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    Business Wire India

    Renowned investor Steve Cohen, his venture capital arm Point72 Ventures, and Quantopian announced today an agreement for Quantopian to manage up to $250 million of investment capital provided by Mr. Cohen.

     

    Quantopian offers a free platform where a vibrant online community of over 85,000 members from 180 countries can create institutional-quality investment algorithms. Investment algorithms created on Quantopian’s platform by members will be used to manage the funds from Mr. Cohen. Each author of a selected algorithm will receive a royalty based on the performance of his or her strategy.

     

    “This is a watershed moment for the entire industry. Steve Cohen, one of the most storied and successful investors, will be supporting investment algorithms produced by Quantopian’s community,” said John “Fawce” Fawcett, CEO of Quantopian. “These funds will permit Quantopian to make larger allocations and therefore pay larger royalties to authors of profitable algorithms. I expect this major incentive to galvanize both existing and new members, and propel everyone to new levels of creativity.”

     

    “The scarce resource in quantitative investing is talent,” said Matthew Granade, the leader of Point72 Ventures. “Quantopian has demonstrated an innovative approach to finding that talent.”

     

    “This relationship demonstrates the unique advantages offered by partnering with Point72 Ventures,” Mr. Granade said. “In addition to receiving investment capital, Quantopian is getting strategic advice that it can’t get from any other investor and Point72 will benefit from an ocean of untapped talent.”

     

    Mr. Cohen’s commitment, a portion of which is contingent on Quantopian meeting certain performance metrics, represents the first major commitment of funds for Quantopian to manage using its members’ algorithms.

     

    Point72 Ventures will also be making an investment in Quantopian. Quantopian has previously received venture investments from leading venture firms, including Bessemer Venture Partners, Khosla Ventures and Spark Capital.

     

    “This deal is exactly what we had in mind when we launched Point72 Ventures,” said Pete Casella, Co-Head of Point72 Ventures.

     

    Quantopian’s portfolio of investment algorithms is selected from the more than 400,000 algorithms written by its community of over 85,000 members, including professors, finance professionals, research scientists, developers, and students. By offering an institutional quality platform online and for free, with access to extensive data, Quantopian gives anyone the ability to create and test investment algorithms -- and be rewarded for their work.

     

    Quantopian evaluates the performance of each algorithm on its platform and makes allocations to selected algorithms based on factors including return, risk, style, capacity, and interaction effects. The authors of the selected algorithms receive a share of the profits generated from their investment strategies.

     

    About Point72 Ventures

     

    Point72 Ventures, LLC, an affiliate of Point72 Asset Management, L.P., provides early stage capital to startups in fields such as data mining, artificial intelligence, and machine learning.

     

    For more information about Point72 Ventures, please visit: point72ventures.com.

     

    About Quantopian

     

    Quantopian inspires talented people from around the world to write investment algorithms. Quantopian provides capital, data, and infrastructure to algorithm authors (quants). Quantopian offers license agreements for algorithms that fit its investment strategy, and the licensing authors are paid based on their strategy’s individual performance. Quantopian provides everything a quant needs to create a strategy and profit from it.

     

    Quantopian’s community has doubled year-over-year for the last three years and now numbers over 85,000 members. Quantopian’s members include finance professionals, scientists, developers, and students from 180 countries. The members collaborate online and in person at regional meetups, workshops, and Quantopian’s flagship annual event QuantCon. Quantopian provides its members a research and development platform, which includes US equity pricing and corporate fundamental data for free. Members may also access a fast-growing catalog of premium datasets. To date, more than 3.5 million simulations have been run on Quantopian’s platform. In September 2015, Quantopian began allocating proprietary capital to selected algorithms submitted by its members.

     

    For more information about Quantopian, please visit: https://www.quantopian.com/.

     

     

     

     

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    Business Wire IndiaEnhancing customer experience is at the heart of Tata AIA Life Pvt. Ltd.’s (Tata AIA Life) efforts to foster customer satisfaction. With a view to reinforce its belief of ‘Making good happen’ for its customers and to provide the ‘Ease of doing business’ for them, the company has introduced a host of initiatives to improve its customer experience.
     
    These initiatives include introduction of a service charter where the customers are promised pre-defined timelines to address proposal processing, service request, payout process, claim processing and grievance redressal. Addressing grievances is an important step in enhancing customer experience; it also provides valuable consumer insights, which can be used to boost customer satisfaction. Keeping this in mind, the company has devised a robust escalation matrix to help the customers manage their policies and connect with senior management of the company effectively in the time of major grievances.
     
    The initiatives taken by Tata AIA Life in the area of claim settlement have translated into promising results. The organisation has registered an individual claim settlement ratio of 96.8 percent for FY15-16, which is one of the best in the private life insurance sector in India. This is an improvement from the previous year’s 94.5 percent. The Company has also gone the extra mile to ensure that all the claims received were decided by the end of the financial year, leaving no instance of an outstanding claim.
     
    Amitabh Verma, Chief Operating Officer, Tata AIA Life Insurance, accredited the achievement to the company’s robust processes. He said, “Our focus on ‘Ease of doing business’ and creating value for customers has motivated us to reinvent our services time and again. Our bottom-up approach, armed with technology, helped us understand the needs of our customers and find best possible solution for them.”
     
    Another one of Tata AIA Life’s initiatives that has enhanced customer experience is its timely settlement of death claims. As a policy, Tata AIA Life settles all death claims on policies that have been in force for three continuous years within eight working days from receipt of all claim documents. If it is delayed due to any reason, the company pays 6 percent interest per annum on the claim amount.

    Tata AIA Life’s prudent risk management policies have ensured that it delivers on its promise to pay claims. Other than timely payment of claims, Tata AIA has also taken various measures to make the process easy and efficient. Claimants can contact Tata AIA, either through its helpline, or through emails letters and web site; or inform the respective branch about their claims. The Tata AIA claims team gets in touch with them to complete the documentation. The claimants can then track their claims online on Tata AIA’s website. In addition to this, regular SMS notifications are sent to the claimant about status of their claims. The company has the claim forms available in 11 regional languages to make the filing more convenient for the customer.
     
    Recently the Company launched of two mobile applications– Good Solutions and Good Friend, to simplify the process of buying and selling insurance. The former, Good Solutions, is a pre-sales app equipped with features such as customer goal-setting, solution recommendation and policy. The latter, Good Friend, is a post-sales app with sections for individual advisors; contest & convention updates; renewal & commission details; policy level enquiries; new business details with stages; and multifunction contact options for calls, SMS and e-card (wishing customers).
     
    To proactively address queries of the customers about their life insurance needs and to engage with them better, the company has introduced a special engagement programme called Face to Face. The customers are invited to their nearest Tata AIA Life branch on a pre-defined date every month through SMS and emails for the programme, which is organised in key branches across the country. The focus of this engagement activity is to update the customers about various services that help them in managing their policies effectively along with updating them about newly launched services. 
     
    These robust services that have been set in place by Tata AIA Life have helped the organisation maximise customer satisfaction thereby boosting customer experience for its patrons.
     
    About Tata AIA Life
     
    Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world spanning 18 markets in Asia Pacific.
     
    About Tata 
     
    Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising over 100 independent operating companies. The group operates in more than 100 countries across six continents, with a mission ‘To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’. Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2014-15, the revenue of Tata companies, taken together, was $108.78 billion. These companies collectively employ over 600,000 people. Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors and shareholders. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of about $116.41 billion (as on March 31, 2016). Tata companies with significant scale include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.
     
    About AIA
     
    AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar and Cambodia.
     
    The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$168 billion as of 30 November 2015.
     
    AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 29 million individual policies and over 16 million participating members of group insurance schemes.
     
    AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
     
    DISCLAIMER:
     

    • Tata AIA Life Insurance Company Limited (IRDA of India Regn. No. 110)                                                  
    CIN U66010MH2000PLC128403;registered and corporate address: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013
    • For complete details please contact our insurance advisor or visit the nearest branch office of Tata AIA Life or call 1-860-266-9966 (local charges would apply) or write to us at customercare@tataaia.com.
    • Visit us at: www.tataaia.com or SMS 'LIFE’ to 58888
     
    BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
    • IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums
    • IRDA does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call and number
     
     

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    Business Wire India

    Guidewire Software, Inc. (NYSE:GWRE), a provider of software products to Property/Casualty (P/C) insurers, announced that it has been positioned as the sole leader in Gartner, Inc.'s “Magic Quadrant for Property and Casualty Insurance Claims Management Modules1.” This is the third year in a row that Guidewire has appeared in the Leaders Quadrant and the first that Guidewire appears as the sole leader. The report can be viewed here.

     

    The global report evaluated seven vendors that have qualified for inclusion in the claims management module market. Guidewire was positioned highest on the ability to execute axis and furthest on the completeness of vision axis in the report.

     

    “Leaders offer the broadest range of product capabilities, LOB experience and operational capabilities,” wrote Jeff Haner, principal research analyst, Insurance, Gartner and author of the report. “They demonstrate unusual strength in terms of sales execution and consistent, best-in-class implementation results, while also maintaining a steady rate of new customer wins.”

     

    “The Guidewire team is honored to be recognized as the sole leader by Gartner in the Claims Management Magic Quadrant,” said Brian Desmond, chief marketing officer, Guidewire Software. “We are very thankful for the insight provided by our engaged customer community, representing all regions of the world and all lines of business, which helps us to continually improve ClaimCenter. We also thank Gartner for this recognition which we believe is a validation of the success achieved through the collaborative effort of the Guidewire community and inspires us to continue to innovate and improve.”

     

    Guidewire ClaimCenter® is an end-to-end claims management system, built from the ground up to meet the specific needs of today’s P/C insurers. ClaimCenter’s flexible business rules enable claims organizations to define, enforce and continually refine their preferred claim handling practices in order to optimize and monitor their claim processes. ClaimCenter is in use by insurers of all sizes across all product lines to improve speed and accuracy, reduce loss adjustment expense, and enable proactive management of claims. ClaimCenter is available as a standalone system or as part of Guidewire InsuranceSuite™, and can be integrated to an insurer’s legacy systems or third party applications.

     

    The latest version of ClaimCenter was recently announced as part of our Guidewire Insurance Platform™ release.

     

    About the Magic Quadrant

     

    Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

     

    1 Gartner Magic Quadrant for Property and Casualty Insurance Claims Management Modules, Jeff Haner, July 21, 2016

     

    About Guidewire Software

     

    Guidewire delivers the software that Property/Casualty (P/C) insurers need to adapt and succeed in a time of rapid industry change. We combine three elements – core operations, data and analytics, and digital engagement – into a technology platform that enhances insurers’ ability to engage and empower their customers and employees. More than 200 P/C insurers around the world have selected Guidewire. For more information, please visit www.guidewire.com. Follow us on twitter: @Guidewire_PandC.

     

    NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire PolicyCenter, and Guidewire BillingCenter are registered trademarks of Guidewire Software, Inc. in the United States and/or other countries.

     

     

     

     

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    Business Wire India

    Interbrand has launched the inaugural Interbrand Breakthrough Brands report, in partnership with Facebook, Ready Set Rocket, and the New York Stock Exchange (NYSE). The Interbrand Breakthrough Brands report, entitled “Future Growth,” is unique in that it examines emerging companies that are brand-led—organizations that have both unique business models and strong brands. The report complements Interbrand’s annual Best Global Brands report, now entering its 17th year, by putting a spotlight on emerging brands—especially those that are affecting change and embodying growth.

     

    “While it is certainly true that exciting startups abound, Interbrand and its partners have decided to put a spotlight on those organizations that have strong business models and strong brands,” noted Interbrand’s Global CEO, Jez Frampton. “From their earliest days, these Breakthrough Brands have been focused on managing their brands and delivering integrated experiences to their customers. We believe such efforts leave them well-poised to achieve significant growth in the months and years ahead.”

     

    Approximately 200 brands were nominated by a global network of key influencers—individuals chosen by Interbrand, Facebook, NYSE and Ready Set Rocket because of their strong commitment to and interest in emerging brands.

     

    Criteria & Methodology

     

    When selecting the brands to be featured in this report, these criteria were held paramount:

     
    • Age: Is the brand 10 years or younger?
    • Change: Is the brand driving change by responding to a unique marketplace need, generating a new experience for consumers, disrupting an industry, adopting a new business model or developing a new technology?
    • Growth: Is the brand demonstrating its ability to grow? Is it operating as a successful business? Is it stretching into new product or service categories—or new geographies? Is it attracting top talent?
    • Buzz: Is the brand grabbing attention and gaining momentum?

    “It's exciting to watch new patterns emerge through the Breakthrough Brands featured in this inaugural report,” noted Alex Lirtsman, Co-Founder & Chief Strategist at Ready Set Rocket. “Digital has forever transformed the traditional strategies, structures, and economics of marketing. Working with Interbrand, Facebook, and the NYSE to identify these trends—and the brands paving the way—has been an inspiring experience. We are all looking forward to watching these brands continue to grow.”

     

    “We’re excited to highlight these emerging brands which are setting their companies and brands apart by driving new ideas and growth,” said Tom Farley, President of NYSE Group. “The innovation they’ve demonstrated as young companies will contribute to their success as these companies cultivate their identity and connect with more customers.”

     

    Of the 200 brands nominated, 60 are featured in the Interbrand Breakthrough Brands report. They are not ranked, but rather grouped against 10 insights, three sector-specific categories and two additional categories (“Innovation Incubators” & “Ones to Watch”).

     

    Insights, Categories & Featured Brands

     

    Growing together: Building businesses around people

     

    Seenit
    Glossier
    VSCO
    mymuesli

     

    Growth in action: Living stories

     

    Away
    Casper
    Shinola
    Thinx

     

    Growing potential: Performance-enhancing platforms

     

    90 Seconds
    FameBit
    Percolate
    WeWork

     

    Growth for good: Purpose-bred brands

     

    Rubicon Global
    Sensorbox
    Sweetgreen
    Zady
    M-Pesa

     

    Growth through clarity: Two-way transparency

     

    DuckDuckGo
    Everlane
    LOLA
    Transferwise

     

    Personal growth: A better me

     

    Betterment
    Headspace
    One Medical
    Blue Apron
    Duolingo

     

    Growth in data: Data for value

     

    BeMyEye
    iCarbon X

     

    Growing mecosystems: Network conduits

     

    LINE
    Tuluntulu
    Carousell
    DePop

     

    Virtual growth: Machine realities

     

    Niantic
    Within
    Magic Leap
    Civil Maps

     

    Growing global: Breaking borders

     

    Xiaomi
    DJI Global
    WeChat
    Paytm

     

    Health & Wellness

     

    iCarbonX
    LOLA
    Omada Health
    One Medical
    Peloton

     

    Finance

     

    Nubank
    Nutmeg
    Faircent
    Acorns

     

    Food & Beverage

     

    Deliveroo
    Zomato
    Blue Apron
    do bem

     

    Innovation Incubators

     

    IBM Watson (IBM)
    S’well (Starbucks)
    Venmo (PayPal)
    Oculus (Facebook)
    AllState (Esurance)

     

    Ones to Watch

     

    Twist
    Prizm
    Maple
    Project September
    Orchard Mile
    Sthaler/Fingopay

     

    To learn more about these insights and the 60 brands highlighted within the inaugural Interbrand Breakthrough Brands report, please visit interbrandbreakthroughbrands.com. A downloadable report is available. You can also join the conversation on social media by using the hashtag #Breakthrough2016.

     

    About Interbrand

     

    With a network of 29 offices in 22 countries, Interbrand, a global brand agency, believes that growth is achieved when an organization has a clear strategy and delivers exceptional customer experiences. Interbrand’s combination of strategy, creativity, and technology makes it uniquely capable of driving the growth of its clients’ brands and businesses. Publisher of the highly influential annual Best Global Brands ranking and Webby Award-winning brandchannel, Interbrand is part of the Omnicom Group Inc. (NYSE:OMC) network of agencies. For more information, please visit Interbrand.com or follow Interbrand on Twitter and Facebook.

     

     

     

     

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    Business Wire India

    • The largest Bancassurance partnership in the country after open architecture.
    • Service and support mechanism for the Bank’s customers through its branches.
     
    Life Insurance Corporation of India , India’s largest life insurance company with a market share of 76.8% in policies and 70.4% in first premium, and Axis Bank, India’s third largest private sector bank with widespread network of 3006 branches (including extension counters), today signed an MoU to distribute LIC’s multiple life insurance products to their customers. This is one of the largest Bancassurance partnerships after the recent IRDA regulations issued on open architecture framework for banks. In the preliminary phase, the bank will distribute LIC’s life insurance products across its branches in West Bengal, Bangalore and Haryana – Panchkula. Additionally, the bank will also provide post sales services such as premium collection and renewal of policies.
     
    Mr. Mukesh Gupta, Executive Director, Bancassurance, LIC expressed that, “The coming together of the two major reputed organisations would enable them to combine and utilise the synergies for enhancing customer satisfaction and for serving social objectives of the nation.”
     
    Mr. Rajiv Anand, Executive Director & Head Retail Banking, Axis Bank added, “Banks have increased their role in Insurance distribution with Bancassurance being the biggest contributor. Over the last five years the Life Insurance business at Axis Bank has grown at a CAGR of over 25%. The partnership with LIC would enable us to further expand our existing bouquet of offerings and put forth a compelling proposition for our customers.”
     
    The bank will continue to invest in disruptive technologies to translate customer requirements into actionable insights and accordingly advice on the best fit policies from India’s leading insurance companies.
     
    About Axis Bank:
     
    Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
     
    With its 3,006 domestic branches (including extension counters) and 12,871 ATMs across the country, as on 30th June 2016, the network of Axis Bank spreads across 1,855 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank’s website www.axisbank.com offers comprehensive details about its products and services.
     
    About LIC of India:
     
    LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. The market share in First year Premium (FYP) was 70.44 % in March 2016 and similarly, in Number of Policies it stood at 76.84 % in March 2016.
     
    LIC is today an internationally recognized financial conglomerate, servicing its customers through its corporate office in Mumbai, 8 zonal offices, 113 divisional offices, 2048 branch offices, 1401 satellite offices, 1240 Mini Offices, 73 customer zones, 25 MASH (Metropolitan Area Service Hub) centers, 30557 premium acceptance points, 2137 Life Plus offices and 10,61,560 agents.
     
    The Corporation is also present in 13 countries through branch offices in Fiji, Mauritius and the United Kingdom, and wholly owned subsidiary in Singapore, joint venture companies in Bahrain, Nepal, Sri Lanka, Kenya and Saudi Arabia and chief agents’ offices in Bahrain, Dubai, Kuwait, Abu Dhabi, Oman and Qatar.
     
    LIC’s mission is “to ensure and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.” We take pride in our achievement of settling over 99% claims. No wonder LIC remains one of the Most Trusted and Valuable Brand in the country.

    Photo Caption: Mr. Mukesh Gupta, Executive Director, Bancassurance, LIC and Mr. Rajiv Anand, Executive Director & Head Retail Banking, Axis Bank at the MOU ceremony

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    Business Wire India

    Finalists for the 2016 BAI Global Banking Innovation Awards have been announced – showcasing this year’s top innovators within the financial services industry worldwide. The 15 finalists selected represent the most forward-thinking leaders transforming the industry. Finalists and winners will be celebrated at BAI’s new immersive conference, BAI Beacon, in Chicago, October 5-6, 2016.

     

    BAI serves as a global hub for connecting forward-thinking organizations and leaders who are changing the face of the industry, and established the BAI Global Banking Innovation Awards to be a catalyst for innovation in the financial sector.

     

    “BAI’s role within the financial services industry is to deliver actionable insights and new perspectives on innovation,” said Holly Hughes, Chief Marketing Officer for BAI. "This annual awards program brings the best and brightest innovative organizations to the forefront of our industry, so we can collectively – and globally – continue to build upon each other’s innovations and continuously evolve what financial organizations can deliver to customers.”

     

    The awards categories, and finalists for each, are:

     

    Product and Service Innovation

    • CaixaBank S.A. - imaginBank

    • DenizBank - Fast Loan for SMEs

    • Wells Fargo - CEO Mobile® biometrics

    • DenizBank - Quick Menu via O-BAI

     

    Channel Innovation

    • Mizuho Financial Group - Use of Humanoid Robots “Pepper”

    • First National Bank - FNB Unified API Platform

    • Westpac Bank - Westpac Live

    • Emirates NBD - First-to-Market Digital Banking Services in the Region through its Mobile Banking App

     

    Innovation in Societal and Community Impact

    • BAC Credomatic - Yo Me Uno” (I am in)

    • First National Bank - The WesBank Uber Driver Scheme – supported by FNB Vumela

    • DenizBank - Logging In To E-Government Service Through Internet Banking

    • Turk Ekonomi Bankasi - TEB Women Banking

     

    Innovation in Payments

    • CaixaBank S.A. - Risk Modelling Innovation through Data Analytics

    • CBW Bank - Digital Banking Platform for Real-time, Contextual and Conditional Payments Across Multiple Channels

    • America First Credit Union - Card Guard® from America First Credit Union

     

    Innovation in Internal Process Improvement

    • CaixaBank S.A. - Virtual Assistant in Foreign Trade WATSON

    • Alior Bank S.A. - Smart Collect

    • Citi Retail Services - Citi Retail Services’ Entity Linkage Framework (ELF)

    • Türk Ekonomi Bankasi - HIPPO-Gamified Sales Platform

     

    Honorable Mention – Most Innovative Non-Bank Financial Services Organization

    • NerdWallet - NerdWallet’s Checking Account Tool

     

    Disruptive Innovation in Banking

    • Mizuho Financial Group, Inc. - Use of humanoid robots “Pepper”

    • Alior Bank S.A. - Smart Collect

    • CaixaBank S.A. - Virtual Assistant in Foreign Trade WATSON

    • DenizBank - Logging In To E-Government Service Through Internet Banking

     

    Most Innovative Community-Based Banking Organization

    • WSFS Bank

    • America First Credit Union

    • CBW Bank

     

    Most Innovative Bank of the Year

    • First National Bank

    • CaixaBank S.A.

    • DenizBank

    • Türk Ekonomi Bankası

    Visit BAIGlobalInnovations.com for more information about the Awards. To learn more about BAI Beacon, visit BAIBeacon.com.

     

     

     

     

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    Business Wire India

    Funds managed and/or advised by Partners Group AG or its affiliates (“Partners Group”) formed a joint venture with affiliates of Spear Street Capital LLC (“Spear Street”) to acquire approximately 2.2 million square feet of office properties located in select suburban markets in Dallas, Chicago, Washington, D.C., Austin and Boston (the “Whetstone Portfolio”). Formerly owned by certain funds managed by Spear Street, the Whetstone Portfolio comprises The Campus at Legacy, a 726,700-square foot Class A office campus located in Plano, Texas; Atrium Corporate Center, a 467,000-square foot Class A office building located in Rolling Meadows, Illinois; Trinity Centre, a four-building, Class A office park totaling 488,200 square feet located in Centreville, Virginia; Research Park Plaza I & II, a 272,000-square foot Class A office project located in the Northwest submarket of Austin, Texas; and Riverworks Innovation Center, a 201,000-square foot Class A “brick and beam” office campus located in Watertown, Massachusetts.

     

    The transaction was led for Partners Group by its real estate secondaries investment team. Spear Street will continue to serve as the manager of the Whetstone Portfolio on behalf of the joint venture. Terms of the transaction were not disclosed.

     

    Accord Capital Partners LLC served as the exclusive financial advisor in connection with this transaction.

     

    ABOUT PARTNERS GROUP

     

    Partners Group is a global private markets investment management firm with over USD 55 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, Denver, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 850 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees. For further information on Partners Group, visit: www.partnersgroup.com

     

    ABOUT ACCORD CAPITAL PARTNERS LLC

     

    With headquarters in San Francisco and additional offices in Chicago and London, Accord Group Holdings LLC (“Accord”) harnesses a powerful combination of capital markets, investment management and principal investment capabilities for a wide variety of participants in the real estate private equity industry globally. Through Accord Capital Partners LLC, its broker/dealer affiliate in the United States, Accord provides advisory and capital raising services to its clients. For further information on Accord, visit: www.accord-group.net

     

     

     

     

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    Business Wire India

    StepStone Group LP (“StepStone” or the “Firm”), a leading global private markets asset management and advisory firm, today announced that the expanded StepStone Infrastructure and Real Assets Group (“SIRA”) is now fully integrated into the firm and actively conducting business for StepStone clients. In May, StepStone announced that KPMG’s Infrastructure and Real Assets Investment Advisory Team would join StepStone. SIRA’s more than 20 professionals, led by James O’Leary (former Head of the KPMG team and Colonial First State’s infrastructure and real assets platform) operate out of Sydney, Perth, Toronto, London, La Jolla and New York.

     

    Monte Brem, Chief Executive Officer of StepStone, commented, “We are pleased at how quickly and seamlessly the SIRA team has become integrated into the firm and our existing infrastructure and real assets team, and we thank KPMG for their ongoing support of that transition. Building an exceptional infrastructure and real assets investment platform with global coverage has been a top priority for StepStone, and the addition of James and his team allows us to provide the full scope of solutions, tailored to the specific needs of each institution, as our clients seek to balance their portfolios by investing in quality infrastructure and real assets opportunities.”

     

    StepStone also announces the addition of two new senior executives to the SIRA team. Simon Beer will be joining as Head of Asset Management, responsible for the oversight of asset value creation initiatives for the SIRA platform, and Enrique Fuentes will become a Senior Advisor, responsible for supporting SIRA’s activities in Europe, with a particular focus on working with major industrial partners in the region.

     

    Mr. O'Leary stated, "Our goal is to adhere to StepStone's philosophy of being trusted partners to institutional investors seeking customized global solutions throughout the investment life cycle. As a large global player, we are strategically placed to provide our infrastructure and real asset clients with the full spectrum of support, including primary and secondary fund advice, co-investments, tailored investment solutions, asset management and transaction advisory services. We are delighted to announce the addition of Simon and Enrique, whose significant experience on both the investment and industrial sides will further deepen our sector, technical and regional specialization, for the benefit of our investors globally.”

     

    Mr. Beer has specialized in infrastructure asset management and value creation in a career spanning 15 years. Prior to joining StepStone, he was responsible for developing infrastructure asset management strategies as a senior member of the Value Creation team at Ontario Teachers Pension Plan. Before that, he was a partner in KPMG’s advisory practice, advising investors, operators, regulators and governments on infrastructure, energy and natural resources opportunities. Earlier, he worked for the major international energy company BP and a leading engineering firm, Kellogg Brown and Root, advising investors and working on projects across North and South America, Europe, Africa, Asia and Australia. He recently assisted with the optimization and subsequent public offering of a US$1.5 billion transmission and distribution asset, helped a major pipeline operator identify and deliver operations performance improvements and has significant experience in major capital projects.

     

    Mr. Beer said, “I'm excited about joining StepStone and look forward to delivering a tailored client-focused approach toward infrastructure investment and asset management that focuses on maximizing value and reducing risk to clients. At such an important time in the evolution of the investment sector, it will be great to work with portfolio company management teams and the wider StepStone group to deliver real value over the investment life cycle.”

     

    Mr. Fuentes has 25 years of experience in private infrastructure financing, development and strategy. Before joining SIRA, he worked in a range of investment and advisory roles in the sector. Mr. Fuentes was previously a Development Director at Ferrovial for over 13 years. He has significant experience on industrial projects, and has been a champion of innovative cooperation strategies between financial investors and developers. Specifically, he has worked on over 15 investments in transportation infrastructure assets with an aggregate enterprise value in excess of EUR 15 billion. He also played a leading role in the transformation of Ferrovial from a construction company mainly focused in the Spanish market into one of the world´s largest private transportation infrastructure developers.

     

    Mr. Fuentes commented, “Having participated from the early years in the development of private infrastructure, and having observed how the market has evolved, I believe that investment by institutional investors and cooperation between investors and developers will be two key strategic trends in the future of this significant and fast-growing asset class. I am very pleased to join StepStone and hope to use my knowledge and experience to benefit StepStone’s investors around the world.”

     

    About StepStone

     

    StepStone is a global private markets firm overseeing over US$91 billion of private capital allocations, including approximately US$24 billion of assets under management. The Firm creates customized portfolios for the world’s most sophisticated investors using a highly disciplined research-focused approach that prudently integrates primaries, secondaries, and co-investments. StepStone offers bespoke private markets investment management and advisory services to institutional clients using industry leading analytics and research capabilities, with a focus on providing highly responsive and collaborative client service. The Firm covers the global private markets across multiple sectors and operates from offices in Beijing, Hong Kong, La Jolla, London, New York, Perth, San Francisco, São Paulo, Seoul, Sydney, Tokyo and Toronto.

     

     

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    Business Wire IndiaQ1 FY2017 Results Highlights:

    • Consolidated PBT: Rs. 139 Cr., grew 30%
    • Max Life AUM as at 30th June 2016: Rs. 37,701 Cr., grew  18%
     
    Max Financial Services Ltd. (MFS), the first company to be listed following the demerger of the erstwhile Max India, today announced impressive financial results for the first quarter of FY2016-17. MFS, which is India’s only listed company providing pure access to the life insurance sector, reported strong performance, with consolidated operating revenues of Rs. 2,242 Cr. and consolidated Profit Before Tax (PBT) of Rs. 139 Cr. in Q1 FY2017, growing 17% and 30%, respectively, over the corresponding period last year.
     
    MFS’ sole operating subsidiary Max Life Insurance performed well on all business parameters in the first quarter, maintaining its position as the best-in-class provider of long-term savings and protection products. Max Life reported operating revenues of Rs. 2,234 Cr. in Q1 FY2017, growing 17% over the same period last year, while New Sales in the quarter increased 25% to Rs. 469 Cr. The subsidiary also reported Shareholders’ PBT of Rs. 155 Cr., 31% higher compared to last year.
     
    Max Life’s Assets Under Management (AUM) stood at Rs. 37,701 Cr. as at 30th June 2016, growing 18% over last year.
     
    Max Life has earlier announced its Embedded Value Rs. 5,617 Cr. as at 31st March 2016, after allowing for a payout of Rs. 439 Cr. as shareholder dividend (including tax on dividend) in FY2016. The Value of New Business (VNB) written during FY2016 was Rs. 388 Cr. with a Portfolio New Business Margin of 18.3% (before cost overruns) and 17.9 per cent (after cost overruns).
     
    In June 2016, the Board of Directors of Max Life Insurance Company, Max Financial Services Ltd. and HDFC Standard Life Insurance Company Ltd. (HDFC Life), at their respective meetings had approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life and Max Financial Services into HDFC Life by way of a scheme of arrangement. A definitive three-way agreement was finalized and signed earlier today in Mumbai.
     
    The proposed arrangements would be subject to due diligence, definitive documentation and applicable board, shareholder, regulatory, respective High Courts / NCLT, and other third party approvals, as may be applicable. 
     
    About Max Group
     
    The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs. 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Temasek, Fidelity and New York Life.
     
    The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.
     
    About Max Financial Services Limited
     
    Max Financial Services Limited (MFS), a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. MFS actively manages a 68 per cent stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan headquartered global leader in life insurance.

    For further information, please visit:
     
    Max Group: www.maxgroup.net
    MFS: www.maxfinancialservices.com
     
     
    Facebook: https://www.facebook.com/themaxgroup
    Twitter:  https://twitter.com/maxgroup
     

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    Business Wire IndiaQ1 FY2017 Results Highlights:

    • MHC Network Gross Revenues: Rs. 633 Cr., grew 28%
    • MHC Network EBITDA: Rs. 61 Cr., grew 34%
    • Max Bupa Gross Written Premium: Rs. 122 Cr., grew 21%
     
    Max India Ltd. (Max India), one of the three holding companies formed after the demerger of the erstwhile consolidated Max India, today announced its financial results for the first quarter of FY2016-17. These are the first set of financial results to be declared since the Company’s stock commenced trading on the NSE and the BSE in July 2016.
     
    Max Healthcare (MHC), the largest operating company under Max India, reported Gross Revenues of Rs. 633 Cr. for its network of owned and managed hospitals, growing an impressive 28% over the corresponding quarter in the last financial year. MHC, which is an equal joint venture with South Africa-based Life Healthcare, reported a 34% growth in network EBITDA to Rs. 61 Cr. The robust growth in revenues was primarily driven by contribution from tower specialities such as Renal Sciences, Cardiac, Orthopaedics, among others. With 12.5% contribution to overall revenues, Oncology was the highest revenue contributor.
     
    In the past one year, MHC has undertaken significant expansion efforts including two large acquisitions in the Delhi/NCR region — Pushpanjali Crosslay Hospital in May 2015 and the marquee South Delhi-based Saket City Hospital in October 2015. Together the two hospitals immediately increased MHC’s existing bed capacity by over 25%. The company plans to further expand the Saket City Hospital facility (renamed Max Smart Super Speciality Hospital) by 900 additional beds over the next few years, thereby expanding its capacity to 1200 beds. Combined with Max Healthcare’s existing and contiguously located flagship facility (Max Super Specialty Hospital – Saket), Max Healthcare will have a footprint of more than 2,000 beds in Saket, creating one of the largest and highest quality healthcare facilities across Asia.
     
    Max Bupa, one of India’s leading standalone private health insurers, also reported significant improvement in its topline with Gross Written Premium of Rs. 122 Cr. in Q1 FY2017, growing 21% over last year. The last quarter was also marked by other significant developments at Max Bupa - Max India’s JV partner Bupa, a leading international healthcare group, acquired additional stake in Max Bupa, increasing shareholding from 26% to 49%.
     
    In addition, Max Bupa recently inked a bancassurance corporate agency agreement with Bank of Baroda (BoB), one of India’s largest public sector banks. Max Bupa will now be able to offer its comprehensive health insurance offering to BoB’s diverse customer base across the country. Max Bupa already has bancassurance arrangements and strategic alliances with leading institutions such as Standard Chartered Bank, Federal Bank, Ratnakar Bank, Muthoot Finance and Bajaj Finserv. One of the fastest growing players in the segment, Max Bupa is now the 9th largest private health insurer in the country, recently achieving a milestone of 1 million retail customers. The Company now serves as a trusted health insurance partner to more than 2 million customers, including rural customers covered under the Government’s Rashtriya Swasthya Bima Yojana (RSBY) scheme.
     
    Antara Senior Living, the third operating company under Max India, is pioneering the concept of ‘Age in Place’ for the elderly by developing Senior Living communities in India. Antara will launch its maiden community with over 200 apartments in December 2016 near Dehradun, Uttarakhand.
     
    Commenting on Max India’s performance, Mr. Rahul Khosla, Chairman, Max India said, These results reflect the tremendous growth opportunity in our key underlying businesses. With only about 5% penetration of health insurance and 1.3 hospital beds per 1000 people, both Healthcare and Health Insurance sectors have very low penetration and therefore huge growth potential. Senior living is a sunrise industry in which Antara Senior Living is a pioneer.”
     
    Mr. Mohit Talwar, Managing Director, Max India, added, “The ‘new’ Max India is, in many ways, a reflection of the old Max India with immense opportunities to grow shareholder value across its portfolio. Our businesses will continue to set the pace in their respective industries, while focusing on sustained profitability and growth over key fiscal metrics. Backed by high quality leadership teams, we are well placed for another successful year.”
     
    In January 2016, the Max Group concluded an important corporate restructuring wherein the erstwhile Max India was demerged into three separate entities, Max Financial Services, Max India and Max Ventures & Industries. With the listing of the Max India stock in July 2016, all three holding companies of the Max Group are now listed.           
     
    About Max Group
     
    The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Temasek, Fidelity and New York Life.
     
    The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.
     
    About Max India Limited
     
    Max India, the holding company for Max Healthcare, Max Bupa Health Insurance and Antara Senior Living, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories, and are recognized for their outstanding service standards. The Company owns and actively manages a 45.95% per cent stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.
     
    Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange.
     
    For further information, please visit:
     
    Max Group: www.maxgroup.net
    Max India: www.maxindia.com
     
    Facebook: https://www.facebook.com/themaxgroup
    Twitter: https://twitter.com/maxgroup
     

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    Business Wire IndiaMax Ventures and Industries Ltd. (MaxVIL), the second company listed following the demerger of the erstwhile Max India, today announced its financial results for the first quarter of FY2016-17. MaxVIL, which serves as the Max Group’s entrepreneurial arm to explore the ‘wider world of business’, reported strong performance, with consolidated operating revenues of Rs. 154.9 Cr. and consolidated Profit Before Tax (PBT) of Rs. 3.8 Cr. in Q1 FY2017.
     
    MaxVIL was formed as one of the resultant entities following the demerger of the erstwhile Max India Limited in January 2016, and the Company’s stock started trading on the BSE and the NSE earlier this year in June 2016. MaxVIL, which is the holding company for Max Speciality Films (MSF), an innovation leader in Speciality Packaging Films manufacturing, has undertaken key expansion efforts over the past few months. The MSF Board last year approved an investment of Rs. 250 Cr. in an additional 5th BOPP line which will increase its production capacity by a significant 60% to over 70,000 tonnes per annum. The line is expected to commence operations from October 2017.
     
    In addition to MSF, MaxVIL has also announced plans around 3 new business verticals as well. The first, Max Estates, is a recently incorporated wholly owned subsidiary of MaxVIL and will lead the Company’s projects in the real estate space. Max Estates has initiated construction and site development activities on its maiden project in Dehradun, Uttarakhand and is in the process of obtaining the requisite regulatory approvals. The project represents ~0.15 million sq.ft. of residential and ~0.01 million sq.ft of commercial developable space.
     
    The second business is MVIL’s fully-owned subsidiary, which will facilitate intellectual & financial Capital to promising and proven early-stage organizations across identified sunrise sectors. The said wholly owned subsidiary made its first investment in July 2016, after the MaxVIL Board approved an investment of Rs. 335 million in Azure Hospitality Pvt. Ltd. in May 2016, which owns and operates Mamagoto, a mid-scale casual dining restaurant chain and Speedy Chow/Roll Maal, a quick service restaurant (QSR) format for Indian & Chinese street food and an Institutional Catering Service.
     
    The final business vertical planned under MVIL will operate in the Education space.
     
    Commenting on MaxVIL’s performance, Mr. Analjit Singh, Chairman, MaxVIL said, “At MaxVIL, our aim is to recreate the success that the erstwhile consolidated Max India had —establishing and scaling up world class businesses that redefine their category and, in turn, create value for its stakeholders.”
     
    Mr. Sahil Vachani, Managing Director & CEO, MaxVIL, added, “Over the past few months, we have undertaken concrete actions on MaxVIL’s business plans and have moved forward on our multiple pillars of growth. We have very specific intentions and aspirations for each new business vertical and there has been significant momentum on growing each of our business verticals.”
     
    In January 2016, the Max Group concluded a mega corporate restructuring wherein the erstwhile Max India was demerged into three separate entities, Max Financial Services, Max India and Max Ventures & Industries. The original company was renamed Max Financial Services and the ex-demerger stock of MFS started trading from 27th January 2016. The stocks of the other two demerged entities, Max Ventures & Industries and Max India commenced trading on the Indian stock exchanges on June 22, 2016 and July 14, 2016, respectively.
     
    About Max Group
     
    The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, IFC Washington, Temasek, Fidelity and New York Life.
     
    The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.
     
    About Max Ventures and Industries Limited
     
    Max Ventures and Industries, is the holding company for Max Speciality Films, an innovation leader in the Speciality Packaging Films business. In addition to manufacturing, the Company also serves as the Group’s entrepreneurial arm to explore the ‘wider world of business’, especially taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others.
     
    MVIL is listed on both the Bombay Stock Exchange as well as the National Stock Exchange.
     
    For further information, please visit:

    Max Group: www.maxgroup.net

    Max Ventures & Industries: www.maxvil.com

    Facebook: https://www.facebook.com/themaxgroup

    Twitter: https://twitter.com/maxgroup

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    Business Wire IndiaInternational Business Advisors Pvt Ltd (‘IBA’) is pleased to announce that it has successfully helped Mywish Marketplaces Private Limited (MMPL) close its first Institutional round funding of $15 million from Franklin Templeton (FT), a leading global investment management organization.  
     
    MyWish Marketplaces had earlier successfully closed its Pre-institutional round in December 2015, an event that saw participation from California-based Sherpalo Ventures, Whatsapp’s global Business Head Neeraj Arora.    
     
    MyWish Marketplaces is engaged in aggregating, marketing and facilitating the sale of loan products and credit offerings from banks and financial institutions associated with the Company, wealth management, marketing/distribution of insurance products and investment products. It operates its business through (http://www.deal4loans.com/) for aggregation of loans and through (http://www.bimadeals.com/) for insurance products.
     
    MMPL intends to use these funds to develop intellectual property, build an investment platform and expand the small business loans category.
     
    IBA was the exclusive financial advisor to MMPL in both Pre-Institutional and Institutional rounds of funding. IBA also provided legal advise in both rounds of funding.
     
    With this transaction, IBA has further demonstrated its foothold in startup community as financial and legal advisors for 5 transactions in the startup space during the last one-year. IBA has now advised startup companies primarily operating in the technology sector.
     
    About International Business Advisors Pvt Ltd

    IBA is a leading mid-market financial, legal and tax consulting firm in India focused on cross-border M&A, legal, valuations, tax, regulatory and risk advisory services. The company focuses on Startups and Mid-to-Large enterprises and has been in existence for more than 13 years. IBA operates out of its offices in Delhi, Mumbai and Bangalore.

    http://www.ibadvisors.co

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    Business Wire India

    The Valence Group has advised Safripol Holdings Proprietary Limited (“Safripol”) on its sale to KAP Industrial Holdings Limited (“KAP”) for an enterprise value of ZAR4.1bn (c. US$310m). This successful intra-Africa sell-side transaction highlights the truly global nature of The Valence Group’s reach and capabilities.

     

    Completion of the transaction is subject to customary regulatory approvals and conditions precedent.

     

    About Safripol

     

    Safripol is a South African producer of polypropylene and high-density polyethylene used for an extensive range of industrial and consumer products. Established in 1972 as a joint venture between Hoechst and Sentrachem, Safripol was purchased in 1999 by Dow Chemical and subsequently sold in 2006 to a consortium of private equity and other investors, including Rockwood, Thebe Investment Corporation (“Thebe”) and certain members of the management team. Safripol generated after tax profits of ZAR488m in 2015.

     

    About Rockwood

     

    Rockwood is a leading South African private equity fund manager which focuses on taking substantial equity positions in medium to large sized companies that have experienced management teams.

     

    About Thebe

     

    Founded in 1992 as a pioneering black-owned company, Thebe is one of South Africa’s leading investment companies, managing assets of over ZAR6bn spanning multiple sectors. It is a unique entrepreneurial company that does not exist only to make a profit, but is driven by a commitment to serve the broader interests of communities at large.

     

    About KAP

     

    KAP is a diversified industrial company listed on the Johannesburg Stock Exchange with a market capitalization of c. ZAR16bn. It is predominantly focused on industry-leading businesses operating in African markets.

     

    KAP’s major shareholder is Steinhoff International Holdings NV (“Steinhoff”) which holds approximately 43% of KAP. Steinhoff is an integrated retailer that manufactures, sources and retails furniture, household goods and general merchandise, and is listed on both the Johannesburg and Frankfurt Stock Exchanges with a market capitalization of c. €22bn.

     

    About The Valence Group

     

    The Valence Group is a specialist investment bank offering M&A advisory services exclusively to companies and investors in the chemicals, materials and related sectors. The Valence Group team includes a unique combination of professionals with backgrounds in investment banking and strategic consulting within the chemicals and materials industries, all focused exclusively on providing M&A advisory services to the chemicals and materials sector. The firm’s offices are located in New York and London.

     

     

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    Business Wire India

    Starr Companies announced that A.M. Best has affirmed the A rating with a stable outlook for Starr International (Europe) Limited, which, along with Starr Underwriting Agents Limited, is a subsidiary of Starr International Company, Inc.

     

    “The A.M. Best’s rating comes as we celebrate our 10th year of operating in Europe, the United Kingdom and specifically our location in London.” said Steve Blakey, CEO, Starr Underwriting Agents Limited and Starr Managing Agents Limited. “This underscores our strength and commitment to the European marketplace as we continue building upon our portfolio of product offerings and relationships within the insurance community.”

     

    Starr Companies (or Starr) is the worldwide marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C.V. Starr & Co., Inc. and its subsidiaries. Starr is a leading insurance and investment organization with a presence on five continents; through its operating insurance companies, Starr provides property, casualty, and accident & health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance. Starr’s insurance company subsidiaries domiciled in the U.S., Bermuda, Hong Kong and Singapore each have an A.M. Best rating of “A” (Excellent). Starr’s Lloyd’s syndicate has a Standard & Poor’s rating of “A+” (Strong). Starr’s insurance company subsidiary domiciled in China has an A.M. Best rating of “A-” (Excellent).

     

    For more information visit us at www.starrcompanies.com

     

     

     

     

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    Business Wire India

    • First of its kind loan product in the country for the urban low income segment
    • ‘Nano Credit’ to offer unsecured loans of up to INR15,000 per individual, by way of a term loan or overdraft
    • ‘Nano Credit’ can be availed by 35 million existing customers of Suvidhaa from any of the 22,000 Suvidhaa Axis Bank BC outlets
    • Quick disbursal within 1-2 hours, easy access to loan amount through pre-paid card, withdrawal through any ATM / merchant payment through POS machines. 

    Axis Bank, the third largest private sector bank in India and Suvidhaa Infoserve, a major player in domestic remittance and digital payments sector, today announced the roll out of ‘Nano Credit’ – pre-approved, instant and unsecured loans for the urban low-income segment.

     
    The product offers credit of up to INR 15,000 which can be availed by all existing customers of Suvidhaa by simply walking into any of the 22,000 Suvidhaa outlets across India and following an instant check of their loan eligibility by the respective outlet agent.
     
    A first of its kind product in the country, ‘Nano Credit’ is designed to benefit the unbanked and digitally excluded urban low income segment.
     
    With flexible repayment options and instant transaction processing capability, the product helps overcome one of key challenges of this customer segment - the need for cash on a daily basis and related irregularities in cash flow.
     
    Speaking on the occasion, Rajiv Anand, Executive Director, Axis Bank said “This new initiative with Suvidhaa will strengthen our presence in the Urban Microfinance space. The pre-approved Overdraft facility is amongst the first in the Indian market for low income households. Axis Bank is committed to catering to the financial needs of this traditionally excluded category by extending innovative products based on state of the art technology. This programme is being launched in Mumbai and shall thereafter be offered in Surat, Pune and Delhi in this financial year.”  
     
    Elaborating on the product, Paresh Rajde, Founder of Suvidhaa Infoserve said, “This is a truly disruptive and revolutionary product which reaches to the under-served segment of customers who is most needy of such loan facility. Suvidhaa has a rich repository of transaction history for 35 million customers who have been engaged in various service transactions including remittances, payments of insurance premium, bill, ticketing etc. and mapped using Aadhar’s e-KYC. This enables us to exactly gauge the client’s loan repayment capacity, thus reducing risks for the bank. Suvidhaa’s robust analytics and technology helps Axis Bank reduce the time for disbursement making ‘Nano Credit’ an instant loan facility offered on a prepaid account – something that has never been done in this country.”
     
    With the national rollout, Axis Bank & Suvidhaa will focus on Delhi-NCR, Surat and Pune in the coming months.  The loans under “Nano Credit” are Aadhaar e-KYC verified, pre-approved, collateral free, individual loans with a simple documentation process.
     
    About Axis Bank

    Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

    With its 3,006 domestic branches (including extension counters) and 12,871 ATMs across the country, as on 30th June 2016, the network of Axis Bank spreads across 1,855 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank’s website www.axisbank.com offers comprehensive details about its products and services.
     
    About Suvidhaa

    Suvidhaa is a leading payments company that offers financial services such as remittances, interoperable open loop prepaid cards besides a large suite of value added services such as ticketing (Rail/Air/Bus), Utility bill payments, Mobile/DTH/Data recharges, Insurance premium payments, Corporate cash collection and mobile-based merchant acquiring services. These services are offered through Suvidhaa’s 90,000 retail touch points in over 9500 PIN Code locations across India.  Over 300 service providers ride on Suvidhaa’s robust S-Commerce platform to reach their last mile.  Suvidhaa has now forayed into micro credit with its unique & first-of-its-kind Nano Credit Program targeted towards its 35mn unique customers. Mr. Paresh Rajde promoted Suvidhaa in 2007 and was angel funded by Mr. Shapoorji Pallonji Mistry.

    Photo Caption: Rajiv Anand, Executive Director, Axis Bank (left); Paresh Rajde, Founder of Suvidha infoserve (Right) with the recipient Sanjay Benbansi

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    Business Wire IndiaEMC Corporation, a leading storage solutions provider has successfully reduced data center footprint for C-Edge Technologies Ltd., a leading technology and infrastructure service provider to financial institution. The solution- EMC XtremIO is packed with unprecedented performance, data reduction capabilities, integrated copy data management, and extraordinary ease of setup and use.

    The Indian banking sector has been growing rapidly in the last two to three year and hence there is a huge volume of data involved in this endeavour. The company was finding it increasingly difficult to manage capacity needs and to achieve the fast, predictable system performance their customers were demanding. To stay on top of the competition and maintain competitive edge in fast-changing marketplace, the company needed a long term IT capacity planning to proactively meet business needs for infrastructure resources.

    To achieve its business objectives, C-Edge Technologies decided to partner with EMC and make the transformation to EMC XtremIO and has successfully reduced the data center footprint and power consumption by 10 X enabling them to store 60 TB of data in just about six TB of physical space.
     
    Overall:-

    • The greatest benefit C-Edge has realized from the XtremIO system is the ability to serve their customers as fast as possible, and with no downtime, for EoD batch processing and end-of-month report generation. An optimized copy data management approach using XtremIO has helped reduce EoD batch processing time by 50 percent
    • The main benefit of XtremIO has been to super-accelerate EoD and EoM job. An optimized copy data management approach using XtremIO has helped C-Edge reduce EoD batch processing time by 50 percent
    • With XtremIO, C-Edge gained the ability to achieve great ROI while improving the overall service it gives to its end customers
     
    XtremIO has made life much easier at C-Edge, starting with the overall reduction in the complexity of the environment to operating and running storage at an entire enterprise level. With sufficient storage bandwidth, C-Edge plans to offer more business services to their customers in the near future.

    Executive Quotes:
     
    Commenting on partnership with EMC, Sunil Singh, Head DC-Infrastructure (Server, Storage and Database) at C-Edge Technologies Ltd:
     
    “EMC is the strongest vendor in the storage markets and is known for providing robust support throughout project implementation. The greatest benefit we have realized from the XtremIO system is the ability to serve our end customers as fast as possible, and with no downtime, for EoD batch processing and EoM report generation
     
    Syed Masroor Sales Director, Flash Storage Sales India, EMC on their collaboration with C-Edge Technologies:

    “We are delighted to support C-Edge Technologies in its journey of transformation to cater to the increasing and new demands in its IT environment. The XtremIO has unique integrations with best-of-breed solutions that are optimized to meet the needs and challenges of your Agile Data Center’’
     
    About C-Edge Technologies

    C-Edge Technologies Ltd. is a leading technology and infrastructure service provider to financial institutions in India and abroad. By leveraging the domain expertise of both parent companies and addressing major technology needs of the financial institutions, C-Edge provides transformational capability to the financial services market across the globe.

    C-Edge has established a new approach to deploying the best-in-class technology and this unique model is followed by efficient service wherein the complexity of managing technology set-up is entirely taken over by C-EDGE. Thus, the banks can focus their faculties on running the business while we take care of the technology. Moreover, C-EDGE offer solutions on a cloud-based OPEX model which is more cost effective than the traditional ownership offering.

    About EMC
     

    EMC Corporation is a global leader in enabling businesses and service providers to transform their operations and deliver IT as a service. Fundamental to this transformation is cloud computing. Through innovative products and services, EMC accelerates the journey to cloud computing, helping IT departments to store, manage, protect and analyze their most valuable asset – information – in a more agile, trusted and cost-efficient way. Additional information about EMC can be found at www.EMC.com.

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    Business Wire India

    • Deploys nearly 40 percent of the overall NFC- enabled POS terminals in the country that accept contactless card payments
    • Further plans to issue approximately 2 Lakh NFC-enabled cards in the next 1 year​
    • Launches Contactless Secure+ Debit Card for regular savings account customers to empower larger customer base with contactless technology
     
    Axis Bank, India’s third largest private sector Bank today announced the launch of its Contactless Secure+ Debit Card for regular savings account customers, to provide access to a larger customer base with contactless technology. The card, launched on the Visa payWave platform, will enable Axis Bank’s customers to conveniently ‘Just Wave to Pay’ at NFC-enabled point of sale (POS) terminals and also use the card as a normal debit card at any POS terminal.

    Axis Bank has focussed on driving both the issuance of contactless cards to increase the number of customers as well as drive the penetration of contactless acceptance devices. At present, approximately 40% of the NFC-enabled point of sale (POS) have been deployed by Axis Bank.

    Speaking on the occasion, Mr. Sangram Singh, SVP & Head, Cards & Payments Business, Axis Bank said: “We are happy to present our new Secure+ Contactless card proposition which will enable our customers to transact faster, while continuing to provide a high level of security. Our focus has been to utilize the latest technology and innovations, like NFC, to enhance value for existing propositions and drive deeper engagement with our customers. ” 

    According to Mr. T.R. Ramachandran, Group Country Manager, India and South Asia, Visa, “Visa payWave technology is gaining momentum with increasing adoption among merchants and an easier, faster and secure option for consumers to pay. As the payments ecosystem develops, Visa will continue to deliver innovative solutions across segments and categories to drive usage in familiar environments. Congratulations to Axis Bank on the launch of the contactless secure+ debit card, which will add to an increasing number of contactless cards in India and globally.”

    Axis Bank’s Contactless Secure+ cards have an embedded microchip and an antenna (based on radio frequency) enabling "contactless" communication with a reader at the checkout. It enables Cardholders to make faster payments in a convenient and secure manner. Once the merchant enters the purchase amount on the contactless PoS terminal, the customer simply has to wave the card on the terminal and the payment is processed wirelessly, in a secure manner. Post the transaction; the customer will receive alerts through SMS and email. Axis Bank contactless Secure+ Debit cardholders will not be required to enter a pin or sign transaction receipts, for transactions upto INR 2,000.

    Customers will also have an option of using their card as a normal chip card for conducting transactions, regardless of the value.

    The bank introduced the same technology to its Debit & Credit card platforms – Burgundy (Premium Banking) and Axis Bank Miles & More co-branded card, the last year.

    The new contactless Secure+ debit card comes with existing features of the traditional Secure+ debit card – it offers emergency assistance and covers hotel and flight expenses in case of loss of travel tickets and wallet. It also has a Total Control platform, allowing customers to modify usage limits, choose between domestic or international usage, switch the card on or off and even replace the card.

    RBI, in 2015, announced relaxation of the two factor authentication norm for NFC based payments below Rs 2000. The country has witnessed over 60% of transactions on Credit and Debit cards below the threshold of Rs 2,000 and this is likely to increase significantly over next few years. Some of the leading supermarkets and quick service restaurants such as Big Bazaar, Costa Coffee, Dominos, etc, have already deployed NFC-enabled POS terminals to reduce the overall transaction time.

    About Axis Bank

    Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

    With its 3,006 domestic branches (including extension counters) and 12,871 ATMs across the country, as on 30th June 2016, the network of Axis Bank spreads across 1,855 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank’s website www.axisbank.com offers comprehensive details about its products and services.

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    Business Wire India

    TA Associates, a leading global growth private equity firm, today announced that it has invested in a US$140 million round for a minority stake in TCNS Clothing Company Pvt. Ltd., India’s leading branded women’s apparel platform.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160818005780/en/

     

    Headquartered in New Delhi, TCNS Clothing designs, manufactures and sells contemporary ethnic wear, targeting women between the ages of 25 and 40. Through its three brands – W, Aurelia and Wishful – TCNS operates across the value chain from economy to premium segments. The brands are present in more than 1,600 points of sale across India, Mauritius, Sri Lanka and the Middle East, and in over 300 exclusive stores in more than 100 cities. In addition to the physical stores, the three brands have a strong presence across large multi-brand retailers and online portals.

     

    “The women’s ethnic apparel market in India is largely unorganized and is undergoing a shift towards organized and branded. As the leader in branded women’s apparel, TCNS Clothing is driving this shift and providing the Indian consumer with a differentiated product and value proposition across its multiple apparel brands,” said Naresh Patwari, a Director at TA Associates’ Mumbai office who will join the TCNS Board of Directors. “We are very excited about partnering with Mr. O.S. Pasricha, Founder of TCNS Clothing. With Anant Daga as the CEO and a very strong management team, we believe that TCNS is well prepared to capture this large, long-term growth opportunity.”

     

    “TCNS has enjoyed great success over the last five years and we are proud to have become India’s leading women’s apparel company,” said Mr. O.S. Pasricha, Founder and Chairman, TCNS Clothing Company Pvt. Ltd. “We are pleased to have TA Associates as our partner for the next phase of our growth, and are delighted to welcome TA to our company and to our Board. We look forward to a close, long-term collaboration.”

     

    “There has been a notable shift in the Indian womenswear segment and, over the next five years, we expect to see the rise of large and dominant Indian womenswear brands in the country,” said Anant Daga, CEO, TCNS Clothing Company Pvt. Ltd. “We are in an exciting phase of our journey, and despite TCNS being the leading branded womenswear player in India, we believe there are a plethora of opportunities ahead. Apart from organic growth, we see significant avenues for continued expansion through the introduction of additional womenswear brands and other complementary offerings, as well as expansion into additional international markets. With TA’s experience in consumer sector and fashion, we believe this partnership will add immense value to the strategic and operational direction of TCNS.”

     

    The Indian women’s apparel market is predicted to reach approximately $20 billion in 2020, up from $13 billion in 2015, a compound annual growth rate of 10%, according to Avendus Capital. The branded portion of this market, approximately 17% in 2015, is expected to surpass 38% over the next 10 years.

     

    “TCNS has become a true leader in women’s apparel in India,” said Naveen Wadhera, a Managing Director at TA Associates and Co-Head of Asia who will also join the TCNS Board of Directors. “We believe the TCNS management team has done an exemplary job in expanding the business and diversifying across brands, channels and geographies.”

     

    TCNS achieved consumer sales of more than US$120 million in fiscal year 2016, resulting in 70% year-over-year growth. The Company added almost 100 stores last year and made its international foray with exclusive stores in Sri Lanka and Mauritius.

     

    Avendus Capital served as the exclusive financial advisor to TCNS Clothing. BMR Legal served as legal counsel to TCNS Clothing. AZB & Partners and Goodwin acted as legal counsel to TA Associates. TA Associates Advisory Pvt. Ltd. provided advisory services on the investment.

     

    About TCNS Clothing Pvt. Ltd.

     

    TCNS Clothing Company Pvt. Ltd. (TCNS) is the name behind the evolution of the fashionable contemporary wear brand for women – W. The company is a pioneer in scientific sizing with seven sizes, the introduction of iconic knit churidar and smaller width stoles, making functional fashion available for the everyday woman. The three TCNS Clothing brands – W, Aurelia and Wishful – offer a variety of fashion choices, ranging from ethnic to contemporary. W is the first Indian women's brand to have over 200 stores and Aurelia is available through more than 100 stores. The brands are also available through 1,600 points of sale across 100 cities in India, Mauritius, Sri Lanka and the Middle East.

     

    www.wforwoman.com

     

    About TA Associates

     

    TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 460 companies around the world and has raised $24 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the consumer, business services, financial services, healthcare and technology industries. More information about TA Associates can be found at www.ta.com.

     

     
    MULTIMEDIA AVAILABLE :
    http://www.businesswire.com/news/home/20160818005780/en/

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    Business Wire India

    OT (Oberthur Technologies), a leading global provider of embedded security software products and services, today announced that its dual EMV payment cards are certified by Discover with its latest specifications, D-Payment Application Specification (D-PAS) version 1.1. These cards can be used worldwide across the Discover Global Network, which includes Discover Network, Diners Club International, PULSE and affiliated networks.

     

    OT’s Discover-certified EMV dual interface payment cards can be used to make payments simply by tapping them in front of a contactless terminal. It further strengthens OT’s wide EMV certified cards portfolio. Other functionalities, such as transport, micropayment or access control, can accompany Discover’s payment functionalities. These cutting-edge payments cards meet international security standards in order help decrease fraud and improve cardholders’ protection.

     

    “Led by our R&D team, we are delighted to embrace the latest Discover D-PAS specifications for a dual payment card. Cardholders can now enjoy the user-friendliness of the contactless technology across the Discover Global Network” said Eric Duforest, Managing Director of the Financial Services Institutions activity at OT.

     

    Software and I.T. developments are at the heart of OT’s R&D strategy. Globally, almost 700 employees work to produce new encryption algorithms, software and security applications embedded in all types of devices.

     

    ABOUT OBERTHUR TECHNOLOGIES

     

    OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay.

     

    OT is strategically positioned in high growth markets and offers embedded security software solutions for “end-point” devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment.

     

    OT employs over 6 500 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centers, OT’s international network serves clients in 140 countries. For more information: www.oberthur.com

     

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    Business Wire IndiaRazorpay, an online payment gateway announced that it has partnered with PayUmoney, to offer all merchants under its platform multiple options of collecting online payments from customers.
     
    This agreement will help Razorpay’s 9,000+ registered merchants avail the advantage of offering cashbacks for transactions on their platform. In the first stage, over 1,500 merchants will be taken live on PayUmoney. In time, the other merchants will be able to accept payments through the popular online wallet.
     
    “Through this association, we aim to provide consumers a variety of payment options including online wallets. PayUmoney will be reflected as an additional wallet option for all merchants on Razorpay, without them having to add any extra code, making it easy and convenient. We want to inculcate a culture of “Install and Forget” with our merchants; so maintenance and updates will not hinder routine services. By adding such features, Razorpay intends to simplify the complex Indian payments industry”, said Harshil Mathur, CEO and Co-founder Razorpay.
     
    Razorpay is the second India-focused company to be selected to the Y Combinator, with over 9,000 merchants including the likes of Papa John’s, Knowlarity, Runnr, Chai Point, Nestaway, Eatfresh, Nykaa among others.
     
    “We have seen our wallet user base rise to over 10 million customers and strategic partnerships like this only increase our user base manifold. Such partnerships are vital for growing the payments industry and also gives us access to well-known merchants like Rentomojo, Papa Johns, Brekkie, Knowlarity, Runnr, among others”, said Nitin Gupta, CEO and Co-founder, PayU India.
     
    Payment failures and security lapses are some of the primary reasons why customers prefer transacting with Cash on Delivery. By enabling an ecosystem of transparency and seamless technology, online transactions are set to explode in India. The Indian payments market is expected to reach INR 8,172.7 billion by 2019, according to Ken Research. As the internet penetration increases in the country, Razorpay is working with banks, merchants, users and other stakeholders to enable secured and safe online transactions across different online platforms.
     
    About Razorpay
     
    Razorpay is a payments platform for e-commerce businesses in India. Razorpay helps businesses accept online payments via Credit Card, Debit Card, Net banking and Wallets from their end customers. Razorpay provides a secure link between merchant website, various issuing institutions, acquiring Banks and the payment networks. Razorpay is a developer oriented payment gateway and focuses on essentials such as 24x7 support, one line integration code and checkout experiences that are very customer friendly.
     
    About PayUMoney

    PayUmoney is a part of PayU India Payments Pvt. Ltd, a Naspers Group company. Headquartered in Gurgaon, India, PayU has been serving the Indian market primarily since 2011. PayUmoney is a unique payment option, wallet & checkout, for anyone who wants to collect payments online and is currently used by over 150,000 merchants in India.

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