creative structuring concepts and innovative solutions designed to provide clients a competitive advantage. This includes the development of capital markets products and proprietary tools designed to improve client profitability. TigerRisk will be making available all applicable tools and techniques to the China market through its Hong Kong team.


    For more information visit





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    Business Wire IndiaIn its third bi-monthly monetary policy review which will be announced on the 4th of August, the Reserve Bank of India (RBI) is as likely to announce another rate cut as it is likely to maintain status quo, said Niranjan Hiranandani, Managing Director, Hiranandani Communities.

    The Reserve Bank Governor Raghuram Rajan had cut the repo lending rate by 25 basis points to 7.25 per cent during the review on 02 June 2015. This brought the cumulative rate cut to 0.75 per cent since January this year. “Any rate cut helps reduce the overall burden for home buyers and has the potential to boost residential real estate sales,” said Niranjan Hiranandani.

    From the RBI Governor’s perspective, the signs are mixed, said Niranjan Hiranandani. “In June, retail inflation rose to an 8-month high of 5.4 per cent, while the overall Wholesale Price Index (WPI) based inflation was (-) 2.4 per cent. So, when considering the current macro-economic situation, the RBI Governor will have to consider the divergence between wholesale and retail price inflation rates,” he said.

    There are three aspects which are likely to impact RBI Governor’s thought process when he takes a call on whether to further reduce the rates: the monsoon, global crude prices and perceived weakness in the rupee. “All three are likely to play out in different ways across the rest of 2015, clarity on these three is likely only after the calendar year ends – so, will he go ahead and announce  a rate cut on 4th August? I think the jury’s out on this; in my opinion it is a 50 : 50 whether we will see another rate cut from the RBI,” he added.

    If the RBI cuts rates, logically it should boost investments and growth. “I am hopeful of further rate cuts, and hope that the RBI will take the right call at the right time on this,” he concluded.

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    Business Wire India

    Moody’s Analytics, a leader in credit risk management, announced that it has enhanced its RiskOrigins solution, which provides credit decisioning and monitoring for commercial lenders. Among the enhancements are a new collaborative workflow model and deal structuring functionality, which help lenders make smarter credit decisions, streamline the complex process of assessing credit risk, improve efficiency and comply with regulations.


    “In today’s environment of low margins and increased competition, banks need to work smarter and more efficiently than ever – especially when it comes to evaluating credit,” says Keith Berry, Managing Director of Credit Assessment and Origination at Moody’s Analytics. “We’ve enhanced our RiskOrigins solution to go beyond traditional loan origination and help lenders make smarter credit decisions, which can help improve underwriting quality, increase deal throughput and boost profitability.”


    Used by some of the world’s largest financial institutions in over a dozen countries, the RiskOrigins solution gives lenders greater insight into deals on their books, or in their pipeline, and illuminates potential impact on an institution’s overall credit profile.


    The solution’s new workflow model streamlines the credit risk lifecycle by improving and automating error-prone manual procedures, such as spreading and risk grading, monitoring covenants and managing the bank’s risk appetite. In addition, its deal structuring functionality addresses the challenges that financial institutions face in efficiently capturing deal data and defining risk mitigants at loan origination.


    Moreover, the RiskOrigins solution helps standardize information from disparate sources to enhance data integrity and governance, which are becoming hot-button issues with banking regulators. By enforcing transparent, repeatable and auditable processes, the RiskOrigins solution helps lenders incorporate best practices into their operations and meet compliance challenges with confidence.


    “The banks we talk to expect to increase spending for commercial lending technology more than for other systems, and are focusing on adopting modern, integrated commercial lending platforms like RiskOrigins to standardize and simplify operations,” says Joanne Pollitt, Executive Advisor at CEB TowerGroup, which provides counsel to financial services leaders on the technology issues that are most important to their businesses. “We foresee strong, sustained growth in demand for these systems in the years ahead.”


    For more information about the RiskOrigins solution, please visit


    About Moody’s Analytics


    Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services and research, including proprietary analyses from Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody's Analytics is a subsidiary of Moody's Corporation (NYSE:MCO), which reported revenue of $3.3 billion in 2014, employs approximately 10,000 people worldwide and has a presence in 33 countries. Further information is available at





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    Business Wire India

    MetLife, Inc. (NYSE:MET) announced today that Cindy Tang will join the company as its Vice President and Head of Communications for the Asia region. Cindy will be based out of MetLife’s Asia region office in Hong Kong and will start with the company on August 20, 2015. Cindy will report to Jeanmarie McFadden, Executive Vice President and Chief Communications Officer for MetLife. At the same time, she will become a member of MetLife’s Asia Leadership Group and will work closely with Christopher Townsend, President of Asia for MetLife.


    In this role, Cindy will offer strategic direction in corporate communications to support senior leaders in Asia for the various and ambitious business strategies across the region. She will also spearhead all communications initiatives.


    “MetLife has been growing from strength to strength in Asia with a dynamic growth strategy and strong capabilities; Cindy’s joining will bring a wealth of experience, leadership acumen, and professional skills to the company. We are very pleased to have outstanding talented individuals such as Cindy taking up key roles in supporting our expansion in the region,” Townsend said.


    Cindy was the Head of Group Communications for Asia at HSBC Bank plc. based in Hong Kong. Prior to that, she spent 10 years at Standard Chartered Bank where she held various senior communications roles covering Asia, EMEA and Americas for the bank. Earlier, Cindy had a diverse career in the US and Taiwan in marketing, sales and finance. She has worked across teams that included investor relations, sustainability, government relations and brand strategies for Asia.


    “I am very pleased to welcome Cindy to MetLife. Cindy has been a trusted advisor to senior management teams in financial services for more than a decade and she brings a unique global perspective to MetLife in Asia,” said McFadden. “Cindy is also a fantastic leader, her proven track record in the industry and rich experience in communications strategies and coaching will add great value in building communications teams in Asia.”


    About MetLife


    MetLife, Inc. (NYSE:MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit



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    Business Wire India

    BOARD International, the leading global provider of software for unified Business Intelligence, Analytics and Performance Management, announced the release of “Data Fast Track,” a new BOARD function for automatic data discovery, modeling, mash-up and uploading.


    The BOARD Data Fast Track will minimize business users’ “time to insight,” through self-service data preparation. With the new functionality, users will be able to create compelling visual analyses and analytical applications from raw data, without the help of IT, in a matter of seconds.


    Data Fast Track will allow users to connect to a dataset and automatically build a BOARD data model that reflects similarities and relationships among all data items. Users can then enrich the data model by automatically blending additional data sets or by creating derived fields in an Excel-like environment. Once the data model is finalized, BOARD’s drag-and-drop environment will allow the immediate creation of any analysis.


    At this point, the IT team can easily promote the new business models to enterprise level, maintaining full data governance.


    “BOARD Data Fast Track represents a revolution in the BI, Performance Management and Data Discovery space” said BOARD International CEO Giovanni Grossi “Unlike our competitors, we manage self-service data discovery and Enterprise BI in a single platform rather than with two different products that are incapable of sharing their data environments. BOARD offers all the self-service capabilities that traditional BI and Performance Management platforms are not delivering, combined with the governance capability that other data discovery products are not providing.”


    BOARD Data Fast Track will be included in the forthcoming BOARD release generally available by 14th September.



    About BOARD International


    BOARD International has enabled more than 3,000 companies worldwide to rapidly deploy BI and CPM applications on a single integrated and programming-free platform, in a fraction of the time or cost required by traditional BI solutions. The BOARD platform provides a single, accurate and complete view of an organization’s information, fully integrated with enterprise processes, while uniquely planning and monitoring performance from strategic down to operational detail.


    BOARD has a worldwide direct sales force and a reseller network with local partners across the globe.





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    Business Wire India

    Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology services, announced that it has completed the formation of a joint venture with Bank of the Philippine Islands (BPI), a leading commercial bank in the Philippines.


    BPI is a leading Philippine provider of financial services with more than 800 branches. The bank has operated a merchant acquiring business in the Philippines for over 27 years.


    Under the terms of the agreement, Global Payments holds a 51 percent majority interest in the joint venture, and BPI holds the remaining 49 percent.


    About Global Payments


    Global Payments Inc. (NYSE: GPN) is a leading worldwide provider of payment technology services that delivers innovative solutions driven by customer needs globally. Our partnerships, technologies and employee expertise enable us to provide a broad range of products and services that allow our customers to accept all payment types across a variety of distribution channels in many markets around the world.


    Headquartered in Atlanta, Georgia with more than 4,400 employees worldwide, Global Payments is a Fortune 1000 Company with merchants and partners in 29 countries throughout North America, Europe, the Asia-Pacific region and Brazil. For more information about Global Payments, our Service. Driven. Commerce brand and our technologies, please visit


    About BPI


    With 163 years of experience in the local banking industry, BPI is one of the largest universal banks in the Philippines today. It offers a wide spectrum of financial services to both retail customers and corporate clients through the bank’s extensive distribution network locally and abroad. BPI serves 6.8 million customers through its network of more than 800 branches, over 2,500 Automated Teller Machines (ATMs) nationwide and close to 30,000 Point-of-Sale (POS) terminals. Additional information is available at



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    Business Wire India

    Visa Inc. (NYSE:V) announced the opening of a new technology development center in Bangalore, India, that will play a central role in the company’s efforts to accelerate digital commerce globally. As part of the opening ceremonies, Visa announced mVisa, a new mobile payment service that will be tested this summer with merchants across the Bangalore region and with customers of Axis Bank, HDFC Bank, ICICI Bank, and SBI (State Bank of India).


    This Smart News Release features multimedia. View the full release here:

    Visa's new technology development center in Bangalore, India. (Photo: Business Wire)

    Visa's new technology development center in Bangalore, India. (Photo: Business Wire)

    Visa’s new 100,000 square feet technology center is part of the Bagamne World Technology Center, a 70-acre campus in the heart of India’s IT corridor. The center is a combination of office and collaboration spaces that will be the home for 1,000 Visa developers. This team is tasked with making it easy for application developers to access Visa’s 400 payment products and services in order to build their own payment experiences that can work across a broad range of connected devices. This center is one of several facilities planned by Visa in the U.S. and Asia, and is part of a global strategy to transform Visa’s global processing network into an open commerce platform.


    “India has fast become one of the world’s most important technology epicentres with an incredible pool of technology talent,” said Charlie Scharf, Chief Executive Officer, Visa Inc. “Our new center in Bangalore, which complements others planned for Singapore and the U.S., will help Visa to accelerate the development of next generation payment solutions that enable secure, digital commerce through connected devices like mobile phones, PCs, tablets and even cars.”


    Consumer purchase behaviors are changing dramatically with the use of mobile phones and other connected devices that embed the ability to shop and pay into consumer’s daily lives. According to a recent report by Juniper Research, worldwide mobile payment transaction volume, including all payments made via a mobile phone and tablet, is projected to reach $3.27 trillion by 2018.1 Also purchases made via tablet or smartphone increased 48 percent in 2014 – that is three times the growth in desktop purchasing.2


    Visa Stepping Up Technology Development


    Visa developers have created a new payment service, mVisa, which brings the benefits of secure digital commerce to financial institutions, merchants and consumers in emerging markets. The new service will be tested in India later this year with select customers of Axis Bank, HDFC Bank, ICICI Bank, and SBI, and with merchants across the greater Bangalore region. With mVisa, consumers can make cardless purchases, pay bills and send money to friends and family members.


    Here is how mVisa works:

    • Consumers will be able to download the mVisa application to their smart or feature phone and securely link their Visa debit, credit or prepaid account to the mVisa application.
    • Once activated, mVisa enables consumers to pay for purchases in stores and online by simply initiating a transfer of funds from their account to the merchant’s account. Additionally, mVisa users will be able to pay bills and send funds to other Visa account holders.
    • mVisa transactions are processed via Visa’s global network, VisaNet, applying the scale, security and reliability of Visa to mobile payments in emerging markets. The service is designed to enable consumers to engage in secure, digital commerce, and more easily access funds in their existing bank accounts to make everyday purchases and pay utility bills.
    • Merchants and billers benefit by offering consumers a more convenient and secure way to pay, and are instantly notified via SMS text message when a payment has been received.
    • Starting in September, mVisa will be available to 20,000 merchants in the greater Bangalore region.

    mVisa is one of several initiatives that Visa has undertaken to accelerate the global migration from cash to digital commerce. The company is increasing its recruitment efforts, adding 2,000 full time employees to an already accomplished team of technologists who will work in development centers in India, Singapore and the U.S.


    “For the past 50 years, access to Visa’s technology environment was tightly controlled and available only to developers at financial institutions and merchants – a strategy that helped drive the migration from cash to electronic commerce in a secure manner,” said Rajat Taneja, EVP of technology at Visa Inc. “Today, as commerce shifts to digital environments where consumers can make secure purchases using mobile devices, it is critical that we open up Visa’s network and make it easier for developers globally to access our payment platform – making secure Visa payments a standard feature of mobile applications.”


    About Visa Inc.


    Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 56,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit, and @VisaNews.


    1 Juniper Research: “Mobile & Online Purchases; Cards, Carrier Billing & Third Party Payment Platforms 2015-2020,” July 15, 2015.


    2 According to an October 14 study from BI Intelligence, a research service from Business Insider, THE E-COMMERCE REPORT: Mobile Is Giving Traditional Retailers A Chance To Bounce Back These Holidays



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    Business Wire India

    • Max India shareholders support the demerger with an overwhelming majority of 99.99%
    • Significant milestone towards completing the three-way demerger 

    The Hon’ble High Court of Punjab and Haryana has issued an order, taking on record the shareholders’ approval of Max India’s Composite Scheme of Arrangement for the demerger of the company and granted liberty to file a second motion petition.  The Court-convened meeting of the equity shareholders of Max India was held on 4th July, 2015, in which 99.99% of the shareholders voted in favour of the Scheme.

    The order allows the Company to move the second petition before the High Court. The Court will seek comments from the relevant regulatory authorities for the final approval of the demerger.

    In addition, the company has applied to the Insurance Regulatory and Development Authority (IRDA) and the Foreign Investment Promotion Board (FIPB) for approval. The Company is hopeful of receiving the final court approval order by the end of September 2015.

    Max India has already received approvals for its proposed corporate restructuring from the Securities and Exchange Board of India (SEBI), the two stock exchanges where it is listed — the Bombay Stock Exchange & the National Stock Exchange — as well as from the Competition Commission of India (CCI).

    Besides the entity that is already listed, the two additional companies resulting from the Scheme will immediately file for listing of the shares with the stock exchanges following the final approval.

    The proposed restructuring is a significant strategic event and is being undertaken to provide investors specific and undiluted access to Max India’s diverse lines of businesses, provide sharper focus to each underlying business and to unlock shareholder value.

    Three holding companies will be listed upon completion of the demerger.
    1. The existing company, Max India Limited, will be renamed ‘Max Financial Services Limited’ (MFS) and will focus solely on the Group’s flagship life insurance activity, through its subsidiary Max Life Insurance, in which it will hold 72% shareholding, making it the first Indian listed company exclusively focused on life insurance.
    2. The second listed company will be named Max India Limited, and will continue to manage investments in the high potential sector of Healthcare and allied businesses. It will have three subsidiaries – Max Healthcare, Max Bupa and Antara Senior Living. The demerger will provide these businesses, which are currently in their growth and development phase, sharpened focus to fulfil their tremendous growth and value potential.
    3. The third listed company will be named Max Ventures and Industries Limited (MVIL) and will house the Group’s manufacturing subsidiary, Max Speciality Films – an innovation leader in the Speciality Packaging Films business. In addition, MVIL will also leverage the platform provided by the Prime Minister’s ‘Make in India’ initiative and will explore fresh ideas for new ventures in the ‘wider world of business’.
    Once the restructuring scheme is effective, after due regulatory approvals, Max India’s existing shareholders will retain one equity share of Rs 2/- in Max Financial Services Limited. They will additionally get one equity share of Rs. 2/- each of the new company Max India Limited for every one equity share held in Max Financial Services and one equity share of Rs. 10/- each of Max Ventures and Industries Limited for every 5 equity shares held in Max Financial Services.

    About Max India

    Max India Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health Insurance sectors. In the financial year 2015, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of the world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity and New York Life.

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    Business Wire IndiaEzetap Mobile Solutions, the Bangalore-based pioneer in mobile payments for emerging markets, today announced that is has raised Rs. 150 crores in fresh funding. Ezetap’s current investors; Social+Capital, Helion Advisors, and Berggruen Holdings are joined by Horizons Ventures, the private investment arm for Li Ka-Shing, and the Capricorn Investment Group in this round. Social+Capital founder Chamath Palihapitiya will become Chairman of Board - the first time the former Facebook executive has taken on this role with a portfolio company outside the United States.

    Started in 2011 and launched in 2013, Ezetap has grown much faster than the rest of the industry, deploying over 60,000 new points of sale across India in under 30 months. Ezetap processes transactions worth over $1 million per day and has a customer base ranging from the most well known enterprises to tens of thousands of small retail businesses. While many enterprises, including some of the leading e-commerce, Insurance and mobile companies, have standardized on Ezetap and deployed its integrated solution, the company also sees huge potential in the smaller and medium business sector. Ezetap is already activating over 500 new small retail merchants a week and will use some of its funds to increase that by 5X in the next few months.

    The Ezetap solution turns any merchant’s mobile device into an intelligent point of sale that is able to read any type of card and complete any type of financial transaction - from a credit card sale to a real-time bill payment, to an ATM cash withdrawal or deposit. The Ezetap solution is comprised of a configurable mobile application, a secure and lightweight card reader, and a flexible platform that allows Ezetap to provide customized value-added services and integrate to a merchant’s existing systems. Ezetap’s technology has been developed and built in India, and is compliant with global security guidelines.

    Ezetap has partnerships with leading banks including Citibank, HDFC Bank and American Express, who is also an investor in the company. Most recently, State Bank of India chose Ezetap to be its mPOS partner in order to help scale electronic payments and banking services to every corner of the country.

    Supporting Quotes

    Chamath Palihapitiya, Founder & Managing Partner, Social + Capital:
    “India is uniquely positioned to build an entirely new financial services ecosystem thanks to advancements like UID. Moreover, it’s clear to us that this revolution will be mobile first – from mPOS to mobile wallets, and that Ezetap is the only company who can seamlessly and agnostically supports this fast changing landscape.” 

    Abhijit Bose, Co-Founder and CEO of Ezetap:

    “Our vision is to be the most preferred, lowest cost, and universal platform through which businesses transact and engage with their customers. This funding, along with Chamath’s active guidance from scaling Facebook, gives us the fuel to help Ezetap realize our vision and massive potential.”

    “What makes MPOS unique is that every Ezetap mobile application being used by a merchant is configurable and smart. This is a fundamental change from the way payments have worked for decades and why it never scaled in India. Not only can we easily enable a storekeeper anywhere in the country to accept all forms of payments and increase their sales, we can actually turn his or her small shop into a bill payment center, eGovernment service point, full service bank branch, and much more with only a few keystrokes in Bangalore.  We are a true ‘Make in India’ company that will help deliver the promise of the Pradhan Mantri Jan Dhan Yojana.”

    Sanjay Swamy, Co-Founder and Vice-Chairman, Ezetap

    "Ezetap has moved beyond a start-up into a market-defining leader, and is now in the growth phase. Chamath invented and pioneered the concept of a growth team at Facebook. We’re excited to have him as Chairman and to have him actively guide the team through this exciting journey.

    About Ezetap

    Ezetap is a Mobile-based Payments service provider for emerging markets based in Bangalore, India. The company was co-founded in 2011 by CEO Abhijit Bose, CTO Bhaktha Kesavachar, and mobile payments pioneer Sanjay Swamy who serves as the company’s Vice-Chairman. The Ezetap service is PCI-DSS compliant, has been certified by multiple, leading financial institutions. For more details:

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    Business Wire India

    Every day communication professionals craft news releases and media pitches designed to encourage media outlets to cover their organization’s latest product launch, fundraising program or earnings release.


    This Smart News Release features multimedia. View the full release here:


    In an effort to identify the evolving needs of today’s media, from content to performance metrics, and to provide a road map for communication professionals, Business Wire launched the 2015 global media survey. This survey identifies the needs of today’s media outlets as it pertains to company news.


    WHAT: The 2015 Business Wire Worldwide Media Survey covers not only the latest practices in journalism and the increased reliance on company online newsrooms, as well as popular article success metrics, and the types of content reporters need from company spokespersons to ensure robust news coverage.


    WHO: Online and offline media professionals of all kinds, located around the world are invited to take this survey


    WHEN: The survey will remain open until August 7, 2015


    WHERE: The survey can be found at


    Click here to see the results of our 2014 media survey:


    About Business Wire


    Business Wire, a Berkshire Hathaway company, is the global leader in news release distribution and regulatory disclosure. Investor relations, public relations, public policy and marketing professionals rely on Business Wire to accurately distribute market-moving news and multimedia, host online newsrooms and IR websites, build content marketing platforms, generate social engagements and provide audience analysis that improves interaction with specified target markets. Founded in 1961, Business Wire is a trusted source for news organizations, journalists, investment professionals and regulatory authorities, delivering news directly into editorial systems and leading online news sources via its multi-patented simultaneous NX Network. Business Wire has 32 offices worldwide to securely meet the varying needs of communications professionals and news consumers.


    Learn more at and the BusinessWired blog; follow updates on Twitter: @businesswire or on Facebook.


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