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    Business Wire IndiaWNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of global Business Process Management (BPM) services, today announced results for the fiscal 2018 second quarter ended September 30, 2017.

    Highlights – Fiscal 2018 Second Quarter:
    GAAP Financials
    • Revenue of $186.5 million, up 24.6% from $149.8 million in Q2 of last year and up 3.6% from $180.1 million last quarter
    • Profit of $18.9 million, compared to $12.6 million in Q2 of last year and $16.7 million last quarter
    • Diluted earnings per ADS of $0.36, compared to $0.24 in Q2 of last year and $0.32 last quarter
    Non-GAAP Financial Measures*
    • Revenue less repair payments of $182.3 million, up 26.9% from $143.7 million in Q2 of last year and up 4.0% from $175.3 million last quarter
    • Adjusted Net Income (ANI) of $27.7 million, compared to $22.0 million in Q2 of last year and $23.6 million last quarter
    • Adjusted diluted earnings per ADS of $0.53, compared to $0.42 in Q2 of last year and $0.45 last quarter
    Other Metrics
    • Added 7 new clients in the quarter, expanded 8 existing relationships
    • Days sales outstanding (DSO) at 30 days
    • Global headcount of 35,121 as of September 30, 2017
    Reconciliations of the non-GAAP financial measures discussed below to our GAAP operating results are included at the end of this release. See also “About Non-GAAP Financial Measures.”
    Revenue in the second quarter was $186.5 million, representing a 24.6% increase versus Q2 of last year and a 3.6% increase from the previous quarter. Revenue less repair payments* in the second quarter was $182.3 million, an increase of 26.9% year-over-year and 4.0% sequentially. Excluding exchange rate impacts, constant currency revenue less repair payments* in the fiscal second quarter grew 25.3% versus Q2 of last year and 3.0% sequentially. Year-over-year, fiscal Q2 revenue growth was driven by our acquisitions of HealthHelp and Denali, which closed in March 2017 and January 2017 respectively, healthy organic revenue growth across key verticals and services, and favorability from currency and hedging. Sequentially, revenue growth was the result of solid performance with both new and existing clients, and favorable currency movements net of hedging.
    Operating margin in the second quarter was 10.8%, as compared to 10.2% in Q2 of last year and 11.0% in the previous quarter. On a year-over-year basis, margin improvement was driven by a step-down in amortization of intangible asset expense, hedging gains net of currency movements, improved seat utilization, and increased operating leverage from higher volumes. These benefits more than offset headwinds from higher share-based compensation expense, the impact of our annual wage increases, and lower productivity. Sequentially, margins decreased due to higher share-based compensation expense. This headwind was largely offset by improved productivity, currency movements net of hedging, and higher Q2 volume.
    Second quarter adjusted operating margin* was 18.5%, versus 19.8% in Q2 of last year and 17.1% last quarter. On a year-over-year basis, adjusted operating margin* reduced primarily due to the impact of our annual wage increases and lower productivity. These reductions were partially offset by hedging gains net of currency movements, improved seat utilization, and increased operating leverage from higher volumes. Sequentially, adjusted operating margin* increased as a result of improved productivity, currency movements net of hedging, and operating leverage on higher volumes.
    Profit in the fiscal second quarter was $18.9 million, as compared to $12.6 million in Q2 of last year and $16.7 million in the previous quarter. Adjusted net income (ANI)* in Q2 was $27.7 million, up $5.7 million as compared to Q2 of last year and up $4.1 million from the previous quarter. In addition to the explanations discussed above, fiscal second quarter profit and adjusted net income* increased by $1.7 million sequentially as a result of a non-recurring tax benefit in Q2 resulting from a corporate legal entity restructuring.
    From a balance sheet perspective, WNS ended Q2 with $183.8 million in cash and investments and $103.0 million of debt. In the second quarter, the company generated $44.0 million in cash from operations, and had $11.5 million in capital expenditures.  WNS repurchased 879,539 ADSs, impacting cash by $30.0 million dollars, and made scheduled debt payments of $14.1 million.  Days sales outstanding were 30 days, the same as reported in Q2 of last year and in the previous quarter. 
    “WNS continues to perform well in a healthy business environment, posting revenue less repair payments* in fiscal Q2 of $182.3 million.  Growth was once again broad-based across key verticals and services, and represents a year-over-year constant currency* increase of more than 25%,” said Keshav Murugesh, WNS’s Chief Executive Officer.  “We believe that the company has positioned itself well in the BPM space, with a strategy centered on deep domain expertise and complemented by strong capabilities in the areas of automation, analytics, and end-to-end digital solutions. WNS continues to receive positive feedback on our approach from clients, prospects, and influencers, and we remain focused on delivering enhanced business value for all of our key stakeholders.”
    Fiscal 2018 Guidance

    WNS is updating guidance for the fiscal year ending March 31, 2018 as follows:                                                            

    • Revenue less repair payments* is expected to be between $705 million and $727 million, up from $578.4 million in fiscal 2017. This assumes an average GBP to USD exchange rate of 1.31 for the remainder of fiscal 2018.
    • ANI* is expected to range between $101 million and $108 million versus $92.2 million in fiscal 2017. This assumes an average USD to INR exchange rate of 65.0 for the remainder of fiscal 2018.
    • Based on a diluted share count of 52.3 million shares, the company expects adjusted diluted earnings* per ADS to be in the range of $1.93 to $2.06 versus $1.74 in fiscal 2017.
    “The company has updated our forecast for fiscal 2018 based on current visibility levels and exchange rates,” said Sanjay Puria, WNS’s Chief Financial Officer. “Our revised guidance for the year reflects growth in revenue less repair payments* of 22% to 26%, or 21% to 24% on a constant currency* basis. We currently have 98% visibility to the midpoint of the range.”
    Conference Call

    WNS will host a conference call on October 27, 2017 at 8:00 am (Eastern) to discuss the company's quarterly results. To participate in the call, please use the following details: +1-888-656-9018; international dial-in +1-503-343-6030; participant passcode 92434435. A replay will be available for one week following the call at +1-855-859-2056; international dial-in +1-404-537-3406; passcode 92434435, as well as on the WNS website,, beginning two hours after the end of the call.
    About WNS

    WNS (Holdings) Limited (NYSE: WNS), is a leading global business process management company. WNS offers business value to 300+ global clients by combining operational excellence with deep domain expertise in key industry verticals including Travel, Insurance, Banking and Financial Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping and Logistics, Healthcare and Utilities. WNS delivers an entire spectrum of business process management services such as finance and accounting, customer interaction services, technology solutions, research and analytics and industry specific back office and front office processes. As of September 30, 2017, WNS had 35,121 professionals across 52 delivery centers worldwide including China, Costa Rica, India, Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, United Kingdom and the United States. For more information, visit
    Safe Harbor Statement

    This release contains forward-looking statements, as defined in the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations and assumptions about our Company and our industry. Generally, these forward-looking statements may be identified by the use of terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “seek,” “should” and similar expressions. These statements include, among other things, the discussions of our strategic initiatives and the expected resulting benefits, our growth opportunities, industry environment, expectations concerning our future financial performance and growth potential, including our fiscal 2018 guidance, future profitability, and expected foreign currency exchange rates. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include but are not limited to worldwide economic and business conditions; political or economic instability in the jurisdictions where we have operations; our dependence on a limited number of clients in a limited number of industries; regulatory, legislative and judicial developments; increasing competition in the BPM industry; technological innovation; telecommunications or technology disruptions; our ability to attract and retain clients; our liability arising from fraud or unauthorized disclosure of sensitive or confidential client and customer data; negative public reaction in the US or the UK to offshore outsourcing; our ability to expand our business or effectively manage growth; our ability to hire and retain enough sufficiently trained employees to support our operations; the effects of our different pricing strategies or those of our competitors; our ability to successfully consummate, integrate and achieve accretive benefits from our strategic acquisitions, and to successfully grow our revenue and expand our service offerings and market share; and future regulatory actions and conditions in our operating areas. These and other factors are more fully discussed in our most recent annual report on Form 20-F and subsequent reports on Form 6-K filed with or furnished to the US Securities and Exchange Commission (SEC) which are available at We caution you not to place undue reliance on any forward-looking statements. Except as required by law, we do not undertake to update any forward-looking statements to reflect future events or circumstances.
    References to “$” and “USD” refer to the United States dollars, the legal currency of the United States; references to “GBP” refer to the British pound, the legal currency of Britain; and references to “INR” refer to Indian Rupees, the legal currency of India. References to GAAP refers to International Financial Reporting Standards, as issued by the International Accounting Standards Board (IFRS).
     See “About Non-GAAP Financial Measures” and the reconciliations of the historical non-GAAP financial measures to our GAAP operating results at the end of this release. 
     † Includes 1,282 apprentices employed under the India government scheme, National Employability Enhancement Mission, pursuant to which apprentices undergo a three to 24 month apprenticeship to enhance their employability. There is no guarantee of employment with WNS following the completion of the apprenticeship. Our previously reported global headcount does not include apprentices.
      (Unaudited, amounts in millions, except share and per share data)
          Three months ended  
          Sep 30,
        Sep 30,
        Jun 30,
    Revenue     $ 186.5     $ 149.8   $ 180.1    
    Cost of revenue       125.5       99.7     124.7    
    Gross profit       61.0       50.1     55.4    
    Operating expenses:                          
    Selling and marketing expenses
          10.3       8.0     9.0    
    General and administrative expenses
          31.3       22.1     27.5    
    Foreign exchange loss / (gain), net
          (4.4)       (2.5)     (4.8)    
    Amortization of intangible assets
           3.7       7.2     3.9    
    Operating profit       20.1       15.3     19.8    
    Other income, net       (2.4)       (2.1)     (2.8)    
    Finance expense       1.0       0.0     1.1    
    Profit before income taxes       21.4       17.3     21.4    
    Provision for income taxes       2.5       4.7     4.7    
    Profit      $ 18.9     $ 12.6   $ 16.7    
    Earnings per share of ordinary share                          
    Basic     $ 0.37     $ 0.25   $ 0.33    
    Diluted     $ 0.36     $ 0.24   $ 0.32    
                                     WNS (HOLDINGS) LIMITED
          (Unaudited, amounts in millions, except share and per share data)
        As at Sep 30,
    As at Mar 31,
    Current assets:                
    Cash and cash equivalents
      $ 103.0     $ 69.8  
        80.4       112.0  
    Trade receivables, net
        66.2       60.4  
    Unbilled revenue
        54.0       48.9  
    Funds held for clients
        9.5       9.1  
    Derivative assets
        17.3       35.4  
    Prepayments and other current assets
        26.7       27.4  
    Total current assets     357.1       363.1  
    Non-current assets:                
        134.1       134.0  
    Intangible assets
        92.1       96.6  
    Property and equipment
        58.6       54.8  
    Derivative assets
        2.7       6.6  
        0.4       0.4  
    Deferred tax assets
        22.5       16.7  
    Other non-current assets
        36.3       31.9  
    Total non-current assets     346.6       341.1  
    TOTAL ASSETS   $ 703.7     $ 704.1  
    LIABILITIES AND EQUITY                
    Current liabilities:                
    Trade payables
      $ 15.8     $ 14.2  
    Provisions and accrued expenses
        27.1       27.2  
    Derivative liabilities
        6.5       3.9  
    Pension and other employee obligations
        49.2        52.9  
    Current portion of long term debt
        27.7       27.6  
    Deferred revenue
        5.5       5.5  
    Current taxes payable
        2.1       1.3  
    Other liabilities
        16.8       16.0  
    Total current liabilities     150.7       148.8  
    Non-current liabilities:                
    Derivative liabilities
        2.0       0.8  
    Pension and other employee obligations
        9.9       10.7  
    Long term debt
        75.3       89.1  
    Deferred revenue
        0.7       0.4  
    Other non-current liabilities
        17.4       18.5  
    Deferred tax liabilities
        18.4       20.8  
    Total non-current liabilities     123.7       140.3  
    TOTAL LIABILITIES   $ 274.4     $ 289.1  
    Shareholders' equity:                
    Share capital (ordinary shares $ 0.16 (10 pence) par value, authorized 60,000,000 shares; issued: 54,547,076 and 53,312,559 shares each as at September 30, 2017 and March 31, 2017, respectively)
        8.5       8.3  
    Share premium
        356.5       338.3  
    Retained earnings
        313.6       278.0  
    Other components of equity
        (123.3)       (114.9)  
    Total shareholders’ equity including shares held in treasury     555.4       509.8  
    Less: 4,179,539 shares as at September 30, 2017 and 3,300,000 shares as at March 31, 2017, held in treasury, at cost
        (126.0)       (94.7)  
    Total shareholders’ equity   $ 429.3     $ 415.1  
    TOTAL LIABILITIES AND EQUITY   $ 703.7     $ 704.1  
    About Non-GAAP Financial Measures
    The financial information in this release includes certain non-GAAP financial measures that we believe more accurately reflect our core operating performance. Reconciliations of these non-GAAP financial measures to our GAAP operating results are included below. A more detailed discussion of our GAAP results is contained in “Part I –Item 5. Operating and Financial Review and Prospects” in our annual report on Form 20-F filed with the SEC on June 29, 2017.
    For financial statement reporting purposes, WNS has two reportable segments: WNS Global BPM and WNS Auto Claims BPM. Revenue less repair payments is a non-GAAP financial measure that is calculated as (a) revenue less (b) in the auto claims business, payments to repair centers for “fault” repair cases where WNS acts as the principal in its dealings with the third party repair centers and its clients. WNS believes that revenue less repair payments for “fault” repairs reflects more accurately the value addition of the business process management services that it directly provides to its clients. For more details, please see the discussion in “Part I – Item 5. Operating and Financial Review and Prospects – Overview” in our annual report on Form 20-F filed with the SEC on June 29, 2017.
    Constant currency revenue less repair payments is a non-GAAP financial measure. We present constant currency revenue less repair payments so that revenue less repair payments may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of business performance. Constant currency revenue less repair payments is presented by recalculating prior period’s revenue less repair payments denominated in currencies other than in US dollars using the foreign exchange rate used for the latest period, without taking into account the impact of hedging gains/losses. Our non-US dollar denominated revenues include, but are not limited to, revenues denominated in pound sterling, South African rand, Australian dollar and Euro.
    WNS also presents (1) adjusted operating margin, which refers to adjusted operating profit (calculated as operating profit / (loss) excluding share-based expense and amortization of intangible assets) as a percentage of revenue less repair payments, and (2) ANI, which is calculated as profit excluding share-based expense and amortization of intangible assets and including the tax effect thereon, and other non-GAAP financial measures included in this release as supplemental measures of its performance. WNS presents these non-GAAP financial measures because it believes they assist investors in comparing its performance across reporting periods on a consistent basis by excluding items that are non-recurring in nature and those it believes are not indicative of its core operating performance. In addition, it uses these non-GAAP financial measures (i) as a factor in evaluating management’s performance when determining incentive compensation and (ii) to evaluate the effectiveness of its business strategies. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for WNS’s financial results prepared in accordance with IFRS.
    The company is not able to provide our forward-looking GAAP revenue, profit and earnings per ADS without unreasonable efforts for a number of reasons, including our inability to predict with a reasonable degree of certainty the payments to repair centers, our future share-based compensation expense under IFRS 2 (Share Based payments), amortization of intangibles associated with future acquisitions and currency fluctuations.  As a result, any attempt to provide a reconciliation of the forward-looking GAAP financial measures (revenue, profit, earnings per ADS) to our forward-looking non-GAAP financial measures (revenue less repair payments* and constant currency revenue less repair payments*, ANI* and Adjusted diluted earnings* per ADS respectively) would imply a degree of likelihood that we do not believe is reasonable.
    Reconciliation of revenue (GAAP) to revenue less repair payments (non-GAAP) and constant currency revenue less repair payments (non-GAAP)
        Three months ended  
    Three months ended
    Sep 30, 2017 compared to
        Sep 30, 2017     Sep 30, 2016     Jun 30, 2017     Sep 30,
    Jun 30,
        (Amounts in millions)   (% growth)
    Revenue (GAAP)   $ 186.5     $ 149.8     $ 180.1       24.6%   3.6%  
    Less: Payments to repair centers     4.2       6.0       4.8       (30.6%)   (13.3%)  
    Revenue less repair payments (Non-GAAP)   $ 182.3     $ 143.7     $ 175.3       26.9%   4.0%  
    Exchange rate impact     (2.6)       (0.3)       (0.8)              
    Constant currency revenue less
    repair payments (Non-GAAP)
      $ 179.7     $ 143.4     $ 174.5       25.3%   3.0%  

    Reconciliation of cost of revenue (GAAP to non-GAAP)
    Three months ended
        Sep 30,
    Sep 30,
        Jun 30,
        (Amounts in millions)    
    Cost of revenue (GAAP)   $ 125.5     $ 99.7   $ 124.7    
    Less: Payments to repair centers     4.2       6.0     4.8    
    Less: Share-based compensation expense     1.3       0.8     0.8    
    Adjusted cost of revenue (excluding payment to repair centers
    and share-based compensation expense) (Non-GAAP)
      $ 120.1     $ 92.9   $ 119.1    
    Reconciliation of gross profit (GAAP to non-GAAP)
    Three months ended 
    Sep 30,
    Sep 30,
    Jun 30,
        (Amounts in millions)    
    Gross profit (GAAP)   $ 61.0     $ 50.1   $ 55.4  
    Add: Share-based compensation expense     1.3       0.8     0.8    
    Adjusted gross profit (excluding share-based compensation expense) (Non-GAAP)   $ 62.3     $ 50.8   $ 56.2    
    Three months ended
        Sep 30, 2016      Sep 30, 2016    
    Jun 30,
    Gross profit as a percentage of revenue (GAAP)     32.7%       33.4%     30.7%  
    Adjusted gross profit (excluding share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP)     34.2%       35.4%     32.0%    

    Reconciliation of selling and marketing expenses (GAAP to non-GAAP)
    Three months ended
    Sep 30,
    Sep 30,
    Jun 30,
        (Amounts in millions)    
    Selling and marketing expenses (GAAP)   $ 10.3     $ 8.0   $ 9.0    
    Less: Share-based compensation expense     0.8       0.5     0.5    
    Adjusted selling and marketing expenses (excluding share-
    based compensation expense) (Non-GAAP)
      $ 9.5     $ 7.5   $ 8.5    
    Three months ended
    Sep 30,
    Sep 30,
    Jun 30,
    Selling and marketing expenses as a percentage of revenue (GAAP)     5.5%       5.4%     5.0%  
    Adjusted selling and marketing expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP)     5.2%       5.2%     4.8%  
    Reconciliation of general and administrative expenses (GAAP to non-GAAP)          
    Three months ended
        Sep 30,
        Sep 30,
        Jun 30,
        (Amounts in millions)    
    General and administrative expenses (GAAP)   $ 31.3     $ 22.1   $ 27.5  
    Less: Share-based compensation expense     7.9       4.7     5.1    
    Adjusted general and administrative
    expenses (excluding share-based
    compensation expense) (Non-GAAP)
      $ 23.4     $ 17.5   $ 22.4    
    Three months ended
    Sep 30,
        Sep 30,
        Jun 30,
    General and administrative expenses as a percentage of revenue (GAAP)     16.8%       14.8%     15.3%  
    Adjusted general and administrative expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP)     12.8%       12.1%     12.8%    

    Reconciliation of operating profit (GAAP to non-GAAP)
        Three months ended    
        Sep 30,
        Sep 30,
        Jun 30,
        (Amounts in millions)    
    Operating profit (GAAP)   $ 20.1     $ 15.3   $ 19.8    
    Add: Share-based compensation expense     10.0       6.0     6.4    
    Add: Amortization of intangible assets     3.7       7.2     3.9    
    Adjusted operating profit (excluding
    share-based compensation expense and amortization of intangible assets) (Non-GAAP)
      $ 33.7     $ 28.4   $ 30.0    
    Three months ended
    Sep 30,
        Sep 30,
        Jun 30,
    Operating profit as a percentage of revenue (GAAP)     10.8%       10.2%     11.0%  
    Adjusted operating profit (excluding
    share-based compensation expense and amortization of intangible assets) as a percentage of revenue less repair payments (Non-GAAP)
        18.5%       19.8%     17.1%  
    Reconciliation of profit (GAAP) to ANI (non-GAAP)
        Three months ended  
        Sep 30,
        Sep 30,
        Jun 30,
        (Amounts in millions)  
    Profit (GAAP)   $ 18.9     $ 12.6   $ 16.7  
    Add: Share-based compensation expense     10.0       6.0     6.4  
    Add: Amortization of intangible assets     3.7       7.2     3.9  
    Less: Tax impact on share-based compensation expense(1)     (3.0)       (1.7)     (2.1)  
    Less: Tax impact on amortization of intangible assets(1)     (1.8)       (2.0)     (1.3)  
    Adjusted Net Income (excluding
    share-based compensation expense and amortization of intangible assets, including tax effect thereon) (Non GAAP)
      $ 27.7     $ 22.0   $ 23.6  
    (1) The company applies GAAP methodologies in computing the tax impact on its non-GAAP ANI adjustments (including amortization of intangible assets and share-based compensation expense). The company’s non-GAAP tax expense is generally higher than its GAAP tax expense if the income subject to taxes is higher considering the effect of the items excluded from GAAP profit to arrive at non-GAAP profit.
        Three months ended  
    Sep 30,
        Sep 30, 2016     Jun 30,
    Profit as a percentage of revenue (GAAP)     10.1%       8.4%     9.3%  
    Adjusted net income (excluding
    share-based compensation expense and amortization of intangible assets including tax effect thereon) as a percentage of revenue less repair payments (Non-GAAP)
        15.2%       15.3%     13.5%  
    Reconciliation of basic income per ADS (GAAP to non-GAAP)
        Three months ended  
        Sep 30,
        Sep 30,
        Jun 30,
    Basic earnings per ADS (GAAP)
      $ 0.37     $ 0.25   $ 0.33  
    Add: Adjustments for share-based compensation expense and amortization of intangible assets     0.28       0.25     0.21  
    Less: Tax impact on amortization of intangible assets and share-based compensation expense     (0.10)       (0.07)     (0.07)  
    Adjusted basic net income per ADS (excluding share-based compensation expenses and amortization of intangible assets, including tax effect thereon) (Non-GAAP)   $ 0.55     $ 0.43   $ 0.47  
     Reconciliation of diluted income per ADS (GAAP to non-GAAP)

    Three months ended
        Sep 30,
        Sep 30,
        Jun 30,
    Diluted earnings per ADS (GAAP)   $ 0.36     $ 0.24   $ 0.32  
    Add: Adjustments for share-based compensation expense and amortization of intangible assets       0.26       0.25     0.19  
    Less: Tax impact on amortization of intangible assets and share-based compensation expense     (0.09)       (0.07)     (0.06)  
    Adjusted diluted net income per ADS (excluding amortization of intangible assets and share-based compensation expense, including tax effect thereon) (Non-GAAP)   $ 0.53     $ 0.42   $ 0.45  

    0 0

    Business Wire India

    Unilever today announces 30 of the most ambitious startups and scale-ups to be part of the Unilever Foundry 30 South East Asia and Australasia (SEAA). Unveiled at the Millennial 20/20 conference in Singapore, the 30 startups selected demonstrate a unique and exciting point of difference, poised to affect technological, consumer and social change within SEAA.


    South East Asia is the fastest growing internet market in the world. Combined with the rising middle class and more social consumers, the region is an exciting hotspot for Unilever and for startups. Tapping into this opportunity, the Unilever Foundry is committed to opening doors for early stage companies to achieve success through its Unilever Foundry 30 SEAA platform.


    During Millennial 20/20, the Unilever Foundry 30 SEAA will receive exposure to Unilever and other industry players in the marketing, retail and e-commerce sectors. During the event, these 30 startups will also be based at Unilever’s co-working space, LEVEL3.


    “The Unilever Foundry 30 embodies Unilever’s commitment to South East Asia and Australasia and to working with startup talent who we believe will have significant impact on the region,” said Barbara Guerpillon, Head of Unilever Foundry SEAA and LEVEL3. “With 600 million people in South East Asia alone, we look forward to being a catalyst for members of the Unilever Foundry 30 to affect social, business and technological change in both developed and emerging markets. We see enthusiasm from early-stage companies as they gear up to capture opportunities in these markets and we welcome aspiring entrepreneurs to visit LEVEL3, our co-working space at Unilever’s Singapore headquarters, to seize opportunities for collaboration and mentorship.”


    The Unilever Foundry is a platform for startups and innovators seeking to engage, collaborate and explore business opportunities with Unilever’s 400+ brands. It is also a way in which Unilever is discovering disruptive technologies and social impact entrepreneurs which will play a key role in achieving Unilever’s mission, which is to make sustainable living commonplace.


    Unilever Foundry 30 SEAA


    As part of the Unilever Foundry 30 SEAA and the global Unilever Foundry community, startups will have exclusive benefits including access to new briefs from brands under Unilever’s portfolio; mentorship, collaboration and guidance from Unilever’s partners and executives; invitations to key global events; and effective support.


    "As we look into scaling our company to attract commercial opportunities with regional brands, joining the Unilever Foundry community has helped us get access to industry contacts,” said Derek Tan, co-founder of Viddsee. “It is an honor for Viddsee to be part of the first Foundry 30 SEAA, and leverage this opportunity to chart our growth further."


    The selected startups will also gain access to LEVEL3. Launched as a partnership between the Unilever Foundry and Padang & Co, LEVEL3 brings together Unilever brands and startups, tech experts and venture capitalists to create new partnerships that deliver real business impact. LEVEL3 is situated within the Unilever Singapore office, which serves as a global and regional hub for the company. Since its launch in February 2017, LEVEL3 is now home to more than 45 early-stage companies.


    The first Unilever Foundry 30 SEAA is as follows, each chosen in one of five areas identified by Unilever as future areas of innovation (Retail; Media and Advertising; Brand and Content Innovation; Data, Insights and Personalization; and Sustainability and Social impact).


    The live unveiling of the first Unilever Foundry 30 SEAA will take place at Millennial 20/20, at the ArtScience Museum in Singapore at 5pm on 25 October 2017. The startups were selected after a rigorous assessment by Unilever, Millennial 20/20 and Polanco. and were identified based on their existing and potential contributions to the SEAA region.




    About Unilever Foundry


    The Unilever Foundry is Unilever’s platform for start-ups and innovators to engage, collaborate and explore business opportunities with Unilever and our 400+ brands. Through the Unilever Foundry, start-ups can view and apply to address new briefs from our brands and functions, apply for mentorship through one of our partners, and register to attend events across the world.


    About LEVEL3


    LEVEL3 is Singapore’s most vibrant co-working space for experimentation and innovation. By fostering a collaborative culture and providing proximity to our corporate and government partners, we provide startups a unique opportunity to prototype their ideas and solutions in a real-world business context. LEVEL3 is now open to tech startups and entrepreneurs, not just those in Singapore but also startups that have an innovative product or service and are ready to scale in this part of the world.





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    Business Wire India

    Andersen Global is proud to announce an expanded presence in Canada through a Collaboration Agreement with tax firm W.L. Dueck & Co. LLP. The collaboration further extends Andersen Global’s presence in North America. W.L. Dueck & Co. LLP is led by founding partners Warren Dueck and Steven Flynn with locations in Vancouver, Calgary, Richmond and Edmonton.


    “We have already worked on a number of engagements with Warren and his colleagues and they have demonstrated a strong commitment to their clients and to providing best-in-class service,” said Global Chairman and Andersen Tax LLC CEO, Mark Vorsatz. “Our collaboration with W.L. Dueck & Co. LLP substantially builds out a broader geographic platform in Canada and will play a significant role in enhancing our client solutions in the region. I look forward to having them join our team and continuing our expansion in Canada.”


    W.L. Dueck & Co. LLP was founded in 1998 and specializes in U.S. and Canadian cross-border tax matters. The firm provides cross-border tax services for high-net worth individuals, including offshore voluntary disclosures, estates and trusts, etc. For businesses it provides tax services for Canadian investment in the U.S., U.S. investment in Canada and cross-border acquisitions and mergers. It also provides U.S. Federal and state and Canadian tax return preparation services for individuals and businesses. W.L. Dueck & Co. LLP currently includes four Partners and 15 tax professionals.


    “The collaboration with Andersen Global further enhances the team we have here and will allow us to provide more extensive coverage and cross-border tax solutions to assist clients in Canada and in the U.S.,” commented Warren Dueck. “Working with professionals that share our values is of high importance to us, so I am excited to collaborate with folks who also make stewardship, independence and transparency top priorities.”


    Andersen Global is an international association of separate, independent member firms comprised of tax and legal professionals around the world. Established in 2014 by U.S. member firm Andersen Tax LLC, Andersen Global now has more than 2,200 professionals worldwide and a presence in over 75 locations through its member firms and collaborating firms.





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    Business Wire India

    GTreasury, a leading provider of Treasury Management Systems (TMS), announced a $42 million investment from Mainsail Partners, a growth equity firm that exclusively invests in profitable, fast growing technology companies. GTreasury will use the new capital and Mainsail’s extensive resources to accelerate product development, expand internationally, and enhance GTreasury’s customer service.


    GTreasury was co-founded over thirty-one years ago by Orazio Pater, CEO, and his wife Peg, General Manager, and offers the longest tenured and holistically developed TMS in the industry. The company’s software suite includes its industry-leading Cash Management and Funds Transfer solutions which provide essential insights, automation, and tools to help large enterprises manage global liquidity. The company also offers Accounting, Banking, and Financial Instruments solutions to help treasury departments automate accounting procedures, manage banking relationships, analyze bank fees, and manage investment and debt activity. To facilitate these services, the company has direct connections with over 2,000 banks globally, and integrations with hundreds of ERP and 3rd party systems.


    “We built our company by creating mission critical products and providing top tier service to our customers and partners,” said Mr. Pater. “This partnership with Mainsail will allow us to double down on those efforts by accelerating innovation and delivering even greater value to treasury departments,” added Pater. “We chose Mainsail for their experience scaling technology companies and because they share our vision for building a global business with a focused mission – build powerful software that provides greater visibility and control for corporate treasuries while never outgrowing the intimate client service experience that is necessary for companies to maximize value. In Mainsail we were looking not just for additional financial resources, but also for a true long term partnership.”


    “We see an opportunity to take an even greater leadership role in the market through innovation and expansion of our products and services,” adds Ashley Pater, Senior Vice President of Product Marketing. “Our goal is to stay one step ahead of the needs of our clients and this investment will help us achieve that goal.”


    Vinay Kashyap, Principal at Mainsail Partners, said, “Due to a number of factors, the role of the treasury department at enterprise corporations has become increasingly difficult and more important than ever. Rapid globalization, economic volatility and changing regulations have added complexity for Treasurers, putting more pressure on their organizations,” added Kashyap. “The GTreasury team has built a suite of products that reduces the complexity and workload for treasury departments and allows them to focus on more strategic priorities. Combined with a deep set of best practices and intellectual property from over 31 years in this business, the consultative and high-touch approach to their clients is second to none. We are excited to invest behind this high-quality management team and a company that is so well positioned in this rapidly evolving market.”


    In connection with the growth equity investment from Mainsail, GTreasury recently announced the opening of its first international office, in London, to support global expansion and its existing multinational customer base.


    About GTreasury


    Originated in 1986, GTreasury is the global leader of treasury management solutions for organizations spanning the world. GTreasury’s solution illuminates a treasury’s liquidity by centralizing all incoming and outgoing banking activities, along with tracking all financial instrument activities. This gives GTreasury practitioners real-time insight and access into their global liquidity. GTreasury is the only company that offers both an installed and a SaaS solution using the same version of the system. Our modular platform and infrastructure allow any size treasury operation the ability to customize a solution that is best suited to their needs. For more information please contact or visit


    About Mainsail Partners


    Mainsail Partners is a growth equity firm that invests exclusively in bootstrapped software companies. The San Francisco-based firm has a team of experienced operating professionals to help entrepreneurs scale their businesses and accelerate growth. The firm has raised more than $750 million in committed capital. For further information, please visit



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    Business Wire India

    • In the first of its kind program, Clix Capital partners with the platform jointly developed by Airtel and Seynse Technologies to offer end to end digitization of the entire loan lifecycle with loan approval within five minutes 
    • Fully digital and completely paperless procedure to buy iPhone 7 starting at Rs. 7,777
    Clix Capital Services Private Limited (“Clix Capital”), formerly GE Money Financial Services Private Limited, has partnered with Airtel and Seynse Technologies to launch India’s first fully digital mobile financing program in India. The partnership aims to leverage technology and analytical algorithms created by Seynse Technologies, to provide instant loan approval. The device finance program will be available in 21 cities in India.

    Powered by technology, data, and machine learning algorithms, Clix Capital offers a full spectrum of financing solutions for individuals and institutions. Clix Capital uses extensive algorithms leveraging alternate data in addition to the traditional credit information, to create a snapshot of the borrower’s creditworthiness and likelihood of repaying the loan. This unique methodology enables Clix Capital to evaluate applications, underwrite credit risks, and provide instant loan offer for customers digitally.

    Commenting on the partnership, Pramod Bhasin, Chairman, Clix Capital said “At Clix Capital we are using cutting edge technology, analytics and artificial intelligence to drive new and disruptive models of lending. We believe these models have the capacity to significantly expand financial inclusion, provide one-stop shop lending solution to a large number of customers and radically alter the customer service experience. We are delighted to partner with Airtel and Seynse Technologies in their end-to-end frictionless platform, which coupled with our advanced digital lending capabilities, will provide excellent services to our end customers. We look forward to working with them to constantly improve the overall customer experience and delight.

    Speaking about the partnership, Bhavesh Gupta, CEO, Clix Capital said “At Clix Capital we take pride in using cutting edge technology and analytics to provide a seamless financing experience to our customers. We are pleased to partner with Airtel and Seynse Technologies for the launch of the fully digitized platform and look forward to setting new benchmarks of customer service with our speed, simplicity and innovation. In the first of its kind offering in India, customers can apply for our loans online and get credit approval instantly. The entire process involves only a few clicks and can be completed in less than five minutes. This is the first of many partnerships we plan to launch with leading online and offline platforms and sellers in the near future.”

    This offer is available exclusively for devices listed on the Airtel Online Store []. Under this partnership, iPhone 7 will be available at a down payment starting from Rs. 7,777 and 24 easy monthly installments of Rs. 2,499. In addition to the principal and interest repayment component, the monthly installments have a built-in high-end Airtel postpaid plan which offers 30 GB data, unlimited calling (local, STD, national roaming), and Airtel Secure package that covers the device against any physical damage and offers cyber protection.
    About Clix Capital

    Headquartered in Gurugram, India, Clix Capital was launched with the acquisition of commercial lending and leasing business of GE Capital in India by a consortium of its top executives, Pramod Bhasin & Anil Chawla, and AION Capital in 2016. Clix Capital has an asset of $300 million which will be used as a base to expand business. Clix Capital has identified five major verticals for business - Consumer Finance, Small and Medium Enterprise (SME) Lending, Vehicles Finance & Leasing, Equipment Finance and Corporate Lending.

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    Business Wire India

    Exclusive Group, the value-added services and technologies (VAST) group, today announced record half-year revenues of 731m€ - up more than 19% on H1 2016. Core vendor revenues continue to grow at above market rates as Exclusive Group increases its share of each vendor’s respective business. The pattern is repeated across international territories worldwide, with profits continuing in line with expectations. The figures do not include revenues from the Q2 acquisition of Fine Tec in the US.


    “While we continue to rapidly accelerate the growth of new, emerging vendors with triple-digit increases, this period has also once again seen strong performance among our most established vendor partners,” said Olivier Breittmayer, CEO of Exclusive Group. “All benefit equally from our unique business model, comprehensive technical and professional services, global/local execution and proven go-to-market expertise. This makes us different, not only in terms of approach but also results.”


    Other highlights:

    • In EMEA, revenues were particularly strong in large, established territories such as Southern Europe (Italy, Spain and Portugal) which grew 36%. Results in the UK and France also stood out with annual growth of 28% and 30%, respectively.
    • Strong performance across the board was also the story in APAC, with the Asia region posting annual growth of 22% while the Pacific region grew 29%.
    • BigTec, the datacentre transformation VAD, continues to grow very aggressively in line with further geographic expansion and increased traction for disruptive vendors. BigTec now accounts for over 100m€ of annualised Group revenues; almost double the size of one year ago.

    “More and more business is now made up of international cross-border projects, leveraging our global logistics and project management capabilities to support our value to global SI, service provider and vendor partners, and reflect the success of our VAST strategy,” said Barrie Desmond, COO of Exclusive Group. “This is being boosted further via the successful integration of our US operation, which is already delivering significant opportunities, keeping us on track for unprecedented long-term growth.”





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    Business Wire India

    The Salesforce Economy report 2017: IDC
    The Salesforce Economy report 2017: IDC

    • By 2022, Salesforce partner ecosystem will gain $5.18 for every dollar Salesforce earns
    • The Salesforce Economy’s largest net gain in industries will be in financial services and manufacturing, creating $164 billion and $159 billion, respectively, in new business revenues by 2022
    • In India alone, Salesforce will create over 1.1 million jobs and contribute $17.2 billion in new business revenues to the Indian economy by 2022
    Salesforce (NYSE: CRM), the global leader in CRM, today announced new research from IDC detailing how Salesforce and its ecosystem of customers and partners will drive 3.3 million new jobs and more than $859 billion in new business revenues worldwide by 2022[1]. In India, Salesforce will create 1.1 million direct and indirect jobs contributing $17.2 billion in new business revenues to the Indian GDP by 2022. Last year, for India IDC forecasted the Salesforce Economy would create 500,000 jobs and $4.2 billion in new revenues by 2020.[2] By 2022, the Salesforce partner ecosystem in India will gain $5.6 for every dollar Salesforce makes. Globally, the Salesforce Economy’s largest impact on industries will be in finance, with the forecasted creation of 584,995 new jobs and $164 billion in new business revenues by 2022.

    According to IDC Research, the new findings demonstrate the benefits of cloud computing by permitting an increase in IT innovation, which in turn supports business innovation that leads to accelerated development schedules, faster project completion, shorter time to market for new products, and lower operational costs. Cloud computing is currently growing at a much faster pace than IT as a whole. Annual growth is forecast at 17 percent, anchoring investments in products and services supporting digital transformation projects that will reach $2 trillion by 2020.

    “The Salesforce economy report reinstates our commitment to the Indian market, creating over 1.1 million jobs. This will produce a cascading effect significantly contributing to the growth of the Indian economy,” said Sunil Jose, Senior Area Vice President & Country Leader, Salesforce India. “As the pace of change accelerates, organisations are transforming digitally and we want Salesforce to be at the heart of this revolution democratising digital transformation.” 

    Because organizations that spend on cloud computing subscriptions also spend on ancillary products and services, from additional cloud subscriptions and professional services to supporting software, hardware, and managed services, the Salesforce ecosystem in 2017 is nearly four times bigger than Salesforce itself. By 2022 it will be more than five times bigger. IDC estimates that in 2017 for every dollar Salesforce will make, the ecosystem will make $3.67 and will reach $5.18 by 2022. By 2022, Salesforce will drive nearly 5 million indirect jobs, which are created by spending in the general economy by the people filling the 3.3 million direct jobs.

    Impact of Industry Innovation and Investment

    In this report, IDC looked at how the Salesforce economy will impact revenue and job growth for six specific industries.
    • Financial Services industry will gain $163.7 billion in new revenues and 584,995 new jobs will be created by 2022.
    • Manufacturing industry will gain $159 billion in new revenues and 638,296 new jobs will be created by 2022.
    • Retail industry will gain $92.6 billion in new revenues and 401,355 new jobs will be created by 2022.
    • Comms and Media industry will gain $89.8 billion in new revenues and 360,451 new jobs will be created by 2022. 
    • Healthcare and Life Sciences industry will gain $68.2 billion in new revenues and 244,096 new jobs will be created by 2022.
    • Government industry will gain $50.9 billion in new revenues and 221,640 new jobs will be created by 2022.
    The Power of the Salesforce Ecosystem

    The Salesforce ecosystem is the key growth driver of the Salesforce Economy.
    • The ecosystem includes thousands of partners, including ISVs and consultants; four million developers; a community of 2.5 million 'Trailblazers’ -- individuals and companies who use Salesforce to drive innovation, transform their companies, and grow their careers; more than 400 local, industry, and special interest User Groups; and more than 200 Salesforce MVPs, prolific product experts and brand advocates.
    • The Salesforce AppExchange, the world’s largest enterprise cloud marketplace, is home to more than 4,000 solutions that have been installed more than five million times. Today, 87 percent of Salesforce customers and 89 percent of the Fortune 100 are using AppExchange apps.
    • Trailhead, Salesforce's interactive, guided and gamified learning platform, allows anyone to learn the skills that empower them to land a job in the workforce of the future. To date, Trailblazers have earned four million badges for completing trails. In addition, more than 300,000 job postings ask directly for Salesforce or Salesforce-related skills; and the average salary for Salesforce or Salesforce-related job openings is more than $80,000 annually. Indeed, the world's #1 job site, found that two of the top ten jobs in its 2017 ranking were related to Salesforce: #4 Salesforce Administrator, #6 Salesforce Developer.
    Additional Resources IDC Methodology

    Since 2002, IDC has maintained an internal tool called the IDC Salesforce Economic Impact Model, which takes inputs from IDC's market research on IT spending, exchange rates, and vendor market share, along with public inputs such as GDP, tax rates, and overall labor force from other sources. The output of the EIM is IT company and employee counts by geographic region. In 2009, IDC added inputs for spending on cloud computing, percentage of IT resources available for innovation (the rest used on legacy system support and upgrades), and business revenue as a multiple of GDP per country.

    The Salesforce Economic Impact Model is an extension to IDC's IT Economic Impact Model. It estimates Salesforce's current and future share of the benefits to the general economy generated by cloud computing, and it also estimates the size of the ecosystem supporting Salesforce using IDC's market research on the ratio of spending on professional services to cloud subscriptions; the ratio of sales of hardware, software, and networking to spending on public and private cloud computing; and the ratio of spending on application development tools to applications developed. Note that the ecosystem may include companies that are not formal business partners of Salesforce but that nevertheless sell products or services associated with the Salesforce implementations.
    [1] Source: IDC white paper, October 2017, “The Salesforce Economy Forecast: 3.3 Million New Jobs, $859 Billion New Business Revenues to Be Created from 2016 to 2022” Ecosystem includes all companies that provide the products and services that surround a Salesforce implementation.
    [2] Source: IDC white paper, August 2016, “The Salesforce Economy: Enabling 1.9 Million New Jobs and $389 Billion in New Revenues over the Next Five Years.”
    About Salesforce

    Salesforce, the global CRM leader, empowers companies to connect with their customers in a whole new way. For more information about Salesforce (NYSE: CRM), visit:

    Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Salesforce applications should make their purchase decisions based upon features that are currently available. Salesforce has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol “CRM”. For more information please visit, or call 1-800-NO-SOFTWARE.

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    Business Wire India

    Shiseido Company, Limited (Tokyo Stock Exchange, First Section: 4911), a leading global cosmetics company, today announced that it has entered into a definitive agreement to sell its wholly-owned subsidiary Zotos International Inc. (“Zotos”) to Henkel.


    Shiseido has been promoting a selection and concentration strategy in order to enhance its global brand portfolio as part of its VISION 2020 strategy. As part of that strategy, Shiseido is sharpening its focus on key categories and regions in order to optimize its portfolio, and is focused on driving global growth across its prestige beauty businesses while strengthening its leadership in Asia in the mass cosmetics, personal care, and professional categories. Shiseido’s Professional business plays an important role in the company’s beauty portfolio, and Shiseido plans to concentrate and boost its investment in the professional market in Asia. Shiseido is confident that Zotos, which is based in the U.S. and primarily focused on the North American market, will be well-positioned for further growth opportunities as part of Henkel’s global Beauty Care professional portfolio.


    Masahiko Uotani, President and Group CEO of Shiseido Company, Limited, said, “The Professional business has been a cornerstone of Shiseido’s heritage since the company opened its first beauty salon in Japan nearly a century ago, and we remain as committed and focused as ever on cultivating and strengthening this key business in the fast-growing Asian markets, including China and Asia Pacific as well as Japan. Henkel’s offer to acquire Zotos provides a great opportunity for our Professional group to concentrate its focus on its core capabilities in Asia.”


    Based in Darien, CT, Zotos manufactures and markets a full range of award-winning hair care, texture service and hair color options for salons and salon professionals worldwide, with a primary focus in North America and a growing emphasis on the European market. Its portfolio of brands includes Joico, AGEbeautiful, Biotera, Bain de Terre and Senscience. The company’s product innovations and dynamic beauty education have made it a trusted leader in professional haircare for nearly 90 years.


    Nancy Bernardini, President of Zotos, said, “Shiseido has been an outstanding home for Zotos for almost three decades – as part of Shiseido’s Professional Division, Zotos added even more layers of innovation and artistry to its products and achieved significant milestones, including becoming one of the fastest-growing mid-sized companies in professional beauty. By joining Henkel, we will be taking important steps for the future of our business, focusing on strategic geographic markets that are key to our long-term success while continually invigorating our brands as part of Henkel’s highly complementary portfolio. We are excited to embark on this new chapter.”


    Shiseido will use the resources gained from this transaction to further pursue its strategic objectives of continuing to nurture its Prestige brands, reinforcing production capability and other activities in order to implement its “New Strategy to Accelerate Growth” in the next three years of VISION 2020.


    Annual net sales for Zotos totaled $233 million in the fiscal year ending 2016. The transaction is expected to close in December 2017, subject to the satisfaction of customary closing conditions.


    About Shiseido Company, Limited


    Shiseido was founded in 1872 as the first Western-style pharmacy in Japan. The business gradually evolved into a cosmetics company, offering people the most advanced technology and the finest aesthetics available in the East or the West. Now known globally as the premier cosmetics company with roots in Japan, the name Shiseido has come to represent the world’s highest standards of quality. Shiseido’s global selection of skincare, makeup and fragrance includes a high-performance category for special skincare, and a brightening line. Shiseido offers products for professional beauty salons and hairdressers, as well as body care, suncare and a skincare line for men. Fiercely contemporary and innovative after over 140 years in business, Shiseido group brands are now sold in over 120 countries and regions. For more information, please visit


    About Zotos International Inc.


    Zotos International Inc. is a fully integrated, global professional haircare company with the mission of inspiring stylists around the globe with the most innovative and high-performing products, dynamic education and exceptional customer service. Founded in 1932 and acquired by Shiseido Company, Limited in 1988, Zotos manufactures and markets a full range of hair care, texture service and hair color products for today’s salons and salon professionals. The Company’s products include shampoos, conditioners, treatments and styling products. Hair color products consist of semi-permanent and permanent solutions and developers. Hair texture products include perms, straighteners and temporary straighteners, and are offered through a network of professional beauty stores, retailers and fine salons around the globe. The company’s brands include: Joico, VEROK-PAK Color, Lumishine, IColor, ISO Options, AGEBeautiful, Bain de Terre, Quantum and Vita E. For more information, please visit





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    Business Wire India

    Northern Trust, a leading provider of wealth management services, has been named “Best Private Bank” in the U.S. by Professional Wealth Management and The Banker magazines, publications of the Financial Times Group. Northern Trust was also recognized globally as “Best Private Bank” in the Family Office and the U.S. Succession Planning categories


    Now in its ninth year, the Global Private Banking Awards attract more than 170 submissions from banks in more than 60 countries. Northern Trust has been recognized as “Best Private Bank” in the U.S. for eight of nine years.


    “Northern Trust sets the standard with the quality of its private banking proposition,” Professional Wealth Management Editor-in-Chief Yuri Bender said. “The judges also noted the growth of assets in a goals-based wealth management framework, making intelligent use of non-risk and risk assets including alternative assets.”


    “We are honored by these awards, which reflect our stewardship on behalf of clients and our commitment to providing holistic advice and unparalleled service,” Northern Trust Wealth Management President Steven L. Fradkin said. “We foster long-term relationships by offering a unique combination of service, expertise and global capabilities tailored to distinct needs.”


    Northern Trust received the honors at a gala dinner on October 26 in London at the Four Season’s Park Lane Hotel.


    Northern Trust Wealth Management specializes in Goals Driven Wealth Management backed by innovative technology and a strong fiduciary heritage. Northern Trust Wealth Management is ranked among the top 10 U.S. wealth managers, with $284 billion in assets under management as of September 30, 2017, and a wide network of wealth management offices across the United States.


    The Northern Trust Company is an Equal Housing Lender. Member FDIC.


    About Northern Trust


    Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2017, Northern Trust had assets under custody of US$7.8 trillion, and assets under management of US$1.1 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit or follow us on Twitter @NorthernTrust.


    Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at





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    Business Wire IndiaPerformance Highlights

    • 18% growth in the overall loan book on an Assets Under Management (AUM) basis as at September 30, 2017 
    • 15% growth in Net Interest Income for the half year ended September 30, 2017 
    • Net interest margin at 3.9% per annum, spread on loans at 2.29% per annum 
    • 15% and 17% growth in standalone and consolidated Profit After Tax for the quarter ended September 30, 2017
    The Board of Directors of Housing Development Finance Corporation Limited (HDFC) announced its unaudited standalone and consolidated financial results for the first half of the financial year 2017-18, following its meeting on Monday, October 30, 2017 in Mumbai. The accounts have been subjected to a limited review by the Corporation’s statutory auditors in line with the regulatory guidelines.
    Financials for the quarter ended September 30, 2017
    For the quarter ended September 30, 2017, the profit after tax stood at Rs 2,101 crore as compared to Rs 1,827 crore in the corresponding quarter of the previous year, representing a growth of 15%.
    This is after providing Rs 806 crore for tax (Previous year: Rs 731 crore).
    Financials for the half-year ended September 30, 2017
    The profit numbers for the half-year ended September 30, 2017 are not comparable with that of the half-year ended September 30, 2016.
    In June 2016, the Corporation sold shares of HDFC ERGO General Insurance Company to ERGO International AG, a subsidiary of Munich Re for a consideration of Rs 920 crore and had also created a one-time special provision of Rs 275 crore as a charge to the statement of profit and loss.
    The reported profit before tax for the half-year ended September 30, 2017 stood at Rs 5,266 crore compared to Rs 5,257 crore in the corresponding period of the previous year.
    After considering the above-mentioned one-time transaction, the adjusted profit before tax for the half-year ended September 30, 2016 stood at Rs 4,612 crore. The profit before tax for the half-year ended September 30, 2017 stood at Rs 5,266 crore, representing a growth of 14% over the corresponding period last year.
    After providing Rs 1,609 crore for tax, (inclusive of Rs 213 crore as deferred tax liability on Special Reserve), the reported profit after tax stood at Rs 3,657 crore as compared to Rs 3,697 crore in the previous year.
    Individual loan disbursements grew by 23% during the half-year ended September 30, 2017. The average size of individual loans stood at Rs 23.6 lac.
    On an Assets under Management (AUM) basis, the growth in the individual loan book was 16% and the non-individual loan book was 24%. The growth in the total loan book was 18%.
    As at September 30, 2017, individual loans comprise 72% of the AUM. 70% of incremental loans came from individual loans and 30% from Commercial Lease Rental Discounting and Construction Finance.
    As at September 30, 2017, the loan book stood at Rs 3,24,077 crore as against Rs 2,75,406 crore in the previous year.
    The Corporation, sold individual loans amounting to Rs 3,530 crore in the quarter ending September 30, 2017. Of this, Rs 3,165 crore was assigned to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between the Corporation and HDFC Bank and Rs 365 crore was assigned to another bank. In respect of the loans assigned to the other bank, the residual income is 2.4% per annum.
    As at September 30, 2017, the outstanding amount in respect of individual loans sold was Rs 43,435 crore. HDFC continues to service these loans and is entitled to the residual income on the loans sold. The residual income on the individual loans sold stood at 1.27% per annum and is being recognised over the life of the loans and not on an upfront basis.
    Total loans sold during the preceding twelve months was Rs 15,433 crore as against Rs 13,086 crore in the previous year.
    The growth in the individual loan book, after adding back loans sold in the preceding 12 months was 23% (15% net of loans sold). The non-individual loan book grew at 23%. The growth in the total loan book after adding back loans sold was 23% (18% net of loans sold).
    Non-Performing Loans (NPL)

    Gross non-performing loans as at September 30, 2017 stood at Rs 3,701 crore. This is equivalent to 1.14% of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.65% while that of the non-individual portfolio stood at 2.18%.
    In August 2017, the National Housing Bank (NHB) had reduced standard asset provisioning on total outstanding individual housing loans to 25 basis points compared to 40 basis points earlier. As per NHB norms, the Corporation is required to carry a total provision of Rs 2,500 crore of which Rs 1,446 crore is against standard assets and Rs 1,054 crore is towards regulatory provisioning for non-performing assets.
    As against this, the balance in the Provision and Contingencies Account as of September 30, 2017 amounted to Rs 3,235 crore. This is equivalent to 0.99% of the loan portfolio.
    Spread, Net Interest Income & Margin
    The spread on loans over the cost of borrowings for the half-year ended September 30, 2017 stood at 2.29% compared to 2.28% for the half-year ended September 30, 2016. The spread on the individual loan book was 1.92% and on the non-individual book was 3.07%.
    The net interest income for the half-year ended September 30, 2017 stood at Rs 5,199 crore compared to Rs 4,530 crore in the corresponding period of the previous year, representing a growth of 15%.
    Net Interest Margin for the half-year ended September 30, 2017 was 3.9%, the same as in the corresponding period of the previous year.

    As at September 30, 2017, the unrealised gains on HDFC’s listed investments amounted to Rs 1,03,068 crore (previous year Rs 70,641 crore). This excludes the appreciation in the value of unlisted investments.
    The Corporation’s capital adequacy ratio stood at 15.1%, of which Tier I capital was 12.6% and Tier II capital was 2.5%. Deferred tax liability on Special Reserve and the investment in HDFC Bank has been considered as a deduction in the computation of Tier I capital. As per the regulatory norms, the minimum requirement for the capital adequacy ratio and Tier I capital is 12% and 6% respectively.
    For the quarter ended September 30, 2017, the consolidated profit after tax at Rs 2,869 crore as compared to Rs 2,446 crore in the corresponding period last year, representing a growth of 17%.
    For the half-year ended September 30, 2017, the consolidated profit after tax stood at Rs 5,603 crore as compared to Rs 5,243 crore in the corresponding period last year, representing a growth of 7%.
    The share of profit from subsidiary and associate companies in the consolidated profit after tax stood at 35% for the half-year ended September 30, 2017 compared to 29% in the corresponding period of the previous year.
    HDFC’s distribution network spans 439 outlets which include 135 offices of HDFC’s distribution company, HDFC Sales Private Limited (HSPL). HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank Limited and third party direct selling associates.
    To cater to non-resident Indians, HDFC has offices in London, Dubai and Singapore and service associates in Kuwait, Oman and Saudi Arabia.

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    Business Wire India

    • In a first, Chartered Accountants will collaborate with application developers, coders and data visualizers in a Hackathon format to create solutions that simplify complex business operations 
    • Subject matter experts from EY, Automation Anywhere, IBM and Microsoft will mentor the participants, provide guidance and access to a suite of technology tools and cloud platforms
    • The 24-hour hackathon will be held in Gurgaon on 4-5 November 2017 
    EY, the leading global professional services organization, announced the second edition of EY Hackathon in India, this time focussing on Intelligent Automation as a technology enabler. The Hackathon challenges technology enthusiasts and chartered accountants to conceive and build innovative digital solutions for complex business functions. In a world where everything from business models and value chains to government functions and social contracts is getting disrupted, this hackathon emerges as an innovative platform to address some of the tough questions facing organisations today by seizing the upside of disruption. 

    A 24-hour uninterrupted codefest, EY Hackathon – Intelligent Automation, will present opportunities to application developers, coders, UI/UX experts and chartered accountants, to collaborate and create unique prototypes and simulations that will have a lasting impact on how businesses function. It is an attempt to simplify the dynamic business operations such as tax, compliance and supply chain among others with the use of intelligent applications such as Robotics Process Automation, Machine Learning, Natural Language Generation and Natural Language Processing.

    Farokh Balsara, Partner and Markets Leader, EY India said, “Our first EY Hackathon on Blockchain offered opportunities for young talent from various startups, business houses and educational institutions to collaborate with EY subject matter experts in an open innovation environment, to solve real life business challenges. The second edition of EY Hackathon is a unique effort in bringing together developers, design enthusiasts and chartered accountants to realize functional prototypes using Intelligent Automation.”

    The development of solutions will be aided by an array of tools and cloud platforms provided by Automation Anywhere, IBM and Microsoft. The two best prototypes will be evaluated and awarded on the basis of uniqueness, scalability and their applicability in businesses.

    Ram Sarvepalli, Partner and National Leader, Advisory Services, EY India said, “Some of the most disruptive technologies on the horizon, such as artificial intelligence and robotics will disrupt not just corporate business models, but also society at large. While these challenges are certainly palpable, how a company responds to disruption will eventually determine its fate. Therefore, in this highly dynamic business environment, platforms that encourage innovation and demand output amidst cut-throat competition will have a leverage over others. Our Hackathon on Intelligent Automation is an initiative in a similar direction. Through this, the gen-y will get a hands on experience in addressing problems that will shape the future of businesses.”

    Sudhir Kapadia, Partner and National Tax Leader, EY India said, “In the past one year, the digital wave has become stronger and the business case for the adoption of new technologies in the tax function has gained further momentum. Alongside, digital tax administration has emerged as one of the biggest drivers of tax function transformation in 2017, with GST being the leading technology driven tax reform necessitating a large-scale business transformation. To be future ready, we believe that it is imperative for the tax professionals to take maximum advantage of the technology ecosystem available around us.”

    The EY Hackathon - Intelligent Automation will commence on Saturday, 4 November 2017 at GoWork@108, Udyog Vihar, Gurgaon and conclude on 5 November 2017 with the felicitation of winners.

    “EY Hackathon is one of the many platforms that we have created to fuel digital innovation and a culture of collaboration as we make every effort in building a better working world”, said Farokh Balsara.

    For more details on the EY Hackathon – Intelligent Automation, visit us at

    About EY

    EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

    EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit

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    Business Wire India

    Gurugram Residents to get 10% Discount on Property Tax Payment through MobiKwik
    Gurugram Residents to get 10% Discount on Property Tax Payment through MobiKwik

    MobiKwik users in Gurgaon can now avail upto 10% discount on paying property tax through the e-wallet. The payment wallet major has launched direct property tax payments on its app in association with the Municipal Corporation of Gurugram, helping residents pay their property taxes from the convenience of their homes. They need not have to stand in long queues at municipal offices or haggling for cash.  In two simple steps, property tax can be paid on the MobiKwik app itself. MobiKwik powered payments are also available on MCG website.
    There are an estimated four lakhs property holders in Gurugram, one of the fastest growing cities in India with a substantial internet penetration. It is a quick payment option for the user as it spares the customers to visit the Citizen Facilitation Centres (CFCs), the online service delivery channel, to pay the property tax.
    Commenting on the development, MobiKwik’s Co-founder, Upasana Taku said, “I believe that being able to pay digitally is the right of every citizen and it is the new way to pay.  We are honoured to partner Municipal Corporation of Gurugram in extending the convenience of digital payments for municipal taxes to all residents. Gurugram is one of India's fastest growing cities and is compared with the best cities in the world and MobiKwik team is constantly working in making it a model less-cash city in India.”
    “From MobiKwik app itself, users can pay their property taxes, within seconds, thereby taking the stress out of owning a property in Gurugram,” Vineet added.

    Apply the below mentioned code and save 10% on Payment of Property Tax on Municipal Corporation of Gurugram -

    Code: MCG

    How to pay MCG taxes using MobiKwik app:
    1.     Open MobiKwik app
    2.     Select Municipal Payments in recharge tab
    3.     Select MCG as the operator
    4.     Enter property ID, other details and pay
    About MobiKwik

    MobiKwik is India’s largest issuer-independent digital financial services platform, a mobile wallet major and a leading payment gateway. MobiKwik app is a leading mobile payment platform with a network of over 20,00,000 direct merchants and 65 million plus users. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised four rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway, Cisco Investments Net1 and Bajaj Finance. It has expanded to cities like Pune, Mumbai, Bangalore, Kolkata and Jaipur and planning to set up offices in 13 cities by the end of 2017.

    In 2017, MobiKwik has forged a string of smart partnerships with leading blue-chip brands such as BSNL, Bajaj Finserv Ltd and IndusInd Bank, thus starting to impact almost 260 million Indians. In August 2017, BSNL went digital by launching a bespoke mobile wallet developed and issued by MobiKwik. Recently, the company has partnered with Bajaj Finserv Ltd. to develop an EMI wallet through which customers can avail credits and loans. Bajaj Finserv-MobiKwik wallet is also India’s first credit wallet. MobiKwik has also developed India’s first auto-load wallet for IndusInd Bank’s 10 mIllion plus customers, who can make purchases just by tapping their wallet and their money gets automatically debited from their IndusInd account.

    The company has offices in New Delhi, Mumbai, Bangalore, Pune and Kolkata. MobiKwik aspires to be the largest source of digital transactions in India. It is powering e-payments for Bhopal Plus, Bangalore One, GSRTC, Amul, Verka, Mother Dairy, Safal, NHAI, Bharat Petroleum, Indian Oil, Amul, Verka, IRCTC, Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Dominos, Burger King, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Barista, Food Panda, Nearbuy, Van Heusen, Allen Solly, Louis Phillips, GoDaddy, MakeMyTrip.

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    Business Wire India

    The following is being released by Susman Godfrey LLP and Hausfeld LLP.


    There is a Settlement with Citibank, N.A. and Citigroup Inc. (“Citibank”) that impacts individuals and institutions that entered into over-the-counter financial derivative and non-derivative instruments directly with Citibank, Barclays, or a Non-Settling Defendant that received payments tied to U.S. Dollar LIBOR. Citibank, Barclays, and the Non-Settling Defendants (Credit Suisse, Bank of America, JPMorgan, HSBC, Lloyds, WestLB, UBS, RBS, Deutsche Bank, Rabobank, Norinchukin, Bank of Tokyo-Mitsubishi UFJ, HBOS, SocGen, and RBC) are U.S. Dollar LIBOR Panel Banks. The instruments include certain interest rate swaps, forward rate agreements, asset swaps, collateralized debt obligations, credit default swaps, inflation swaps, total return swaps, options, and floating rate notes.


    The litigation claims that the banks manipulated the U.S. Dollar LIBOR rate during the financial crisis, artificially lowering the rate for their own profit, which resulted in purchasers receiving less interest payments for their U.S. Dollar LIBOR-based instruments from the banks as they should have. Plaintiffs assert antitrust, breach of contract, and unjust enrichment claims. Citibank denies all claims of wrongdoing.


    Individuals and institutions are included in the Settlement if they:

    • Directly purchased certain U.S. Dollar LIBOR-based instruments;
    • From Citibank, Barclays, or any Non-Settling Defendant (or their subsidiaries or affiliates);
    • In the United States; and
    • Owned the instruments at any time between August 2007 and May 2010.

    The Settlement will create a $130 million Settlement Fund that will be used to pay eligible Class Members who submit valid claims. Additionally, Citibank will cooperate with the Plaintiffs in their ongoing litigation against the Non-Settling Defendants.


    Class Members must submit a Proof of Claim, online or by mail, by March 29, 2018 to get a payment. They are entitled to receive a payment if they have a qualifying transaction with Citibank, Barclays or a Non-Settling Defendant. At this time, it is unknown how much each Class Member who submits a valid claim will receive.


    Even if they do nothing, Class Members will lose the right to sue Citibank for the alleged conduct and will be bound by the Court’s decisions concerning the Settlement. This Settlement will not result in a release of claims against any Non-Settling Defendant, and the litigation against Non-Settling Defendants is ongoing. If Class Members want to keep their right to sue Citibank, they must exclude themselves from the Settlement Class by January 2, 2018. If they stay in the Settlement Class, they may object to it by January 2, 2018.


    The Court will hold a hearing on January 23, 2018 to consider whether to approve the Settlement and approve Class Counsel’s request of attorneys’ fees of up to one-third of the Settlement Fund, plus reimbursement of costs and expenses. Class Members or their lawyers may appear and speak at the hearing at their own expense.


    For more information, please visit, or call 1-888-568-7640.





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    Business Wire India

    RGA Reinsurance Company, a subsidiary of Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life reinsurer, today announced it was selected as “Life Reinsurer of the Year” in the 2017 Asia Insurance Industry Awards sponsored by Asia Insurance Review.


    RGA was recognized for “demonstrating leadership in Asia’s life (re)insurance industry through innovation and thought leadership, and enhancing the stability and security of the industry while boosting the image of the profession.” The company was selected for the award by a distinguished panel of judges representing the insurance and reinsurance industries.


    “We believe our innovative initiatives and insurance solutions are successfully making life insurance more inclusive, innovative, relevant, and exciting,” said Tony Cheng, Executive Vice President, Head of Asia, RGA Reinsurance Company. “And we are proud to be recognized by Asia Insurance Review for this great honor.”


    RGA was also recently named recipient of the Outstanding Reinsurance Scheme Award at the 2017 Hong Kong Insurance Awards organized by the Hong Kong Federation of Insurers (HKFI). This marked the first year the HKFI broadened its annual industry honors to include reinsurers.


    About RGA


    Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.3 trillion of life reinsurance in force and assets of $58.7 billion as of September 30, 2017. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri and operations in 26 countries, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at





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    Business Wire India

    TEXPROCIL - Chairman, Mr. Ujwal R. Lahoti
    TEXPROCIL - Chairman, Mr. Ujwal R. Lahoti

    Shri Ujwal Lahoti, Chairman Texprocil (Textile Export Promotion Council) welcomed the new initiative of the Ministries of Textiles and Power called SAATHI which is an acronym for the Sustainable and Accelerated Adoption of efficient Textile technologies to Help small Industries.

    This initiative is expected to benefit the almost 25 lakh power-loom units in the country which produce 57 percent of the total cloth in the country. The use of efficient equipment would result in energy savings and cost savings to the unit owner who would, in turn, repay in instalments to EESL (Energy Efficient Services Limited) over a 4 to 5 year period.

    Shri Lahoti stated that the provision to repay in instalments is a novel idea as it will not cast undue burden on the small power-loom owners since they will not be required to incur any additional capital expenditure.

    Shri Lahoti pointed out that this initiative is a step in the right direction as there is enormous scope for increasing the production and exports of fabrics from India in view of the abundant availability of raw materials and technical skills in the country. The exports of fabrics can be increased substantially if they are treated on par with garments and made-ups in terms of incentives. However, in spite of these advantages and even though the weaving capacity has increased by 12% over last seven years, the woven fabric production has decreased by 3.58% as the fabric export has become uncompetitive due to various added costs, non-refund of State levies and the duty free access enjoyed by countries like Pakistan, Bangladesh, Vietnam in EU market.

    Shri Lahoti added that the government should look at extending the ROSL (Refund of State Levies) benefit of above 5% to the fabric sector, so that the product gets exported and not the embedded taxes.

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    Business Wire India

    MetLife, Inc. (NYSE:MET) announced that its unique virtual reality solution, known as conVRse, has won the Asia Insurance Industry Award 2017 for ‘Innovation of the Year’.


    This press release features multimedia. View the full release here:


    Zia Zaman, LumenLab CEO and Chief Innovation Officer of MetLife Asia with the teams from LumenLab an ...

    Zia Zaman, LumenLab CEO and Chief Innovation Officer of MetLife Asia with the teams from LumenLab and PNB MetLife at the Annual Asia Insurance Industry Awards (Photo: Business Wire)

    conVRse is a first-of-its-kind experiential Virtual Reality (VR) customer service platform designed to revolutionize interaction between insurers and customers. This solution was developed by LumenLab, MetLife’s innovation center in Asia, and PNB MetLife, its joint venture in India.


    This is the second consecutive year that MetLife Asia is being recognized for innovation, consolidating its position as a leader in innovation. Last year, the company won this category with its insurance product “Beautiful”.


    “We are delighted to be recognized as a leader for innovation in our industry and want to thank the panel of judges and AIIA team for encouraging innovation in insurance which is critical if we are to evolve into a truly customer-centric industry,” said Zia Zaman, LumenLab CEO and Chief Innovation Officer of MetLife Asia. “What I like best about virtual reality is that it allows the customer to be the protagonist in their own financial journey. Our solution conVRse is a huge first step that our customers love.”


    This is the first time that virtual reality is being used in the insurance industry to benefit the customers’ directly. The platform provides a differentiated, immersive and a personalized experience to the customer through VR headsets available at select PNB MetLife branches.The VR headset brings customers face to face with an avatar “Khushi”.Khushi is a life insurance expert who can show customers all their policy related information while answering their queries.The initial response from PNB MetLife customers has been exceptional; 96% say it has had a positive impact on their brand experience.


    conVRse has also won “Best Technology Initiative of The Year Award” at The National Awards For Excellence In Insurance 2017, the ‘Virtual Reality’ – Category at the prestigious “BFSI Digital Innovation Award”, hosted by Indian Express Group, “Best Technology Innovation 2017” at the prestigious Fintelekt Insurance Award , demonstrating its business and social impact.


    conVRse originated from the 2015 MetLife Asia Mobile Challenge, an internal employee innovation challenge won by three colleagues from PNB MetLife.


    The Asia Insurance Industry Awards 2017 are hosted by Asia Insurance Review magazine. The panel of judges included insurance industry CEOs, industry leaders, regulators and experts from across the Asia Pacific region.


    About MetLife


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


    About LumenLab


    Established in 2015, LumenLab is MetLife’s global innovation center focused on digital disruption based on customer insights. LumenLab underscores MetLife’s commitment to embedding an innovation culture and supporting ideas that culminate in a better customer experience. Over 400 MetLife employees have taken part in workshops, bootcamps and leadership programs to “test and learn” and fast track delivery of solutions that will better meet the needs of the customer. LumenLab has incubated 13 projects spanning technologies such as artificial intelligence, blockchain, and virtual reality.


    As MetLife's pioneers for disruptive innovation, LumenLab is charging ahead to create new businesses in health, wealth and retirement. Lumen, a measure of light, symbolises our commitment to illuminating a new path for solving the problems that the people of Asia face today. Through our focus on building new products and services grounded in technology and data, we aim to help people achieve richer and more fulfilling lives. For more information, visit





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    Business Wire India

    FINEOS Corporation, a market leading provider of core systems for Life, Accident and Health insurance, announced the general availability of FINEOS Policy & Billing as part of FINEOS AdminSuite adding next generation policy administration and billing capabilities to our industry leading FINEOS Claims. The announcement was made during the 2017 FINEOS Global Summit currently taking place in San Francisco.


    FINEOS Policy and Billing, delivered in the cloud, provide clients an integrated solution to support new business acquisition through member record keeping with best in class billing flexibility. AdminSuite, including FINEOS Claims, provides Insurance Carriers with the ability to service both Group and Voluntary business, with flexible administrative oversight to meet each specific case’s needs while driving a superior customer experience. Included with the FINEOS AdminSuite is an open API structure allowing integration with most complimentary systems such as CRM, Underwriting/Rating, and Producer Compensation.


    FINEOS has developed a pre-configured, cloud-based offering, FastTrack, to enable a quick start for our clients. The FastTrack offering will enable a Carrier to get up and running with new products and services more quickly than the traditional policy administration implementations. FINEOS clients leveraging FastTrack can launch a new product, enter a market segment, or offer new services with much less risk than ever before. AdminSuite FastTrack empowers the carrier to compete in the ever-changing benefits market, without technology holding them back.


    FastTrack supports pre-configured Group Term Life, Disability and Voluntary products available out of the box. Additionally, leveraging the FINEOS OpenCore approach, API connections are available for Enrollment, Benefits Administration, and Digital solutions to integrate with your existing infrastructure.


    Commenting on FINEOS AdminSuite, Michael Kelly CEO, FINEOS said, “We are very pleased to offer our clients a complete solution for Policy Administration, Billing, Claims and Absence. We are investing significantly in new product development to provide our customers comprehensive core solutions in the cloud. Extending our FastTrack program to the complete AdminSuite will enable our customers to get down to business faster and easier than ever before.”


    FINEOS is a global market leader in core systems with customers in nine countries and has been chosen by 8 of the top 20 Group Life, Accident and Health insurers in the US and 4 of the top 5 Life, Accident and Health insurers in Australia. FINEOS has many years’ experience working with insurers in North America, Europe, and Asia Pacific.


    About FINEOS Corporation


    The FINEOS flagship product, FINEOS AdminSuite, is a cloud based core product suite for Life, Accident and Health carriers. FINEOS AdminSuite delivers full service Policy, Billing, and Claims, providing best-in-class functionality for Group, Voluntary, and Individual administration on a single platform, while also supporting self-admin, full-admin, and TPA assist models. FINEOS delivers innovative core systems to a global market and has customers, employees, and established bases in North America, Europe, and the Asia Pacific markets. For more information, visit







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    Business Wire India

    FINEOS Corporation, a market leading provider of core processing systems for Life, Accident and Health insurance, today concluded its annual FINEOS Global Summit in San Francisco. This year’s event had the theme ‘The Rise of the Digital Insurer: A Sea Change for Life, Accident and Health’ and was attended by representatives from over 30 organisations from the USA, Canada, Australia, New Zealand, and Europe. The Summit is a unique, interactive event for FINEOS clients and partners to come together to share best practice and hear how their peers are driving improvements with innovative approaches to management.


    FINEOS CEO, Michael Kelly said, "This year’s Summit has been a tremendous success for FINEOS. It was great to see our clients and partners sharing knowledge with one another and learning from real-world experiences. We were also delighted to announce the general availability of both FINEOS AdminSuite and FINEOS Absence."


    Prior to the official opening of the Summit, both the North American and Asia Pacific Customer Advisory Groups met to discuss current projects and brought questions and feedback to FINEOS management.


    The Summit then kicked off on Thursday morning with a keynote presentation by Mike Connor, CEO & Co-Founder, Silicon Valley Insurance Accelerator who looked at how technology & InsurTech will shape the future of the insurance industry. This was followed by a presentation from Michael Kelly, CEO, FINEOS on the FINEOS Company Strategy. The morning was concluded with an update on the FINEOS Product Strategy.


    The afternoon focused on specific FINEOS Product updates including FINEOS Claims, FINEOS Policy, FINEOS Billing and FINEOS Absence. The audience were also introduced to the FINEOS Target Operating Model (TOM).


    On Friday morning, the keynote was given by Rachel Shaw, president of Shaw HR Consulting, who discussed mental health in the workplace and the impacts on productivity and workplace health. This was followed by a presentation from a large FINEOS customer which detailed their transformational journey with FINEOS to consolidate core software and digitally enable their business. The afternoon consisted of an executive panel discussion which saw executives from across the globe engaged in a moderated discussion on the top challenges, trends, and opportunities they are seeing in the Life, Accident & Health insurance industry today. The day was concluded with a presentation on the FINEOS Insurance Cloud.


    Throughout the event, there were numerous opportunities for networking with peers and with the FINEOS Management. In addition to main stage presentations, there were demonstration booths and informal lounge sessions. The Summit has continued to grow every year since its inception and has become the go-to for FINEOS customers to interact with FINEOS staff and other like-minded insurers.


    FINEOS is a global market leader in core systems with customers in nine countries and has been chosen by 8 of the top 20 Group Life, Accident & Health insurers in the US and 4 of the top 5 Life, Accident & Health insurers in Australia. FINEOS has many years’ experience working with insurers in North America, Europe, and Asia Pacific.


    About FINEOS Corporation


    The FINEOS flagship product, FINEOS AdminSuite, is a cloud based core product suite for Life, Accident and Health carriers. FINEOS AdminSuite delivers full service Policy, Billing, and Claims, providing best-in-class functionality for Group, Voluntary, and Individual administration on a single platform, while also supporting self-admin, full-admin, and TPA models. FINEOS delivers innovative core systems to a global market and has customers, employees, and established bases in North America, Europe, and the Asia Pacific markets. For more information, visit





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    Business Wire IndiaThe financial world has seen a drastic change in the way organisations work. A casual check on the number of job listings for quantitative traders in leading investment banks depicts a steep rise in the demand for trained workforce with a new set of extremely sophisticated modern-day skillsets. Professionals endowed with the traditional set of skills are discovering that they will have to quickly learn a new set of skills to stay relevant and competitive. For example, Goldman Sachs has replaced 600 traditional traders with just 2 technology enabled traders in their equity desk. This is just one example of major Wall Street firms adopting computerized trading. Broadly speaking, trading can be categorised into five types viz. discretionary, fundamental based, technical, arbitrage and Market Making. Traders with profitable strategies obviously aim to scale such strategies by leveraging the power of technology. Traders have also invented a new style of trading – which is leveraging the power of technology to trade at short lived opportunities, or to use technology to respond quickly to events. This new style is known as high frequency trading.

    High frequency trading is done within a time span of microseconds. Algorithmic traders use algorithms to form market understanding and trading strategies. Rajib Ranjan Borah who is a globally renowned speaker on Options, Derivatives & News Based Trading Research speaks on the subject

    “When I returned to India and I was talking to market participants, I realised that while most firms were very keen to embrace algorithmic trading in a big way, but most of them were very clueless about the way to go about doing it. The biggest challenge started from the fact that the existing workforces were either finance professionals or technology professionals. To excel in algorithmic trading they required professionals who could understand technology and finance equally well – and the way to leverage one in the other.

    Traders who have a profitable trading strategy would want to scale it up as much as possible. The best way to do it would be leveraging the power of technology. Using computers to trade also give traders with broad portfolios the ability to do portfolio and risk management more effectively. Thus traders found a strong need to automate the execution of their strategies. Similarly, in India when regulations on DMA were opened up in 2008, firms, therefore, made a beeline towards implementing the execution of their trading strategies to computer algorithms. However, despite their strong interest, they found it difficult to recruit professionals with relevant skillsets as these were new skills that not many professionals could offer. Traditionally traders and technology professionals were different people - with the advent of algorithmic trading, it became imperative to find professionals who could understand technology and finance equally well.”
    Validation of the fact that machines are ruling the scenario lies in the observed facts and figures, be it for trading in stocks, derivatives, Forex or commodities. The last decade saw exponential growth in the algorithmic trading market and it continues to grow at a significant pace. According to the “Global Algorithmic Trading Market 2016-2020” report published by Research and Markets last year, the global algorithmic trading market is expected to grow at a CAGR of 10.3% during the period 2016-2020. Trading firms worldwide have adopted algorithmic trading in a big way. In order to remain competitive and earn big profits year after year, big banks, hedge funds, and other trading firms have been hiring top talent from various universities and colleges worldwide. This, in turn, has led to a surge in algorithmic trading/HFT jobs. Scores of students, engineering graduates, and developers want to explore and build a promising career in algorithmic trading today. This said, many aspiring quants & developers are unaware of the nature of the work in algorithmic trading firms and the skill sets needed to make a foray into this coveted algorithmic trading world.

    What the industry guys have to say- "Trading has always been at forefront of adopting cutting-edge technology, especially in the short term trading domain. The trading floor of yesterday has been constantly replaced with sophisticated trading models managed by few people with key skills. The landscape of trading technology has changed significantly within last couple of years and with the advent of machine learning, reliability on machine to make critical decisions has taken a significant leap. And it is quite evident from the key skill required by the big hedge funds. We need to upgrade our skill set to take on the new era of machine trading." Sameer Kumar, Vice President-Technology at iRage Broking Services LLP.
    People from different domains have been actively seeking to learn and grow their career in quantitative trading. Mr. V. Sankar Narayanan from Mumbai has been an inspiration for his friends and colleagues. After 22+ years of experience in database management and research, he decided to switch his career path to pursue his dream to become a professional algorithmic trader. Likewise, Mr. Aris Skliros from Hungary is now developing quantitative trading strategies for one of the reputed Algo trading firms. Dr. Panashe Chiurunge from Zimbabwe is planning to start his own Algorithmic and High-Frequency desk. The expertise required for algorithmic training is met by specialized certifications. Algorithmic Trading requires technical understanding of the popularly used programming languages (R, Python or Matlab), good working knowledge of Excel and financial markets.

    One thing that is common for all those Quants mentioned above is their enrolment for EPAT™ (Executive Program in Algorithmic Trading) which is a six month long course offered by QuantInsti®. The course is conducted by industry experts like Dr. E P Chan, Rajib Ranjan Borah, Dr Yves J. Hilpisch and many other industry practitioners. Dr Chan is the Managing Member of the QTS Capital Management LLC., a commodity pool operator and trading advisor. He has authored three books so far. His first book on ‘Quantitative Trading’ caters to beginners while his second book ‘Algorithmic Trading: Winning Strategies and Their Rationale’ is an in-depth study of two types of strategies: mean reverting and momentum. Machine Trading, the third book which delves on Deploying Computer Algorithms To Conquer the Markets covers a variety of advanced quantitative trading and investment techniques from state space models to machine learning, applicable to a variety of instruments from ETF’s to options.

    The traditional models of trading require additional time, money, assistance and information. Comparatively, the modern way of trading is much more cost-effective and quick. Traditional trading requires an additional cost of brokerage and advisory which is not applicable for modern trading mechanisms. The changing scenario brings with itself a drastic shift in the existing job opportunities.

    Nitesh Khandelwal, Co-founder, QuantInsti®, “Algorithmic trading is the future and despite the late introduction of DMA in India, Indian market participants have excelled in this domain by quickly adapting to this advanced trading technique. With high potential of automation in financial markets, we at QuantInsti® want to lay the foundation for the aspiring Quants across the globe.”

    To get enrolled in the EPAT™ programme,
    Call: +91-22- 61691400; Mob: +91 99204 48877

    0 0

    Business Wire India

    Please replace the release with the following corrected version due to multiple revisions.


    The corrected release reads:




    IDEMIA, the global leader in trusted identities for an increasingly digital world, today announces its partnership with JCB, the leading international payment network in Japan, to introduce the future of biometric payments to Japanese customers.


    With F-Code, the new generation biometric payment card which replaces your PIN code with your fingerprint, a new chapter opens up for biometric payments in Japan and within regional JCB core markets. F-Code reinforces the user’s security and privacy by ensuring a unique and universal identification. It also helps retailers speed up the check-out process as well as enabling banks and governments to reduce illegitimate access to services and prevent identity fraud and theft.


    After JCB’s successful introduction of the JCB Tokenization Platform (JTP) in collaboration with IDEMIA in 2016, a strong partnership has been established between IDEMIA (formerly known as OT-Morpho) and JCB regarding payment innovation in Japan. Today, the two companies present the future of payments to a country always eager for innovation. This major business announcement was made by Didier Lamouche, IDEMIA’s CEO, at the JCB World Conference, which took place on November 2 in Taipei.


    Convinced that digital payments will change the way people shop and pay by bringing more convenience and security to the payment experience, we are thrilled to participate in the next wave in Japan. We are looking forward to shaping the future of payments with our partner JCB”, said Didier Lamouche, IDEMIA’s CEO.


    Ichiro Hamakawa, JCB’s CEO, has commented “We are happy to partnering with IDEMIA in order to bring customers the F-Code technology. We tirelessly work on offering the most recent and secured technologies to payment card users in Japan and abroad. Introducing them this biometric new opportunity to secure daily payments will add a major milestone to our business.”


    About IDEMIA
    OT-Morpho is now IDEMIA, the global leader in trusted identities for an increasingly digital world, with the ambition to empower citizens and consumers alike to interact, pay, connect, travel and vote in ways that are now possible in a connected environment.


    Securing our identity has become mission critical in the world we live in today. By standing for Augmented Identity, we reinvent the way we think, produce, use and protect this asset, whether for individuals or for objects. We ensure privacy and trust as well as guarantee secure, authenticated and verifiable transactions for international clients from Financial, Telecom, Identity, Public Security and IoT sectors.


    With close to €3bn in revenues, IDEMIA is the result of the coming together of OT (Oberthur Technologies) and Safran Identity & Security (Morpho). This new company counts 14,000 employees of more than 80 nationalities and serves clients in 180 countries.


    For more information, visit / Follow @IDEMIAGroup on Twitter


    About JCB1
    JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and card member base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. Currently, JCB cards are accepted globally and issued in 23 countries and territories.


    For more information, please visit:


    1Statistics are as of March 2017.



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