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    Business Wire IndiaLarge Enterprise and SME’s in India are increasingly using PayMate to automate their payments and improve efficiency for their businesses. Now they have the ability to seamlessly access credit on India’s leading Business-to-Business (B2B) electronic payments platform, adding further value and efficiency to their business. This follows the company’s recent announcement that it is experiencing significant growth and is processing in excess of $2B in B2B e-payments on an annualized basis.  
    Credit is critical to any size business. It is commonly used for working capital needs, vendor payments, purchase of inventory, business expansion, conserving cash on hand, etc. However, access to credit for businesses in India has been limited. The current application process is long and credit decisions by lenders can take weeks.
    PayMate’s new solution addresses these issues by combining its automation and insight to improve and shorten the credit application and decision process. It partners with banks and other Non-Banking Financial Institutions (NBFCs) to enhance their corporate lending.
    “At PayMate, we are focused on helping our business customers unlock value and enhance their financial operations by delivering payments automation. As the next phase of this strategy, we are starting to offer credit solutions that deliver further cash flow improvements to our customers,” said Mr. Ajay Adiseshann, Founder and Chief Executive Officer of PayMate. “We have already had over $10M in business credit extended on our platform in the first few weeks.”
    With over 13000 registered businesses on its platform, PayMate is leading the way in providing simple, safe, and efficient way for businesses to automate accounts payables and receivables, along with making real-time payments to vendors, and to easily access working capital financing. These cloud-based services are used by both large enterprises and SMEs. 

    About PayMate India
    As a leading provider of electronic Business-to-Business (B2B) payment solutions, PayMate is helping large Enterprises and SMEs transition from traditionally slow and costly forms of payments like cash and checks to real-time and efficient digital payments. PayMate provides business customers the ability to automate and seamlessly manage vendor payments (AP), customer payments (AR), invoicing, and cash flow. In addition, businesses can easily apply for working capital financing at competitive rates. Multiple forms of electronic payment channels are supported including cards, net-banking, ACH, NEFT, RTGS, and IMPS. All services are delivered via our proprietary cloud-based, payments platform and can be accessed on any web-enabled desktop or mobile device. Processing of high volume transactions, payment settlement, mitigating risk, and security are core elements of the proprietary platform. PayMate is a PCI-DSS compliant and adheres to the highest standards and industry best practices for compliance, security, and risk. PayMate is headquartered in Mumbai and funded by Lightbox Ventures and Mayfield Fund.
    For additional information please visit or contact

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    Business Wire IndiaDalal Street has come a long way; known for capital market business had started under a banyan tree way back in 1875 where people used to gather to do business through Open Outcry. Buyer and seller would call out their offer and bid rates verbally, each trades were written on paper and settled after the day was over. From then till today speed of trade has gone so fast that trades happen in nanoseconds, it’s all about speed today. Formation of NSE has certainly paved way towards a new era in stock market. Demat, electronic and online trading has added wings to business, today person sitting in one part of the globe can sell it to the person on other part without having to worry about bad delivery (trades not resulting into actual delivery of shares) as for every trade exchange is the counterparty. Stock Broking in India is no less advanced than western world. Today you walk into any brokerage house you would feel a different world out there, everything happening online, today investors, traders prefer to confine themselves to their place and trade online through their platform provided by brokerage houses, though there are still some old school traders who like to go to brokers office sit and trade everyday like any other business, for them online trading has still not changed their place of work from brokers office to elsewhere. Online trading caught up very well and some of the early mover who took advantage to the revolution of online trading included players like IIFL who had launched their online portal way ahead to beat competition, they offered brokerage as low as 5 paise which those days was as high as 1 rupee per stock or 1 percent of the value of stock whichever higher. Today they enjoy their nationwide presence and earn significant revenue through brokerages.

    Stock broking is also inflicted by disruptions happening in almost every industry today, in fact Stock brokers take lot of pride for their business moved online much ahead of any dotcom/ecommerce/startup boom. These are all matured players who have moved way ahead from offering low brokerage to offering great services, in depth research and fully online model.

    Trading through a broker is not risky anymore as SEBI and exchanges have brought in such a stricter framework that almost everything goes reported on regular basis. It’s a highly regulated industry today, biggest concern for brokers today is their rising compliance cost as regulators keep coming out with new requirement as they want. One side it brought credibility to business other side made it more difficult to do business. Many small brokers have now started to diversify into other areas and reduced their focus on broking as the world is getting more and more competitive with clients getting more and more demanding, other side regulators have kept on raising their requirements. Several players have also quit the industry and paved way for large and organized players.

    According to Megha, Research Analyst at ATS (Aditya Trading Solutions) from their Bangalore office, “We provide end to end solution in investment space, we don’t restrict ourselves only to capital market solutions but also provide debt and commodity market insight, we work on several financial models, in fact we have many strategies that are proprietary to us. We help clients not only in terms of low brokerage but with complete handholding through their journey of investment.”

    She also added how their business is not affected by disruption done by several other broking houses who claim to offer lowest brokerages on one hand but other side have several hidden charges right from picking up a call of client, “We have seen enough of all that, our client base is intact, number of clients trading through us for more than a decade is always on rise for us and we always keep a check on this barometer. We provide customized, need and relationship based business.”

    ATS also spoke to many traditional and institutional brokerage houses in Mumbai and Delhi who took them through their journey in capital markets and how it has evolved over period of time and found complains on higher compliance cost common but none of them felt any kind of major disruption or threat to the business be it from brokers offering low brokerages or from institutional brokers, they all seem to have their own plan and strategies for their businesses.

    Launch of GIFT city has also opened new avenues for brokers to launch themselves at Global scale; GIFT city offers several advantages to traders such as tax free zone, Zero Security Transaction Tax and access to global markets. Traders can invest globally at the click of a button from Gift City and also attract Global investors willing to trade or invest in India without any limitation on movement of funds, GIFT will also attract business happening through SGX Nifty.

    Indian broking business is poised to go Global and consolidation in this sector is one thing that can certainly be not ruled out for wider presence. Almost everybody in the market seemed optimistic with the new government; they expect more investor participation in stock market will result in more clients and more business to them. Better days ahead!

    About ATS

    Incorporated in the year 2003, ATS stand with an objective to help its clients on money matters. It is a member of NSE, BSE, NCDEX, CDSL and Batch 1 Member of MCX. ATS has an impeccable track record in Capital Markets and Commodities business and been one of the biggest broking house in South India. ATS employs over 300 employees and has deep presence across South India.

    Visit for more details.

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    Business Wire IndiaIf you’re looking to transfer your current Home Loan for a lower interest rate, Bajaj Finserv, India’s most diversified financial services company, through is lending arm Bajaj Finance, is offering you a treat. Apply for a Home Loan Balance Transfer from 20th to 26th March to avail a great rate of interest, a 3-EMI Holiday and a gift voucher from Tanishq!
    Gain from your Home Loan Balance Transfer

    Owning a house is one of the most important decisions in your life and to help make this process as simple and convenient as possible as well as to avoid any unnecessary strains on your finances, Bajaj Finserv offers you the opportunity to avail a Home Loan Balance Transfer.

    Apart from a number of benefits such as approval on loans within 5 minutes, part prepayment facility, flexi schemes, loan top-ups, and a 3-EMI Holiday to help you organize your finances, Bajaj Finserv is offering you Tanishq vouchers up to Rs. 15000 with every Home Loan balance transfer.

    When you apply for a balance transfer for a loan greater or equal to Rs.30 lakh, you get to take a home a Tanishq voucher worth Rs.15,000.

    For a Home Loan amount between Rs.20 and Rs.29.99 lakh, you get a Tanishq voucher worth Rs.10,000.

    Simple Approval Process

    You can apply for a Home Loan without leaving the comfort of your home or office. And if you meet all the eligibility criteria, your loan will be approved within 5 minutes. Our company representative will soon get in touch with you for collecting your documents and next steps.

    So what are you waiting for? Hurry, make the most of the special offer we have going on, apply for a Home Loan balance transfer and take home a special Tanishq gift voucher worth Rs.15,000 today! This limited-period offer ends 26th March.

    About Bajaj Finance Ltd.
    Bajaj Finance Limited, the lending arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 7 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Personal Loans, Loan against Property, Small Business Loans, Home Loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle re-financing Loans. Bajaj Finance Limited prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
    To know more please visit

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    Business Wire IndiaDo you need financial assistance without the monthly pay-outs that accompany a Personal Loan? Bajaj Finserv, India’s most diversified financial services company through its lending arm Bajaj Finance, brings you a unique product – the personal line of credit.

    A Bajaj Finserv Line of Credit is a one-of-a-kind credit facility allotted to you for a specified amount. Once this amount is assigned, you are free to withdraw and use any amount of money within this allowed limit. But, the part which sets this product apart from Personal Loans and other forms of financing is that you only pay interest on the amount that you withdraw. This is a loan where you only pay the interest amount as EMI.

    To apply for a Line of Credit and avail special offers, including assured gift vouchers from Amazon worth up to Rs.15,000, simply visit the Bajaj Finserv website before 26th March and start the application process.

    The Bajaj Finserv Line of Credit Is a Dream Come True

     The most important feature of the Bajaj Finserv Line of Credit is that it puts your convenience before everything else. Through its hassle free and convenient processes, line of credit offers consumer friendly financing options with no excessive interest rate burden.

    • Low interest rates: Unlike other forms of financing, where you start paying interest on the principal irrespective of usage, the personal line of credit calculates interest on only the amount that you withdraw, which may be significantly lower.
    • Lower instalments: Since you don’t start paying interest charges until you use the loan, the instalments are likely to be of a much smaller amount.
    • Flexibility: Line of credit allows you the flexibility to choose the amount you want to withdraw as well as the repayment tenure that ranges between 24 to 60 months.
    • No collateral: Line of credit is one of the few financing avenues that require no proof of your assets or collateral against the loan amount.
    • No hidden costs: You are not expected to pay any fees for the withdrawals you make. There are no limits on the numbers of times you can make withdrawals either.
     Line of credit from Bajaj Finserv also gives you benefits including instant loan approval, disbursal within 72 hours, attractive interest rates, and loans up to Rs.25 lakh.

    Assured Gift Voucher Worth Up to Rs. 15,000

    Bajaj Finserv is running a limited time offer on line of credit products. A line of credit worth Rs.10 lakh or more gets you an assured Amazon gift voucher worth Rs.15,000. Similarly, by taking a line of credit between Rs.7 lakh and Rs.9.99 lakh, you get to take home a voucher worth Rs.12,000, while a loan of Rs.5 lakh to Rs.6.99 lakh gets you an Amazon voucher worth Rs.8,000.

    This offer is valid only up to 26th March, 2017! To apply, check out Bajaj Finserv’s personal line of credit facility today.

    About Bajaj Finance Ltd.
    Bajaj Finance Limited, the lending arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 7 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Personal Loans, Loan against Property, Small Business Loans, Home Loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle re-financing Loans. Bajaj Finance Limited prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
    To know more please visit

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    Business Wire India

    Entries are now open for the 2017 BAI Global Innovation Awards. With 13 honors spanning 10 categories, BAI’s Awards celebrate the greatest achievements and innovations in the financial services industry. Nominations will be accepted through Friday, April 28, 2017, with a shortlist of nominations for each category announced by late summer. Winners will be recognized at BAI Beacon 2017 (Oct. 4-5) in Atlanta.


    BAI’s Global Innovation Awards program serves as a catalyst for worldwide financial services innovation. Since 2011, the BAI Global Innovation Awards have provided a global platform to inspire and connect forward-thinking financial services organizations and leaders who are driving positive change and moving the industry forward, positively impacting customer experience, efficiency and profitability.


    The 2017 BAI Global Innovation Awards will be presented in the following categories:

    • Product and Service Innovation
    • Channel Innovation
    • Innovation in Payments & Wallets
    • Internal Process Innovation
    • Innovation in Societal and Community Impact
    • Innovation in Human Capital – NEW!
    • Innovation in Marketing – NEW!
    • Innovation in User Experience – NEW!
    • Innovative Accelerator or Incubator – NEW!
    • Breakthrough Collaboration in Financial Services – NEW!

    The expanded categories provide additional opportunities for financial services organizations to highlight unique strengths, or areas where they’re taking risks to deliver new value to consumers. The Awards program is changing just as the industry is changing, making now the ideal time to incorporate new elements into the Awards.


    “Technology and digitization have been driving forces for the transformation of financial services since the inception of the Awards,” said Debbie Bianucci, BAI President & CEO. “We are now seeing the integration of emerging technologies to accelerate the rate at which banks innovate and deliver new products and services to consumers, globally.”


    The BAI Global Innovation Awards are open to financial services organizations, including FinTech companies that directly serve consumers worldwide. Program participation provides enduring recognition and global visibility for groundbreaking achievements in financial services innovation. Winners and finalists benefit from an elevated status as industry visionaries and trailblazers within a rapidly evolving financial services landscape.


    To learn more about the BAI Global Innovation Awards and submit nominations, please visit To learn more about BAI Beacon, visit


    About BAI


    BAI delivers the financial services industry’s most actionable insights, enabling leaders to make smart business decisions, every day. We’re passionate about the trusted information and powerful tools that provide leaders with the clarity and confidence needed to prepare for tomorrow, while performing better today. For more information, visit


    BAI is the Bank Administration Institute and BAI Center.





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    Business Wire IndiaRazorpay, a Bengaluru based online payments company today announced that it has won an award for its product innovation in the prestigious ‘The Innovation Project’ by, held at Harvard University, Cambridge on March 16, 2017.
    Razorpay won ‘Bronze’ in the ‘Best POS Innovation’ category for its ePOS app among other global competitors such as Alipay, Verifone, First Data and FIS. Getting to the final round involved weeks of deliberation by investors, payments industry experts and community voting. 26-year old, Harshil Mathur, CEO and Co-Founder of Razorpay, received the award on behalf of the company.
    The categories included Best B2B Innovation, Most Innovative Payments Player, Most Disruptive Innovation and more. “The PYMNTS Innovation Awards celebrates the companies, and men and women, who have made the most significant contributions to innovation in payments and commerce in the past, and the entrepreneurs who have the most promising solutions for driving innovation forward,” according to Karen Webster, CEO of
    The award was given to Razorpay for developing and launching an app in a week from when the Indian Prime Minister made the demonetization announcement. The news impacted citizens due to a shortage of cash and merchants who were not able to sell their goods because of the sudden announcement. Razorpay’s ePOS app helped thousands of retail merchants to stay in business by accepting a suite of digital payment options.
    Razorpay created a squad team of analysts, engineers & architects who worked round the clock to launch a range of payment solutions like ePOS. The app replaces the infrastructure needs to accept digital payments for smaller merchants via an app that allows them to accept all forms of digital payments from their smartphones without any additional hardware.
    “It’s a proud moment for us to be recognized as the ‘Best POS Innovator’. We’re one of the very few Indian companies to be nominated among the top finalists and winning this prestigious global award. The recognition to be competing with global payments pioneers is a massive boost to our entire team who have been working tirelessly towards India’s cashless push. This is our first award internationally and hopefully the first of many global acknowledgments for quality tech products being made in India,” said Harshil.
    The Awards Dinner held at Fenway Park was emceed by Jason Alexander who’s known by millions for his role as George Constanza on “Seinfeld”. Harshil was also one of the panelists for the opening session on the second day of the event, ‘CEO’s and the New World View’.
    Razorpay is the second company from India to be selected by the world’s most prestigious startup accelerator Y Combinator, and is trusted by over 22,000 merchants including the likes of Goibibo, Zomato, Nestaway, Akbar Travels, UrbanClap, Nykaa, Chai Point, among others. 

    About Razorpay
    Razorpay is a payments platform for online businesses in India. Razorpay helps businesses accept online payments via Credit Card, Debit Card, Net banking, and Wallets from their end customers. Razorpay is known to be a developer oriented payment gateway and focuses on essentials such as 24x7 support, one-line integration code and superior checkout experiences. Razorpay’s investors include MasterCard, Tiger Global, and Matrix Partners.

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    Business Wire IndiaKey Highlights:

    • Uses a highly sophisticated algorithm to evaluate financial and alternate data for detailed credit analysis – ‘myScore’
    • Completely paperless mobile application which provides instant loan offer
    • End-to-end loan application within 5 minutes!
    Tata Capital, the financial services arm of the Tata Group, today, announced the launch of myLoan - a first-of-its kind Mobile App by the company to extend its existing personal loan offering to the emerging younger and mobile savvy audience. The App enables the user to check his/her loan eligibility and apply for a loan seamlessly using only a mobile device. The App also allows existing customers to view their loan status and details.
    Tata Capital, with the myLoan App is advancing its personal loan services to digital savvy and credit hungry borrowers seeking quick and convenient financial solutions to fulfill their goals. The myLoan app is able to make an intelligent and real-time assessment of the borrower’s loan application via a highly-sophisticated algorithm, using a mix of digital, social, financial and alternate data coupled with Machine Learning. The Tata Capital ‘myScore’ allows users to link up their social media profiles and obtain a score that reflects their potential credit-worthiness.
    The myLoan App offers personal loans up to a maximum of 15 lakhs, with an end-to-end journey of less than 5 minutes. Customers have an option to upload their documents on the App, thereby making the application process completely paperless.
    Speaking about this product, Mr. Govind Sankaranarayanan, COO - Retail Business & Housing Finance, Tata Capital said, “India is a young country with a growing mobile and smartphone population. Digital data allows for a more holistic picture of a customer than financial metrics. With the launch of the myLoan App, Tata Capital aims to sustain its strong digital presence through a new & unique application that uses financial & alternate information during the borrower’s credit analysis. The myLoan App intelligently harnesses this capability and we are confident that this one of a kind product will allow many new customers to avail loans.”
    Ms. Veetika Deoras, COO – Digital Business, Tata Capital said, “Over the last few years, we have witnessed an increasing percentage of traffic from mobile and the myLoan App is another customer-centric digital solution from Tata Capital, which is convenient, user friendly and secure. The myLoan App makes the loan application process seamless and uses multiple credit under-writing scorecards at the backend, suited to varied customers’ profiles. The myLoan App is built to offer personal loans to underserved segments such as first time loan takers and to cater to small ticket loans with shorter tenures.
    The myLoan app is currently available on Android; the iOS version will be soon launched.

    About Tata Capital Limited
    Tata Capital Limited, a holistic financial services provider caters to the diverse needs of retail, corporate and institutional customers, directly or indirectly through its subsidiaries. Its range of offerings includes Consumer Finance, Advisory Services, Commercial Finance, Infrastructure Finance, Securities, Investment Banking, Private Equity Advisory, Credit Cards and Travel & Forex Services. For more information about Tata Capital, please visit

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    Business Wire India

    Grameen Koota Financial Services Private Limited (Grameen Koota) has raised Rs.250 Cr. from its holding company, CreditAccess Asia (CAA), headquartered in Amsterdam, which is the leading multi-country Microfinance operator in India and South-East Asia. Part of the infusion, Rs.50 crore, will be provided in the form of equity and the remainder, Rs.200 crore will be provided in the form of Compulsory Convertible Debentures (CCDs).

    The investment will support Grameen Koota in its planned expansion and portfolio growth, and its efforts in increasing financial inclusion, through its local operations, across the states of Karnataka, Maharashtra, Tamil Nadu, Madhya Pradesh and Chhattisgarh. Grameen Koota has recently initiated a new business line for Enterprise Loans (individual loans) for its graduated women borrowers to enhance their business.

    We are quite excited with this fresh infusion of capital from CreditAccess Asia, who have always been very supportive. This infusion will significantly enhance our abilities to expand financial inclusion to more customers who have little or no access to formal source of credit”, said Mr. Udaya Kumar, Managing Director and Chief Executive Officer, Grameen Koota.

    Chief Executive Officer of CAA, Paolo Brichetti said: We are very happy to provide Grameen Koota, our flagship operating company, the capital they need to enable them to further increase financial inclusion, within the unbanked sector of India, by offering fair and stable access to credit and other financial services. We are confident in the growth prospects of the company and we look forward to continue working with Udaya Kumar and the management team to drive Grameen Koota’s success in this sector.”

    With an outstanding portfolio of Rs.3,065 crore and serving over 1.6 million customers, Grameen Koota has been given the top industry grading of ‘mfR1’ by CRISIL and its long-term BASEL and NCD ratings by ICRA is 'A'. It was also awarded top Microfinance India award in December 2015.

    Smart Campaign’s re-certification for upholding client protection principles, social rating of ‘∑α’ by Mcril, code of conduct adherence rating of 'COCA 1' by SMERA and the MIX S.T.A.R. MFI recognition validate Grameen Koota’s commitment to social performance, pro-poor business as well as financial and social development goals.

    About Grameen Koota

    Headquartered in Bangalore, Grameen Koota Financial Services Private Limited (Grameen Koota) is currently operational in five states with 390 branches. Currently, its portfolio size is Rs.3065 Cr with a customer base of over 1.6 mn in the states of Karnataka, Maharashtra, Tamil Nadu, Madhya Pradesh and Chhattisgarh. Grameen Koota has been in micro-credit operations since 1999 and it is now 4th largest microfinance institution in India. Currently, Grameen Koota provides micro-credits to Joint Liability Groups formed exclusively of women belonging to poor and low-income households by providing them with its diverse financial and developmental services including products for Income Generation and access to Water, Sanitation, Education, Health Care, Home Improvement among others. Grameen Koota recently initiated individual loans for expanding business to the borrowers graduated from Joint Liability Groups.

    More information on Grameen Koota can be found at

    About CreditAccess Asia

    CreditAccess Asia is an operator of credit institutions in India, Indonesia, and the Philippines, Grameen Koota being the largest institution. Today, its regional companies in Asia have a total portfolio of Rs.3,312 crore (US$496 million) with over 18 lakh clients. CreditAccess Asia companies employ approximately 7,840 people across the world.  CreditAccess Asia is committed to support the regional companies with capital to further extend its outreach to unbanked women entrepreneurs in Asia. The focus on the very attractive and fast-growing segment of micro-enterprises that do not have access to local banking services provides significant growth opportunities. 

    More information on CreditAccess Asia N.V. can be found at

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    Business Wire India

    Andersen Global welcomes the addition of Olleros Abogados, a Spanish firm with locations in both Madrid and Valencia. They will join Andersen Global as a member firm, officially adopting the Andersen name and combining forces with the existing Barcelona team with whom they already share a close relationship. Together, they will operate as Andersen Tax & Legal in Spain.


    Olleros Abogados joins Andersen Global with nearly 160 professionals and 30 years in the legal sector. In 2016, Olleros Abogados increased both turnover and headcount by 20%, becoming one of the leading Spanish firms in consolidated growth within the legal market.


    “I began my professional career at Arthur Andersen in Madrid in the tax, legal, and foreign investment departments, and later founded Olleros Abogados with the goal of offering the most innovative and comprehensive solutions for our clients. A decade at Andersen instilled important principles in me such as transparency and high caliber client service capabilities that remained strong at Olleros Abogados and will continue at Andersen Tax & Legal,” said Jaime Olleros, the Managing Partner of Andersen Tax & Legal. “I have strong relationships with many of the former and current Andersen Partners and am excited to join the Andersen family again.”


    “The Partners and professionals at Olleros exemplify the attributes that I hope for in my colleagues, and formally joining together is the logical next step in seamlessly integrating with other locations in Spain and globally. The addition of Olleros will bring great depth to the Andersen Tax & Legal team,” commented Managing Partner of Andersen Tax & Legal in Barcelona, Toni de Weest Prat.


    The professionals at Andersen Tax & Legal provide both legal and tax advice, including corporate compliance, business law, regulatory, litigation, arbitration, labor law, transaction services and restructuring and intellectual property law, to individuals and corporate clients.


    “Jaime and his team represent the best qualities of our culture. Through the addition of synergistic individuals, we are continuing to strengthen our capabilities in Spain as we add groups that embrace our core values,” added Andersen Tax CEO, Mark Vorsatz.


    With the addition of these Andersen Tax & Legal locations in Madrid and Valencia, Andersen Global now has more than 1,800 professionals and a presence in 59 locations worldwide.





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    Business Wire IndiaSenco Gold & Diamonds, a pioneer in the gems & jewellery industry of India with a strong heritage of 80 glorious years and a pan-India presence across all major cities has enhanced their digital transactions figures during and post-demonetization phase.
    “After the government’s announcement of the demonetization drive in a bid to root out counterfeit money, choke terror financing and stop black money generation, it had its certain immediate effects. The digital India which was still on its nascent stage got a sudden boost and the digital transactions increased. Hence, gold was purchased and payments were made through several digital platforms. The cash-digital payment ratio which stood at 30:70 for us rose up to 10:90 after demonetization was implemented. Currently, the digital -physical transactions of gold & other jewellery items from the Company have settled at a ratio of 45:55. It is 50 percent growth and we look forward to work more on it”, said Mr. Suvankar Sen, Executive Director, Senco Gold & Diamonds.
    Senco Gold & Diamonds is focusing more on digital transactions and trying to leverage the best out of it in the days to come as people are more inclined towards hassle-free shopping which Digital India encourages. Special discounts and offers are given to customer on purchase of gold & other valuables of Senco Gold & Diamonds through digital transactions done in credit, debit cards, RTGS, NEFT.

    About Senco Gold & Diamonds
    Senco Gold Jewelers is one of the oldest jewellery organizations in India that started its operation in the year 1938, with a heritage of 80 years. Senco Gold is synonymous with exclusive designs, intricate workship and right value. The company has evolved over the past eight decades and has endeavored to keep the designs contemporary, with modern needs and preferences, yet keep the core values and essence alive. Senco Gold & Diamonds with 85 stores is the largest jewellery retail chain in eastern India covering around 250,000 square feet retail space, and rapidly expanding on a pan India basis. It has stores in markets like Kolkata, Delhi, Mumbai, Bangalore, Lucknow, Ranchi, Patna, Bhopal, Jamshedpur, Bhubaneswar, Cuttack etc. Senco Gold export operations covers countries like USA, UK, Singapore and Middle East. It has a manufacturing unit in SEZ Mani Kanchan that employs more than 300 karigars and creates 10000 pieces of jewellery every year. The company aims to be amongst the most reputed and leading jewellery companies in the world and also to provide high-quality jewellery with exquisite designs and excellent customer service at affordable prices keeping intact their values of honesty, integrity, transparency and friendliness.

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    Business Wire IndiaAxis Bank, India’s third-largest private sector bank, has announced a strategic partnership with Wells Fargo & Company to offer seamless remittance facility to their NRI customers from The United States of America (USA). USA is one of the key corridors to receive remittances to India, which contributes to more than 30% of total remittance volume to India.

    The arrangement marks the first bilateral retail remittance relationship with Bank in USA for Axis Bank thereby providing a further edge to the bank’s NRI Proposition in the region. With this arrangement in place, Axis Bank’s NRI customers can send remittances to their accounts in India 24x7 through Wells Fargo's “ExpressSend Service”, after due enrollment in the service. The customer can send remittances either at Wells Fargo's branches, on phone or online at

    Besides the seamless nature of the facility, the service would be economical and convenient as well. Customers can send money at competitive exchange rates for low transfer fees with the Wells Fargo ‘ExpressSend’ Service while the online-savvy can send money online via the Wells Fargo Phone Bank, or at a Wells Fargo branch location.

    Commenting on the arrangement, Himadri Chatterjee, President & Head, Transaction Banking, Axis Bank, said “We are delighted to partner with Wells Fargo to launch a service which addresses not only business opportunities but the needs of a wide and evolving diaspora.  We are confident that this expansion of network will make it even more convenient for our NRI customers to send money from USA and give them another reason to choose Axis Bank as their Banking partner of choice”

    “We know that our ExpressSend customers have a choice of remittance providers, and they choose our service because it is economical, dependable, and convenient for both the customer and their family and friends back home,” said Daniel Ayala, executive vice president and head of Wells Fargo's Global Remittance Services. “By adding Axis Bank to our network in India, this expansion will make it even more convenient for beneficiaries in India to receive their money, and give our customers another reason to feel good about sending money back home.”

    Beginning April 8, 2017, customers can send money directly to their beneficiary account at Axis Bank a $0 transfer fee. Meanwhile, in December 2016, Wells Fargo added more than 2,500 Axis Bank locations and 12,300 ATMs to its ExpressSend payout network in India.

    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 3,106 domestic branches (including extension counters) and 13,448 ATMs across the country, as on 30th September 2016, the network of Axis Bank spreads across 1,920 cities and towns, 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 offers comprehensive details about its products and services.
    Social Media Handles - 

    Twitter: @AxisBank

    About Wells Fargo

    Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet ( and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories

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    Business Wire IndiaMindteck (India) Limited (BSE: 517344 and NSE: MINDTECK), a global technology company, announced the appointment of Mr. Sanjeev Kathpalia as Chief Executive Officer and Managing Director, and Mr. Yusuf Lanewala as Non-Executive Chairman, effective April 01, 2017. Mindteck’s Board of Directors cited that the determinant factor for separating the top two executive roles was made in keeping with its continuous improvement of corporate governance standards.
    Mr. Kathpalia takes on the helm of steering the future growth of Mindteck. He is a seasoned strategist with over 35 years of global experience spanning executive roles in investment banking, manufacturing and business development. Most recently, Mr. Kathpalia served as a Senior Advisor for the Republic of Turkey – Prime Ministry, Investment Support and Promotion Agency of Turkey. Prior to this, Mr. Kathpalia was the Chairman of PDF Corporate Finance (a subsidiary of TAIB YatirimBank), a leading Istanbul-based M&A boutique focused on mid-market opportunities. He was also the CEO at TAIB YatirimBank, the first foreign owned investment bank in Turkey. Previous industry experience includes leading the supply chain and R&D divisions of an industrial manufacturing company (part of ETEX Group of Belgium), as well as supply-side management of consumer goods giant Hindustan Unilever Ltd./Unilever Group. 

    Mr. Kathpalia holds an MBA from IIM Calcutta, and a Bachelor of Technology in Chemical Engineering from IIT Delhi. 
    Mr. Yusuf Lanewala remarked, “Sanjeev joins us at an important time in Mindteck’s 25-year history. His proven expertise, drive, strategic thinking and cross-cultural experience will help us spur growth and provide further value to our clients in the years to come.”   

    About Mindteck
    Mindteck, a global technology company established in 1991, provides Product Engineering solutions and Information Technology services to top-tier Fortune 50-1000 companies, start-ups, leading universities and government entities. The company is among a select group of global companies appraised at Maturity Level 5, Version 1.3 of the CMMI Institute’s Capability Maturity Model Integration (CMMI). Its depth of knowledge and niche expertise in embedded systems and enterprise applications is complemented by dedicated Centers of Excellence in wireless design and storage testing. Office Locations: US, UK, Singapore, Malaysia, Philippines, Netherlands, Germany, Bahrain and India.  Development Centers: US, Singapore and India (Kolkata and Bangalore). Founding Member: ‘The Atlas online’ ( for the Center for International Development at Harvard University.

    For more information, please contact

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    Business Wire India

    Wells Fargo & Company (NYSE: WFC) announced that it has added more than 2,500 Axis Bank locations to its ExpressSend® remittance payout network in India, bringing the total number of locations in that country to more than 8,300, in addition to nearly 35,000 ATMs. Wells Fargo also announced that beginning April 8, 2017, it will offer a $0 transfer fee for all ExpressSend transactions sent to India, extending pricing that was previously available for transactions larger than $500.


    “We know that our ExpressSend customers have a choice of remittance providers, and they choose our service because it is economical, dependable, and convenient for both the customer and their family and friends back home,” said Daniel Ayala, executive vice president and head of Wells Fargo's Global Remittance Services. “By adding Axis Bank to our network in India, this expansion will make it even more convenient for beneficiaries in India to receive their money, and give our customers another reason to feel good about sending money back home.”


    ExpressSend customers can send up to $5,000 per day to a beneficiary in India receiving the funds to their account. Beginning April 8, 2017, all transactions sent to any ExpressSend location in India from an eligible account pay no transfer fee (previously, customers sending up to $500 paid a transaction fee of $5). In addition to Axis Bank, beneficiaries in India may receive remittances at more than 5,700 locations and more than 22,000 ATMs operated by ICICI Bank and HDFC Bank.


    “Wells Fargo’s integration of Axis Bank into its ExpressSend network provides a valuable opportunity to Indian transnational families,” said Manuel Orozco, Senior Director at Inter-American Dialogue. “This initiative will enhance financial asset building opportunities for the more than 2 million households - representing the third largest migrant community in the U.S. – that send funds from the U.S. to India. This expansion will also financially empower millions of women-headed households in India.”


    According to the World Bank Group, remittance volume from the U.S. to India totaled $11.5 billion in 2015, making India the third largest recipient of U.S. remittances. Additionally, according to a 2016 WealthInsight report, more than 133,000 non-resident Indian (NRI) millionaires live in the United States, representing more than half of all NRI millionaires worldwide.


    ExpressSend transactions can be initiated by calling Wells Fargo Global Remittance Services at 1-800-556-0605, going online at, or visiting a Wells Fargo banking branch, making Wells Fargo the only U.S. commercial bank to offer all three channels for remitting funds. The first remittance sent under each ExpressSend Service Agreement must be initiated in person at a Wells Fargo branch. Customers with an existing checking or savings account may be able to initiate their first remittance by calling the Wells Fargo Phone Bank℠.


    Wells Fargo Bank, N.A. All rights reserved. Member FDIC. In addition to the transfer fee, Wells Fargo makes money if converting U.S. dollars to a foreign currency.


    About Wells Fargo


    Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet ( and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.


    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 3,211 domestic branches (including extension counters) and 13,726 ATMs across the country, as of 31st December 2016, the network of Axis Bank spreads across 1,946 cities and towns, 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,, offers comprehensive details about its products and services.





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    Business Wire India

    WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced that it will begin issuing virtual credit cards in Singapore, expanding its program in the Asian region that currently includes Hong Kong and Thailand.


    WEX’s single-use virtual credit card (VCC) technology, assigns every transaction a unique card number, and provides companies with additional controls for security. Additionally, the VCC technology can deliver efficiencies by reducing reconciliations, queries and invoice processing.


    “We are proud to have achieved this important milestone to support the growth of the WEX virtual product in the Asia Pacific region. Singapore is an important market for us and coupled with the fact that it is a global financial centre, this endorsement marks our commitment to the region,” said Jim Pratt, SVP and GM for Virtual Payments, WEX Inc.


    “Obtaining an issuing license in Singapore is a tangible demonstration of our commitment to growing our issuance capabilities in Asia.” said WEX’s Managing Director for Asia Pacific, Jeff Ames from WEX’s regional headquarters in Singapore. “WEX’s continued focus on providing increased access to new markets in in Asia, and globally, positions us strongly and enables us (WEX) to better support our customers.”


    WEX’s subsidiary, WEX Finance Inc., was granted an issuing license by the Monetary Authority of Singapore on 14 February 2017 which enables it to issue credit and charge cards in Singapore under the Banking Act.


    About WEX Inc.


    WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing more than 10 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 2,500 associates. The Company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol "WEX." For more information, visit and follow WEX on Twitter at @WEXIncNews.


    For more information about WEX Asia, please visit





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    Business Wire India

    Export Development Canada (EDC), Canada’s dynamic export credit agency, today announced its new and first global branch outside of Canada, in Singapore.


    EDC’s foreign representations in Mumbai and Delhi will continue to operate and build relationships in the country. However, EDC’s new branch will bring its global-scale financing business closer to projects and companies in India by negotiating and executing financing transactions from Singapore.


    “EDC’s new branch can process transactions in real time for Indian companies, eliminating the previous 12 hour delay to connect back to our financing team in Canada,” says Bill Brown, Regional Vice-President, Asia, EDC. “EDC’s financial services are now offered more quickly and effectively, which will significantly benefit Indian companies.”


    In October 2016, EDC provided the first ever ECB rupee loan to Infrastructure Leasing and Financial Services (IL&FS), demonstrating EDC’s commitment to meet the needs of Indian businesses in the currency of their choice.


    “EDC is now looking to offer this service to more companies in India,” says Mr. Brown. “The new branch in Singapore will not only play a large role in making local currency financing more accessible to Indian corporates, but also in increasing the total amount of business facilitated between India and Canada.”


    The new Singapore branch is expected to play an important role in doubling EDC’s loan bookings by 2021, when it hopes to be providing over USD 4 billion in new commercial financing annually. EDC’s focus will be developing financing relationships with corporations and project owners in India that may already have Canadian suppliers, or where there is potential for future Canadian supply. EDC can also support Canadian foreign investment and foreign investment into Canada where there is a direct link to Canadian exports.


    In addition, EDC will actively pursue opportunities to partner with commercial banks within club and syndicated financing facilities of select corporations in India.


    “India’s economy is growing at an exceptional pace and Indian companies need the capital to support their growth aspirations and trade focused business,” said Mr. Brown. “EDC offers Indian corporations a stable, global-scale financier with a long-term partnership horizon. Not only do we provide financing, but we can help your company reduce costs, be more productive, and more innovative by introducing Canadian technology and expertise.”


    In the past five years, EDC helped facilitate over CAD 10 billion in business between Indian and Canadian companies, through the entire range of its financial solutions.


    Key sectors of interest for EDC in the Indian market are infrastructure (including power and clean technology), information and communications technology, with additional interest in oil and gas, agri-food and transportation (aerospace and rail).


    In 2016, EDC supported nearly 340 companies in India, who were key drivers of the CAD 34 billion in two-way trade over the last five years between Canadian companies and Indian companies and consumers.


    India is a strategic market for Canada and is also a market of corporate priority for EDC. EDC is looking to grow the amount of financing that it offers to Indian companies for their capital expenditures, whether the financing be for general corporate purposes or project finance purposes.


    EDC also has permanent representations in Mumbai, Delhi, Jakarta, Beijing, Shanghai, Bogotá, Rio de Janeiro, São Paulo, Lima, Mexico City, Monterrey, Santiago, Moscow, Johannesburg, Dubai, Istanbul, London, and Düsseldorf.


    About EDC


    EDC is Canada’s export credit agency, providing financial services for companies that buy from Canadian companies, or those that have Canadian supply and services in their corporate value chains. EDC’s financing can be used for capex and/or project finance requirements, either through bilateral or syndicated corporate facilities. Operating on commercial principles, EDC has a partnership-preferred philosophy to collaborate with private-sector financial institutions to share risk and create greater capacity for Canadian trade transactions. EDC is committed to Corporate Social Responsibility, and it takes into account the environmental and social impacts of its transactions.





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    Business Wire India

    MetLife Foundation proudly announces its third year as sponsor of Multipliers of Prosperity, an award winning custom content hub led by WSJ. Custom Studios that helps raise awareness about the challenges and opportunities in the realm of financial inclusion.


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


    According to the World Bank’s Global Findex*, there are over two billion people globally, one third of whom are based in Asia, who lack access to basic financial tools such as bank accounts, credit and insurance. Low income people who lack financial services often resort to using informal methods which are significantly more expensive, less secure and less likely to assist low income households build better lives for themselves.


    Multipliers of Prosperity provides an in-depth look at the world of financial inclusion and introduces the reader to innovative organizations who are making breakthroughs and are making a positive difference. The hub shares insights and chronicles the triumphs of people who have taken steps towards financial stability and the providers who have helped them reach their goals.


    “Improving the financial health of low and moderate income individuals so they can secure a better financial future is a key component of the Foundation’s work,” said Chris Townsend, President, Asia, MetLife, Inc., and MetLife Foundation Board Member. “The steady rise of fintech solutions that address the needs of this underserved population is encouraging.”


    Dennis White, President & CEO of MetLife Foundation, added, “MetLife Foundation is partnering with a number of organizations around the world to provide individuals and communities with the tools they need to achieve sustainable financial well-being. Multipliers of Prosperity is an excellent way to put a spotlight on financial inclusion, and to share the ongoing work being done by our partners.”


    Over the next five months, Multipliers of Prosperity will feature a mix of videos, articles, original photography and interactive storytelling. This includes a four-part video series showcasing organizations making a significant impact on individuals and communities in Asia and around the world, including Bankable Frontiers Associates and Sajida in Bangladesh who are creating mobile phone based solutions to suit their busy clients’ needs, and Common Cents Lab, a financial research lab, in the United States which is using a deep understanding of behavioral economics to design products and services that facilitate use and encourage success.


    In 2016, Multipliers of Prosperity added Chinese, Japanese, and Korean language options to the content hub. The hub received over 430,000 page views and had over 500,000 unique viewers on SnapChat with the video content viewed over 1.5 million times. The short film, “a Dispatch from India” which highlighted the work of Ujjivan, a microfinance institution and partner of MetLife Foundation in India, won three Telly Awards. To date, the campaign has promoted a significant increase in public awareness on the topic of financial inclusion delivering more than 20 million digital and print impressions.


    MetLife Foundation is also the sponsor of The Financial Inclusion Challenge 2017 for the third year. The competition is led and managed by The Wall Street Journal and runs through to March 15, 2017. Finalists will be invited to attend a live event on June 7 in Hong Kong where the winner will be selected. Finalists will be considered for grant funding from MetLife Foundation.


    To learn more about and how to participate in “The Financial Inclusion Challenge 2017,” please visit: .


    About MetLife Foundation


    MetLife Foundation was created in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. Since its creation, MetLife Foundation has provided more than $744 million in grants and $70 million in program-related investments to organizations addressing issues that have a positive impact in their communities. Today, the Foundation is dedicated to advancing financial inclusion, committing $200 million to accelerate progress globally.


    Together with our partners, we have now helped 1.5 million people in 30 countries gain access to financial products, services, and institutions that they need to build better and more secure lives.


    To learn more about MetLife Foundation and financial inclusion visit


    *World Bank Findex 2014





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    Business Wire IndiaHackerEarth, leader in innovation and talent management software, is set to host the fourth edition of the India’s largest developer confluence, the IndiaHacks 2017 in association with Honeywell. The confluence is aimed at encouraging developers from across the globe and celebrating the spirit of hacking. Registrations are now open and the event will be conducted in three phases- Phase 1 (online), Phase 2 (offline-zonal) and Phase 3 (offline- final).  
    The code fest will be a series of four offline hackathons and one online hackathon across 3 zones. Participants stand a chance to win cash prizes up to INR 35 Lakhs. There will be two programming tracks around Algorithms/Data Structures and Machine Learning. These online challenges will have developers solving complex programming problems by using concepts of algorithms, data structures, data science, etc. The remaining 3 will be hackathons on FinTech, IOT and Artificial Intelligence. These hackathons will see developers build unique and interesting products in less than 48 hours. Hacks will be evaluated based on parameters such as uniqueness of the idea, usability of the hack, code quality, design and other parameters.
    The first stage is the Idea Submission & Online Hackathon. Participants can submit their ideas on
    Each hackathon will have separate themes. Participants across the country will have 6 weeks to submit their unique ideas and hacks. The submissions are evaluated and the top 20 teams from each zone are shortlisted for Phase II - the zonal level offline hackathons.
    The zonal hackathons will be held in Delhi (North Zone), Pune (West Zone), and Bangalore (South Zone) between 29th July - 19th August. The participants will build hacks related to the theme/domain. Hacks will be evaluated on parameters like uniqueness of idea, usability of hack, code quality, design etc. The top 5 teams from each zone will be invited to the grand finale. More than 200 finalists are expected to be part of the final offline hackathon from September 8th-9th.
    The biggest attraction of the 4th edition of IndiaHacks will be the Developer Conference in Bangalore - India’s biggest developer confluence. Along with the grand finale of IndiaHacks, the audience will be treated to a host of talks, discussions, and tech workshops by the biggest names in the industry. The event is also supported by IBM, RBS, HERE, S&P Global, Zoho and Active.AI.
    Sachin Gupta, CEO and Co-founder, HackerEarth said, “It has been four years since we started HackerEarth and hackathons have been an integral part of our community. IndiaHacks is our annual flagship event that has been about recognizing and rewarding the hackers – the problem-solvers among us. This will be our fourth edition and we are aiming to make this a massive confluence. There will be interesting programming challenges and hackathons for every kind of hacker and developer from across the world. Through this event, we are trying to encourage programmers and coders to up their game and bring out their best.”
    IndiaHacks 2016 was an enormous success with 143,000 registrations from 1500 cities in 21 countries. The developer conference had 55 speakers from various industry verticals who spoke about various topics ranging from technical to management to startups. Some of the keynote speakers included Puneet Soni, Anand Chandrasekaran, Harish Sivaramakrishnan, and Viral Shah among others.
    IndiaHacks 2016 also saw two of its winners Pally (Fintech) and IOTRANICS (IoT) start their own companies and get funded. Senthil Kumar from IOTRANICS had this to say about IndiaHacks 2016, “The winning moment in IndiaHacks 2016 was a huge confidence booster and an opportunity to showcase our innovation to the world. Our idea, SaveMom, was selected as best social innovation by Airmaker, a Singapore-based startup accelerator. We are happy to share that we started our company JioVio HealthCare in Singapore.”

    About HackerEarth

    HackerEarth is the leading provider of innovation and talent management software to some of the world’s foremost companies, including Pitney Bowes, Amazon, Walmart Labs, Honeywell, and more. HackerEarth has powered innovation and talent management for large enterprises across major industries such as financial services, retail, healthcare, and manufacturing. HackerEarth empowers businesses to connect with developer community to crowdsource ideas into real-life products and helps them assess technical talent for hiring.  
    For more information about offerings from HackerEarth, visit
    Follow us on TwitterFacebook and on our blog at

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    Business Wire India

    Triton Aviation Finance, a Delaware statutory trust (“TAF”), announced today that it is evaluating its strategic alternatives. TAF has engaged Latham & Watkins LLP as legal counsel to assist with this evaluation. These options include, among other things, a liquidation and distribution of TAF’s remaining assets pursuant to an equitable proceeding under state law. While TAF considers these and other alternatives, it expects to continue to make interest payments on the Subclass A-1 notes as required by the Trust Indenture, dated as of June 22, 2000 (as supplemented by that certain Indenture Supplement, dated as of November 30, 2001, that certain Second Indenture Supplement, dated as of September 27, 2012, and that certain Third Indenture Supplement, dated as of September 30, 2013, the “Indenture”), among TAF, as the issuer, TAL2 LLC, a Delaware limited liability company, in its capacity as cash manager, and Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), as Trustee. However, TAF does not expect, after giving effect to required payments of expenses and establishment of reserves, to have funds available for principal distributions outside of a formal resolution. TAF is considering all of its options at this time.


    Any questions may be directed to TAF at (415) 795-2085 or




    Forward-Looking Statements


    This press release contains forward-looking statements. These forward-looking statements are based on management’s current expectations of future events and involve substantial risks and uncertainties, many of which are outside of TAF’s control, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. In particular, no assurance can be made that TAF will engage in a formal process in the near term, or take any action at all. TAF is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise. You should not place undue reliance on any forward-looking statement. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, TAF does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.




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    Business Wire India

    QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the three months ended 31 March 2017.


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

    QNB Head office in Doha Qatar (Photo: ME NewsWire)

    QNB Head office in Doha Qatar (Photo: ME NewsWire)

    For the three months ended 31 March 2017, Net Profit reached QAR3.2 billion (USD0.9 billion), up by 12% compared to previous year, delivering a consistently high profitability.


    Total assets increased by 35% from March 2016 to reach QAR743 billion (USD204 billion). This was driven by a growth rate of 33% in loans and advances to reach QAR536 billion (USD147 billion). QNB Group was successful in attracting new customer deposits to comply with the cap on loans to deposit ratio of 100% set by QCB, which is effective from the end of 2017. These deposit mobilisation efforts resulted in increased customer funding by 34% to reach QAR541 billion (USD149 billion) from March 2016. This led to the Group’s loan to deposit ratio reaching 99%.


    The Group’s prudent cost control policy and strong revenue generating capability allowed it to maintain an efficiency ratio (cost to income ratio) of 28.9%, which is considered one of the best ratios among financial institutions in the region.


    QNB Group was able to maintain the ratio of non-performing loans to gross loans at 1.8% and coverage ratio at 114% as at 31 March 2017, a level considered one of the best amongst financial institutions in the MEA region, reflecting the high quality of the Group’s loan book and the effective management of credit risk.


    Total Equity increased by 17% from March 2016 to reach QAR71 billion (USD20 billion) as at 31 March 2017. Earnings per Share reached QAR3.5 (USD 1.0), compared to QAR3.1 (USD 0.9) in March 2016.


    Capital Adequacy Ratio (CAR) calculated as per the QCB and Basel III requirements stood at 15.7% as at 31 March 2017, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee. The Group is keen to maintain a strong capitalisation in order to support future strategic plans.


    In March 2017, QNB launched its operations in the Saudi capital, Riyadh. This branch is a significant milestone in QNB Group’s strategy of international expansion.


    Based on the Group’s continuous stellar performance and its diversified international presence, QNB is now the most valuable banking brand in the MEA region, with the value of its brand increased to USD3.8 billion to rise to the 60th place globally, in addition to attaining the highest rating of AA+ in brand strength.


    QNB Group is present, through its subsidiaries and associate companies, in more than 30 countries and 3 continents providing a comprehensive range of products and services. The total number of staff for the Group is more than 28,000 operating from 1,250 locations and 4,300 ATMs serving more than 21 million customers.


    *Source: ME NewsWire





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    Business Wire India

    Kyriba Corp., the global leader in cloud-based treasury, cash, risk and payment management solutions, today announced India’s largest private sector bank named Kyriba the most Innovative Fintech Vendor in India at the Fintech Valley Vizag Spring Conference managed by KPMG International Cooperative (“KPMG International”).


    “Kyriba has strengthened its financial solutions with more than 22% invested in R&D, focusing on the customer experience and security in payments, among other key risk management modules,” said Jean-Luc Robert, Chairman and CEO, Kyriba. “We have delivered consistent year-over-year growth, and some of the world’s most reputable banks invest in our vision to be the leader in SaaS solutions.”


    Kyriba was shortlisted as one of the top seven contenders after the first round of an RFP evaluation of 100 vendors. After being invited on-stage to demonstrate how multinational banks have transformed their payments landscape using Kyriba’s award winning cloud-based solution, Kyriba won the category inclusive of the following criteria:

    • New and innovative solutions around Payments and Remittances spanning across Retail Banking, Corporate Banking and Treasury and that surpass existing solutions in the market.
    • Payments and Remittances: Develop solutions leveraging the opportunities of digital payments, transfers, remittances by the use of emerging technologies to make payments more seamless, secure and convenient.

    Kyriba won the award based on its Payments module, and the win was reinforced by having representation in India from Protiviti, a local channel partner.


    Congratulating Kyriba on winning the award, Kalyan Raman, Managing Director – Technology Consulting Practice in Protiviti Member Firm in Middle East and India said, “We at Protiviti always bring to our Clients the best of practices in digital advisory, technology and solutions. We work closely with our Technology Partners globally, such as our Channel Partner Kyriba, to bring cutting-edge solutions to our clients to help them face their business challenges with confidence. We are glad to be part of this important win in India, which is a testimony to Kyriba and its innovative financial technology solutions.”


    “Kyriba delivers a world class product that is transformative for banks and financial professionals, which is why our rapidly growing partner ecosystem invests in their future with confidence in their success,” said Karthik Manimozhi, EVP Worldwide Alliances and Channel Sales, Kyriba. “Kyriba has an exceptional presence around the world, and now an even stronger presence in India. With recognition from the largest bank in India, and a massively energized Channel Partner, Protiviti, we have an exciting road ahead.”


    To learn more about Kyriba PartnerSURGE or joining our partner program, contact us at


    About Kyriba Corp.


    Kyriba is the global leader in cloud-based treasury, cash and risk management solutions, delivering Software-as-a-Service (SaaS) financial technology to corporate CFOs and Treasurers. More than 1,500 global organizations use Kyriba to enhance their global cash visibility, improve financial controls, and increase productivity across their cash and liquidity, payments, supply chain finance and risk management operations. Kyriba is headquartered in New York, with offices in San Diego, Paris, London, Tokyo, Singapore, Dubai, Hong Kong, Shanghai and Rio de Janeiro.


    To learn how your organization can increase the strategic function of its financial professionals, contact us at


    Engage with Kyriba

    About Protiviti


    Protiviti delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders face the future with confidence. Our consulting solutions span critical business problems in technology, business process, analytics, risk, compliance, transactions and internal audit. We are committed to attracting and developing a diverse workforce of professionals that share the common value of collaboration. As an organization, we believe that by teaming together, with each other, and our clients, we can see beyond the surface of changes and problems organizations face in this fast changing world to discover opportunities others might miss and face the future with greater confidence.


    Our more than 4,500 people serve clients through the network of Protiviti and independently owned Member Firms in more than 70 offices in over 20 countries. Our people and organization have consistently been recognized by FORTUNE and Consulting Magazine as a best company to work for. We have served over 60% of FORTUNE 1000® companies and 35% of FORTUNE Global 500® companies. In India, Protiviti’s member firm (Protiviti India Member Private Ltd.) is a leading provider of business consulting, internal audit, risk management, technology, tax and regulatory, financial reporting and IFRS advisory, forensic and fraud investigation, information management and transaction services. Protiviti member firms are separate and independent legal entities, are not agents of other firms in the Protiviti network, and have no authority to obligate or bind other firms in the Protiviti network.







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