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    Business Wire India

    MetLife Foundation has partnered with Kiva, a global non-governmental organization, to support entrepreneurs around the world through an employee engagement campaign. As part of this programme, a fully funded US$25 loan has been allocated to each of MetLife’s 23,000 employees in Asia to help entrepreneurs start, sustain and grow their businesses. After successful campaigns with MetLife employees in Europe, Middle East, Africa and Latin America, the programme has now come to Asia.

     

    Steve Goulart, executive vice president and chief investment officer, MetLife Inc., and interim president of Asia., said: “For 150 years, we have kept our promises to our customers, and for the past 42 years, our Foundation has worked to build better communities everywhere we do business. The collaboration between MetLife Foundation and Kiva to launch the ‘Take Action’ campaign will offer a unique opportunity to MetLife employees in Asia to get involved and help people who lack access to traditional financing.”

     

    MetLife Foundation is committed to improving the financial health of low-income people around the world,” said Dennis White, president and CEO, MetLife Foundation. “A requirement for financial health is for everyone to have access to quality products that are safe, affordable, simple to use and designed to meet their needs and take advantage of opportunities. One way the Foundation addresses accessibility is by working with organizations like Kiva that provide ways for low-income people, including entrepreneurs and small business owners, to access credit and financing.”

     

    To help achieve this mission of building financial inclusion globally, MetLife Foundation has committed US$200 million in grant funding over five years with the goal of impacting the lives of more than two million people.

     

    Since launching in 2005, Kiva has facilitated more than US$1.1 billion in microloans by connecting a growing global community of 1.7 million lenders to 2.8 million entrepreneurs across the world with 81% of loan recipients being women. As Kiva borrowers repay their loans, the money can be re-lent to other entrepreneurs, multiplying the impact of every dollar and providing more communities with access to fair financial services.

     

    MetLife was founded on a simple and powerful insight that everyone needs access to the right financial tools to pursue more from life,” said Premal Shah, Kiva’s president and co-founder. “We are proud to be a part of MetLife’s efforts toward that vision. Through this partnership with MetLife Foundation, they are backing the dreams of thousands of entrepreneurs around the world, expanding financial access and empowering MetLife employees to take part directly in that mission.

     

    About MetLife

     

    MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

     

    About MetLife Foundation

     

    MetLife Foundation was created in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. Since its founding through the end of 2017, MetLife Foundation has provided more than $783 million in grants and $70 million in program-related investments to organizations addressing issues that have a positive impact in their communities. In 2013, the Foundation committed $200 million to financial inclusion, and our work to date has reached more than 3.5 million low-income individuals in 42 countries. To learn more about MetLife Foundation, visit metlife.org.

     

    About Kiva.org

     

    Kiva.org is an international nonprofit, with a mission to connect people through lending to alleviate poverty.

     

    With as little as a $25 loan, anyone can help a borrower create new opportunities for themselves and their families. Together with more than 1.7 million Kiva lenders and a worldwide network of microfinance institutions, Kiva has created economic opportunity for more than 2.8 million borrowers. Since its inception in 2005, Kiva lenders have funded more than $1.1 billion in loans with a 98.9% repayment rate. Visit www.kiva.org for more information.

     

     

     

     

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    Business Wire IndiaBajaj Finance Ltd., the lending arm of Bajaj Finserv has released a revamped version of Bajaj Finserv app that will allow customers to check their pre-approved offers and get instant access to funds when required. The app will also allow users to access information of their previous loans and investments apart from enabling them to manage and access their current accounts.
     
    The pre-approved feature allows customer to check their eligibility and apply for a loan just by entering basic details. The users can simply login to the app by using their registered mobile number or Experia member ID to check the eligibility. The added features aim to ease the process of availing finance for consumers by providing them instant approvals at any time of the day.
     
    The upgraded version of the app comes with a simple user interface and intuitive navigation to deliver an excellent experience to the users. The app is currently available on both Android and iOS devices and can be easily downloaded on smartphones and tablets.
     
    Key features of revamped Bajaj Finserv App:
    Active relations:
    View and manage your active loans and investments, make payments, download your financial statements on the go
     
    Previous relations:
    Access information on your closed loans and investments view your statements and more
     
    Pre-approved offers:
    View pre-approved offers & details, get product information or request a callback
     
    Payments:
    Pay your EMIs, part pre-pay or foreclose your loans and access information on future payments through the app itself
     
    Drawdown facility:
    Drawdown functionality is a lot more convenient now. This facility allows customers to get money in their bank accounts with a click of a button
     
    Notifications:
    View all your payments, statement downloads and offer notifications on the home screen under the notifications tab
     
    Raise a request:
    Log a request, check status and a more detailed view of previous requests. Navigation across apps: Easy navigation across Experia and BFL Wallet
     
    Click on the link below to download and experience the new Bajaj Finserv app: https://go.onelink.me/857331112/2872c428
    About Bajaj Finance Ltd

    Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 21 million customers across the country. Headquartered in Pune, the company's product offering includes Consumer Durable Loans, Lifestyle Finance, Personal Loans, Loan against Property, Small Business Loans, Home Loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Re-Financing Loans. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
     
    To know more, please visit: https://www.bajajfinserv.in

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    Business Wire IndiaFixed Deposits, also known as term deposits, is the name given to the sum of money that is deposited with a financial institution for a set period bearing a given rate of interest. In India, fixed deposits are one of the most popular modes of investment; wherein many people prefer to park their savings to earn assured returns.

    When to Start Investing in Fixed Deposits?

    There is no direct answer to this question as it depends on one’s financial strength and perspective towards investment. But experts at always recommend that you should invest a part of your savings in FD as soon as you start working.

    This way you can start small, develop your portfolio gradually without affecting your present financial requirements. Starting small will help you diversify the investment portfolio progressively and help to create a corpus for future needs. Bajaj Finance Ltd., the lending and investment arm of Bajaj Finserv allows you to invest in Fixed deposit with an amount as low as Rs. 25000.

    Why invest with Bajaj Finance Ltd.?

    Investing in Fixed Deposits with Bajaj Finance Ltd will help you earn the highest rate of returns at 8.10% on cumulative fixed deposit with an additional 0.25% renewal benefit. With ICRA’s MAAA (Stable) Rating and CRISIL’s FAAA/Stable Rating, Bajaj Finance Ltd., has been deemed with the highest degree of safety with regards to timely payment of interest and principal on the instrument.

    How to maximize your earnings from Fixed Deposits?

    Let’s understand the various techniques which will help you maximize your earnings from Fixed Deposits (FDs) when you start young: 

    • Invest in Company Deposits: Company deposits such as Fixed Deposits by Bajaj Finance Ltd offer a higher FD Interest Rates as compared other financial institutions. You must consider investing in company deposits with a stable rating from credit rating agencies.
    • Never break the FDs: Breaking FD not only causes a loss of interest but also throw your planning into disarray. Instead, go for a Loan against FD for meeting any financial emergency
    • Invest in Cumulative FDs: One should always opt for cumulative FD’s as you do not need supplemental monthly income at a young age.
    Though it might seem straightforward, investing in fixed deposits also requires some planning on your part to make sure that your money grows gradually over time.
     
    Still have any doubt? Directly contact Bajaj Finance Customer Care in case of any question & start investing today!

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    Business Wire IndiaDalal Street Investment Journal (www.DSIJ.in), India’s number one investment magazine, announces the winners of the Best Public Sector Undertaking (PSU) Awards 2017. Our flagship issue has been an exclusive platform to recognize the efforts and achievements of PSUs in India for the past several years. It rewards DSIJ with the enriching experience of interacting with the country’s foremost business leaders and visionaries, and bring forth their views to our readers.

    Indeed, the PSUs are central to the Indian growth story and the economic stability that India aspires for, which cannot be achieved without the sound performance on the part of various PSUs. DSIJ admires and salutes the leaders of the PSUs who have been spearheading the sector with professionalism and commitment and have been at the forefront of it all.

    Since the birth of PSU Awards in 2009, Dalal Street Investment Journal has been diligently recognising the efforts, contribution and achievements of the PSUs. This association with the leaders of the most valuable corporations of India, who have been scripting the PSU growth story and shouldering the socioeconomic responsibilities of the government enterprises, fills us with immense pleasure.

    DSIJ follows a ranking methodology for PSUs based on comprehensive financial parameters. DSIJ has evaluated data only of Maharatnas, Navratnas and Miniratnas, among CPSEs. Again, these companies are divided into manufacturing and non-manufacturing, depending on their areas of operation.

    Following is the list of winners of the DSIJ PSU Awards, 2017:

       
    Maharatna - Non-Manufacturing  
    Maharatna of the Year ( Non-Manufacturing) Oil & Natural Gas Corporation Limited
    Most Efficient & Fastest Growing Maharatna of the year (Non-Manufacturing) Coal India Limited
       
    Maharatna - Manufacturing  
    Most Efficient Maharatna of the Year (Manufacturing) Indian Oil Corporation Limited
    Fastest Growing Maharatna of the year (Manufacturing) NTPC Limited
    Turnaround shoots (Manufacturing) Steel Authority of India Limited
       
    Navratna - Non-Manufacturing  
    Fastest growing Navratna of the year (Non-Manufacturing) Power Grid Corporation of India Limited
    Most Efficient Navratna of the year (Non-Manufacturing) NMDC Limited
    Highest employee efficiency (Non-Manufacturing) Rural Electrification Corporation Limited
    Highest wealth creator - Market returns (Non-Manufacturing) Container Corporation Of India Limited
    Highest order book (Non-Manufacturing) NBCC (India) Limited
       
    Navratna - Manufacturing  
    Navratna & Fastest Growing Navratna of the year (Manufacturing) Hindustan Petroleum Corporation Limited
    Most Efficient Navratna of the year (Manufacturing) Bharat Electronics Limited
       
    Miniratna - Non-Manufacturing  
    Miniratna of the year (Non-Manufacturing) Mahanadi Coalfields Limited
    Most efficient Miniratna of the year (Non-Manufacturing) FCI Aravali Gypsum & Minerals India Limited
    Fastest growing Miniratna (Non-Manufacturing) Educational Consultants India Limited
       
    Miniratna - Manufacturing  
    Miniratna of the year (Manufacturing) Mangalore Refinery & Petrochemical Limited
    Most efficient & Fastest growing Miniratna of the year (Manufacturing) Numaligarh Refinery Limited
    Highest wealth creator - market returns (Manufacturing) Manganese Ore (India) Limited
    Highest dividend yield (Manufacturing) SJVN Limited
    Turnaround in profits (Manufacturing) Chennai Petroleum Corporation Limited
       
    Banks  
    Most efficient Bank State Bank of India
    Fastest Growing Bank Vijaya Bank
       
    Insurance  
    Insurer of the year General Insurance Corporation of India
    Highest Market Share in Gross Premium for 5 Years  The New India Assurance Company Limited

     
     














































    Says Managing Director of DSIJ Pvt Ltd, Rajesh V Padode“It’s always a pleasure to get an opportunity to felicitate and bring to light the humongous work The Public Sector Enterprises are doing for the country. We hope these awards further spur these big enterprises to excel further.”

    DSIJ’s PSU story in the latest edition will help you understand which sectors contributed to what extent to the overall growth story of India.
    ABOUT DSIJ

    Starting off as a 12-page cyclostyled stapled booklet in 1986, Dalal Street Investment Journal (DSIJ), the flagship product of the company, soon began to be looked upon as the gospel of stock market investing. At a time when quality financial and guidance was rare, the company (DSIJ) pioneered many ‘firsts’ to cater to the fast growing investor base of India. Over the years, its primary publication and other products have helped investors create and protect their wealth in the most meaningful manner, guiding both new investors and the experienced ones, not to forget the established traders, to choose the right stocks, avoid pitfalls and reap the benefits of high tides in the vast ocean of equity investments. It is this vast experience, study and toughening during all kinds of scams and markets ups and downs that gives DSIJ an unbiased balanced insight about the several unfolding events without getting swayed by temporary and misleading populous excitement.

    To learn more about the company and services offered please visit: www.dsij.in

    For more information about India's Best Public Sector Undertakings 2017, please visit https://www.dsij.in/psu/awards

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    Business Wire India

    (L-R): Akshay Mehrotra (CEO) & Ashish Goyal (CFO), EarlySalary
    (L-R): Akshay Mehrotra (CEO) & Ashish Goyal (CFO), EarlySalary

    • With this acquisition, EarlySalary will offer its customers the convenience to shop now & pay later
    • CashCare CEO, Vikas Sekhri & CTO, Suraj Mundada join EarlySalary as Head of Strategy & Chief Architect, respectively
    EarlySalary, India’s largest tech enabled digital lender & FinTech start-up announced its acquisition of CashCare, India’s first ever lending platform for online purchases. With this acquisition, EarlySalary has introduced a new feature of ‘Checkout Finance’ with the intent of allowing its users to shop now and pay later.
     
    As part of the acquisition, Vikas Sekhri, the CEO of CashCare will be the Head of Strategy at EarlySalary, and Suraj Mundada, the CTO of CashCare will be the Chief Architect.
     
    Elaborating on the announcement Akshay Mehrotra, Co-Founder & CEO at EarlySalary commented, “We are happy to have CashCare join our EarlySalary team and welcome them onboard. We see synergies being driven by technology, addressing the financial needs of the millennial audience, and our products complementing each other. With the launch of this new feature ‘Checkout Finance’, we are aiming to offer our customers the convenience to shop now and pay later. This acquisition marks a great opportunity for us to further our commitment to financially support our customers by deploying our combined offerings for the best possible customer advantage."
     
    Vikas Sekhri, Founder, CashCare Technology commented, "We are delighted to join EarlySalary, whose aim is to disrupt the credit market by minimizing human involvement, which perfectly fits in with our mission. With this synergy, we will be able to further develop our services for the young, working population in our country. Together, we can build a wide-ranging credit solution for online platforms, while making the consumer’s experience as easy as swiping a card.
     
    Speaking on this occasion, Ashish Goyal, Co-Founder and CFO said, “Together, EarlySalary and CashCare will deliver a robust set of collaboration capabilities across the credit lending space. We believe that our combined efforts will give customers more choice and flexibility. Together, we will inspire our teams to collaborate and work towards achieving success like never imagined before.”
     
    EarlySalary also launched their ‘Digital School Fee’ feature recently, in partnership with Avanse Financial Services. EarlySalary aspires to join the unicorn club this year, following a Rs100 crore funding round in January 2018 from Eight Roads Ventures & existing investors IDG Ventures India & DHFL. Currently, EarlySalary has a presence in 15 cities in India and is disbursing 30,000 loans per month.
     
    EarlySalary Key Features:
    1. Instant Cash Loans transferred in Minutes
    2. Instant Salary Advance for working professionals
    3. Instant credit line to shop online or off-line
    4. FeES: pay school fee in easy EMIs
    About EarlySalary.com

    Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app which allows salaried individuals to avail instant loans for a few days or till the next salary cycle. These loans are similar to salary advances or credit card cash withdrawals, empowering consumers with ready cash when it is most needed. The company conducts prudent risk assessment by leveraging machine learning to go beyond financial underwriting. With over 3 Million app downloads & nearly Rs.275Cr of disbursals across the country, EarlySalary is fast becoming the 1st line of credit for young working professionals in India. The company has been working on introducing multiple products, line of credit functionality, EMIs and other products focused towards helping young working professions with credit needs.

    Key Features:
    • Instant Salary Advance up to 50% of monthly Salary in less than 10 minutes
    • Instant Cash: Salary advance/cash loans transferred to bank anytime instantly
    • Short duration: Cash loans from 7 days up to 30 days for the first loans and repeat customers can get longer tenure loans also.
    • Instant Transactions: From Rs. 8,000 to Rs. 1 Lac cash transferred to the customer’s bank account
    • Shop now and pay later - ability to use the loan limit to shop online on credit.
    • FeES: pay school fees in easy EMIs

    For more information please visit www.earlysalary.com

    About the Senior Management:

    Akshay Mehrotra, CEO: Previously served as the Chief Marketing Officer at Big Bazaar, Future Retail Limited. Also worked as CMO at PolicyBazaar.com and Marketing Head at Bajaj Allianz Life Insurance.
    Ashish Goyal, CFO: A chartered accountant by education and previously served as the Chief Investment Officer at Bajaj Allianz General Insurance.
    Vimal Saboo, CBO: Previously served as the Business Head of Edelweiss Capital and also served in senior roles at Axis Bank.
    Vivek Jain, CTO: Previously served as the Principal Technology Architect at Infosys.
    Vikas Sekhri, Head of Strategy: Previously served as the CEO of CashCare, a Wharton Alumnus previously worked with ZipDial, HarbourVest Partners & Bank of America. 

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    Business Wire India

    • FY18 USD Revenue growth of 20% and Profit growth of 19%
    • Q4 Revenue growth of 8% QoQ to USD162mn
    L&T Technology Services Limited (LTTS) (BSE:540115) (NSE: LTTS), India’s leading pure-play ER&D services company, announced its results for the fourth quarter and full year ended March 31, 2018.
     
    Highlights for FY18 include:
    • USD Revenue at $580 million for the year; growth of 20% YoY
    • Revenue at 37,471 million for the quarter; growth of 15% YoY
    • Net profit at 5,060 million; growth of 19% YoY
    • Board has recommended a final dividend of INR 12 per share. Including the interim dividend of INR 4 per share, the total dividend for FY18 will amount to INR 16 per share.
    Highlights for fourth quarter include:
    • USD Revenue at $162 million for the quarter; growth of 8% QoQ; 34% YoY
    • Revenue at 10,548 million for the quarter; growth of 9% QoQ; 30% YoY
    • Net profit at 1,588 million; growth of 26% QoQ; 66% YoY
    During the fourth quarter, growth was broad-based with healthy traction across all segments on sequential basis. LTTS won five multi-million dollar deals across Process Industry, Telecom & Hi-tech and Transportation. On YoY basis, LTTS has increased its USD40mn+ annual billing clients by two, and its USD10mn+ clients by three.
     
    “Our engineering DNA combined with strong demand for digital and new age technologies has helped us grow ahead of the industry with a 20% revenue growth in FY18. The focus on Top 30 customers, large deal wins and technology innovation has enabled us to become India’s fastest growing and leading pure-play engineering services company.
    We see large customers across the globe accelerating their investments in digital engineering and partnering with us to build smart products, create factories of the future embedded with new age technologies and increase returns from their legacy products.
     
    Our revenues from digital & leading-edge technologies increased to 26% of the overall business in FY18, driven by investment into newer areas such as NB-IoT, Machine Learning and Embedded AI and creation of new labs to spur research and innovation.
     
    We feel confident about growth momentum continuing in FY19 as we see broad-based demand and a strong positioning in all our five industry segments. To drive sustainable revenue and profit growth, we will continue to fill white spaces in both technology and domain through acquisitions and at the same time improve operational parameters for better margins,” said Dr. Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.
     
    Awards and Recognitions:
    • Golden Peacock Innovation Award 2018 -  LTTS was awarded the Golden Peacock Innovative Product & Service Award for its smart buildings product i-BEMS™ (Intelligent Building Energy Management System), making it the company’s second consecutive win.
       
    • HfS Positions L&T Technology Services in ‘Winner’s Circle’ for IoT services - LTTS was positioned in the ‘Winner’s Circle for Excellence in Innovation and Execution’ by HfS Research, in its ‘Blueprint Report for IoT Services, 2018’. HfS recognized LTTS for its strong manufacturing & engineering practice along with over 300 IoT engagements in Hi-tech, Telecom, Industrial and Energy & Utilities domains.
    Patents:

    At the end of the fourth quarter, the patents portfolio of L&T Technology Services stood at 328 patents out of which 245 are co-authored with its customers and 83 are filed by LTTS.
     
    Human Resources

    At the end of the fourth quarter LTTS’ employee strength stood at 12,307, a net addition of 366 during the quarter.
    About L&T Technology Services Limited

    L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 52 Fortune 500 companies and 48 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have around 12,300 employees spread across 16 global design centers, 27 global sales offices and 39 innovation labs as of March 31, 2018.

    For additional information about L&T Technology Services log on to www.LntTechservices.com

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    Business Wire India

    • First platform to open 3 million merchant base to UPI
    • Offers Bharat QR, UPI QR and intent functionality for merchant payments
    MobiKwik, one of India’s leading digital financial services platform, today announced the launch of Unified Payments Interface (UPI) on its platform via its own VPA (Virtual payment address) handle @ikwik. MobiKwik is the first in the industry to offer UPI access to a huge base of 3 million merchants on its app. It is also amongst the first few in the industry to offer Bharat QR, UPI QR and intent functionality for merchant payments. Additionally, all the MobiKwik users will be able to do P2P bank transfers using UPI. MobiKwik’s UPI app is 100% in compliance with the NPCI guidelines. MobiKwik is the most secured UPI app till date, as per NPCI.
     
    MobiKwik’s users can, by default, use their mobile number as their own VPA which will be ‘<Mobile no>@ikwik’. They will also be able to link multiple bank accounts with just one VPA and users can change primary account as per their requirements. Users can simply scan and generate UPI QR functionality to send and receive money using VPA and phone number from the contact list. If the receiver is also registered in Mobikwik UPI ecosystem, sender can send money by selecting his contact from phone book without remembering VPA domain. It will also be possible for the users to request money using UPI on the MobiKwik app.
     
    Speaking on the announcement, Mr. Bipin Preet Singh, Founder and CEO, MobiKwik, said, “Our strength lies in user experience, the wide network of merchants and the numerous daily life use-cases we power. We intend to provide all payments options, including wallets, virtual cards and UPI, to ensure convenience across our user base. Mobikwik will be first player of scale to include all interoperable features in its UPI launch app. We believe that with UPI on our platform, we will be able to empower our users with the power of transferring between bank accounts in an extremely safe and simple manner. With the roll out of UPI, we expect a reduction in the usage of debit cards and internet banking on the MobiKwik app, as UPI will offer a better user experience. Keeping in mind our reach on the merchant side, we hope to substantially increase momentum of merchant transactions on UPI. We will be adding more payment options for the benefit of our users in the times to come.”
     
    MobiKwik has its own customized VPA handle “@ikwik” for making payments unlike existing UPI based services offered by non-banking entities. Safety has been given utmost priority in MobiKwik UPI app and users can be rest assured about their data security, even in case of loss of SIM or device.
     
    Promoted by the Government of India, UPI powers multiple bank accounts into a single mobile application of any participating bank, merging several banking features, aimed at offering seamless routing of fund and merchant payments from this single platform.
    About MobiKwik

    MobiKwik is India’s leading 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 3 million direct merchants and 107 million 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. The company has offices in New Delhi, Mumbai, Bangalore, Pune and Kolkata. It aspires to be the largest source of digital transactions in India and has a vision of enabling a billion Indians with one tap access to digital payments, loans, insurance and investments, by 2022.
     
    MobiKwik believes in the ‘power of partnerships’ and has forged a string of smart partnerships with leading blue-chip brands such as BSNL, Bajaj Finserv Ltd and IndusInd Bank in the year 2017. In August 2017, BSNL went digital by launching a bespoke mobile wallet developed and issued by MobiKwik. Bajaj Finserv-MobiKwik have partnered to launch India’s first credit wallet, an EMI wallet through which customers can avail credits and loans. MobiKwik has also developed India’s first auto-load wallet for IndusInd Bank’s 10 million plus customers. The company has also signed a pact with IDFC bank for the launch of virtual cards. 

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    Business Wire India

    Innovation is accelerating. How financial institutions are adapting – and the new technology they’re using to do it – was the focus of the recent Moody’s Analytics Innovation Summit in London. The growing role of artificial intelligence and collaborative development in fintech innovation were two of the main topics highlighted at the conference held by Moody’s Analytics, a global provider of financial intelligence.

     

    Keith Berry, Executive Director of the Moody’s Analytics Emerging Business Unit (EBU), kicked off the event by explaining how the company approaches innovation. He emphasized the importance not only of collaborating with startups, but doing so in mutually beneficial ways. The EBU leads the efforts of Moody’s Analytics to better understand and adapt to an environment characterized by widespread, technology-driven change.

     

    “Moody’s Analytics believes strongly in the value that comes from working with startups,” said Mr. Berry. “With their agility and unique expertise, these new firms help us get the most out of our existing data and resources as we build new solutions. In turn, our business partners can learn from our expertise and gain insight from our customers.”

     

    The CEOs of several of these startups delivered “lightning pitches”: brief explanations of their offerings and how they collaborate with financial institutions on next-generation solutions. These companies include:

     

    Ashit Talukder, Head of Artificial Intelligence at Moody’s Analytics, and Cristina Pieretti, Managing Director for Strategy and Innovation, discussed the rapidly expanding role of artificial intelligence in the financial services industry. They also previewed a new Moody’s Analytics project bringing artificial intelligence to financial spreading.

     

    “It is clear that artificial intelligence (AI) is transforming the financial services industry,” said Mr. Talukder. “It is our view that the impact from this technology will continue to grow exponentially. The future of AI is promising.”

     

    Ms. Pieretti spoke about the progress Moody’s Analytics is making on its solutions driven by AI. “We are making significant inroads with AI to develop solutions that help our clients make better decisions, faster. Our automated spreading initiative is an example of how we can enable clients to automate their low-value tasks and make their workflows more productive and consistent.”

     

    Moody’s Analytics holds Innovation Summits in cities around the world. Visit moodysanalytics.com for details about upcoming events.

     

    Click here to follow the Moody’s Analytics Emerging Business Unit on LinkedIn.

     

    About Moody’s Analytics

     

    Moody’s Analytics provides financial intelligence and analytical tools supporting our clients’ growth, efficiency, and risk management objectives. The combination of our unparalleled expertise in risk, expansive information resources, and innovative application of technology helps today’s business leaders confidently navigate an evolving marketplace. We are recognized for our industry-leading solutions, comprising research, data, software and professional services, assembled to deliver a seamless customer experience. Thousands of organizations worldwide have made us their trusted partner because of our uncompromising commitment to quality, client service, and integrity.

     

    Moody's Analytics is a subsidiary of Moody's Corporation (NYSE:MCO). MCO reported revenue of $4.2 billion in 2017, employs approximately 11,900 people worldwide and maintains a presence in 41 countries. Further information about Moody’s Analytics is available at www.moodysanalytics.com.

     

     

     

     

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    Business Wire India

    iCash has launched its Proof of Trust (‘PoT’) protocol and initial token sale offering (TSO). The PoT protocol creates the ability to add an assurance and validation layer to blockchain transactions and is designed to increase trust and confidence in the system, paving the way for institutional adoption.

     

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180522006219/en/

     
    Will McDonough, CEO and Founder (Photo: Business Wire)

    Will McDonough, CEO and Founder (Photo: Business Wire)

    The attraction of blockchain is that information is stored in an immutable ledger, without the need for a central authority or intermediary. However, there have been very few solutions to the challenge of validating the trustworthiness of data entered onto the blockchain. iCash’s solution is a PoT protocol that allows for processes to assure and insure the validity of smart contract inputs and outcomes.

     

    Commenting on the launch, CEO and Founder Will McDonough, said “Industries are being transformed as they conduct business on the blockchain via smart contracts. Developing checks and balances for validation of those transactions has been a problem for blockchain users and large corporations, until now.”

     

    “While Proof of Work and Proof of Stake provide distributed trust for data storage, the introduction of Proof of Trust provides distributed trust and assurance for data input to the blockchain. The future belongs to innovators, and iCash’s underlying technology aims to institutionalize the blockchain, and protect those who transact from being victims of incorrect or nefarious data inputs on the blockchain.”

     

    PoT can be applied to any live verifiable event involving a smart contract in sectors such as: trading in commodities, currencies, cryptocurrencies, sports and wider asset management activities. iCash, through its protocol, enables the filtration and appeal of smart contract outcomes at scale and across ledgers. Fast, incorruptible appeal and settlement are achieved via a community of delegates, which validates and audits the trustworthiness of data inputs and outcomes. iCash uses a reputational algorithm designed to track and rank the trustworthiness of its delegates over time and only the most trustworthy delegates are able to validate data inputs, and thus earn iCash.

     

    PoT increases the scalability of smart contract input verification and execution on the blockchain. The iCash technology team is currently focused on the Ethereum, EOS, and NEO blockchains, but are also developing the platform to work across all blockchains. The opportunity set for iCash’s implementation is global, and the firm has to date secured 70 patents in 100 countries.

     

    iCash’s management team has a successful record of building businesses in emerging technology and institutional finance. Its leadership includes CEO Will McDonough, who previously led the $825 million IPO for Atlas Mara on the London Stock Exchange with co-founder and former Barclays CEO Bob Diamond, as well as CIO Magnus Sigurdsson, who developed asset allocation strategies for a $7 billion portfolio at TIFF, the not-for-profit organisation, and global macro at 55 Institutional. The Company’s President Jonathan Malveaux is a JD/MBA with 25 years of experience in Asia working internationally for Panasonic, Deutsche Bank, and Credit Suisse. The Company’s Chief Operating Officer and Chief Compliance Officer previously served as Risk Management Officer at the $75 billion State of Massachusetts Pensions Reserve Investment Board (MA PRIM). iCash’s Chief Economist Max Fraad-Wolff was also among the first Wall Street analysts to value LinkedIn, Facebook, Twitter, and AliBaba.

     

    NOTES TO EDITORS

     

    About iCash

     

    iCash is a revolutionary company dedicated to bringing trust to the blockchain. iCash’s Proof of Trust protocol assures the validity of Smart Contract settlements. Blockchain ensures that information is immutably stored without a central authority, but not enough attention is paid to the negative impact when an input to the blockchain is not trustworthy. iCash introduces the Proof of Trust (PoT) protocol as a multi-platform protocol that enables real-world inputs to be validated by decentralized participants in settling Smart Contracts. While Proof of Work and Proof of Stake provide distributed trust for data storage, the introduction of PoT provides distributed trust for data input. PoT uses a reputational algorithm and known participants to provide real-world validation without sacrificing technical efficiency. With this, interactions and events can be trusted & verified before being entered into the blockchain.

     

    iCash is made up of executives, academics and entrepreneurs with hundreds of years of experience in public and private companies—with hundreds of billions in market cap including: BlackRock, Goldman Sachs, Electronic Arts, General Electric, State of Massachusetts Pension Fund, Uber, and more. The world-class leadership team with over 70 patents and trademarks across 100 countries position iCash to be a truly global token protocol.

     

    The company’s team is led by founder and CEO, Will McDonough who has built and scaled multiple public and private companies, managed the private capital of the Partners of Goldman Sachs, and later co-founded London Stock Exchange listed Atlas Mara, alongside former Barclays CEO Bob Diamond.

     

    McDonough is also a founding member of the Blockchain Commission for Sustainable Development, an organization that supports the United Nations’ ability to integrate blockchain technologies in meeting Sustainable Development Goals.

     

     

     

     
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    Business Wire India

    GCEL, INSME, BVMW and CONFAPI executed a strategic agreement at the European Union Parliament to deploy the Digital Economy Platform (DEP) through GCEL’s HumaWealth Program that digitizes the USD 140 trillion B2B marketplace. These agreements will implement the newly released G20 Nations Case Study recommendations providing the roadmap to reduce annual domestic and international trade costs by USD 3.7 trillion, increase trade by USD 7.7 trillion, create a USD 1 trillion SME fund and generate 300 million manufacturing, agricultural and service industry jobs by 2030.

     

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180523006259/en/

     
    GCEL, INSME, BVMW and CONFAPI executed a strategic agreement at the European Union Parliament to dep ...

    GCEL, INSME, BVMW and CONFAPI executed a strategic agreement at the European Union Parliament to deploy the Digital Economy Platform in collaboration with the world's leading technology firms to digitize the USD 140 trillion B2B marketplace (Photo: Business Wire)

    The agreement was signed by Captain Samuel Salloum, GCEL Co-Chairman, Dr. Sergio Arzeni, INSME President, Mr. Patrick Meinhardt, BVMW Executive Board Member and Ms. Annalisa Guidotti, CONFAPI Director for Communication and Marketing.

     

    GCEL’s HumaWealth Program includes “Connecting the Strengths of the World Community Creating Well-being Across Humanity”, by delivering new digital tools to increase efficiency and transparency that will de-risk trade, reduce excess trade costs, ease access to finance, and connect businesses with global markets. The program will increase the buying power of mid and low-income countries, creating new demand for high-income countries, increasing global trade and benefiting SMEs worldwide.

     

    The DEP includes seamlessly integrated e-commerce, e-finance, e-insurance, e-logistics and e-grant tools to be deployed by the world’s leading technology firms, at no cost to the end user.

     

    The strategic agreement signed between GCEL and INSME involves deployment of the DEP through 4 Benchmark Trade Lanes (BTL) over 18-months that will digitize trade activities in Europe, Asia, Americas and Middle-East/Africa. This agreement enables transnational cooperation through a public-private partnership to deploy innovative technologies benefiting SMEs globally.

     

    Captain Samuel Salloum cited, “this an important step in the ‘birth of a new 21st Century Digital Economy Industry’ towards implementing the G20 Digital Economy policy directives to achieve sustainable economic growth.” He stated, “we must focus our efforts to enlarge the global economic pie by addressing the B2B marketplace needs and provide the technology industry with new revenues to meet shareholders’ expectations.”

     

    Further, INSME and GCEL signed a strategic agreement with BVMW and CONFAPI to launch the European BTL between Italy and Germany that will create digital interconnectivity to drive greater trade efficiency offsetting growing trade protectionist policies. BVMW is Germany’s largest SME association and CONFAPI is Italy’s leading SME organization.

     

    Dr. Sergio Arzeni commented, “these agreements are a natural step to facilitate B2B trade among SMEs and boost growth and employment.”

     

    The BTL implements the recommendations of GCEL’s recently completed G20 Nations Case Study, a diagnostic assessment of trade efficiency based on what technology makes possible.

     

    The Case Study was performed with 90 G20 ministries, IGOs/NGOs, academia, and private experts, collecting nearly 1.2 million data points through face-to-face interviews across 19 industries. The results yielded: 90.4% of respondents have no integrated system and 94.5% want the DEP.

     

    The DEP deployment will be led by the World Logistics Council which has executed strategic agreements with the world’s top 26 technology firms towards selection to deliver the DEP tools and realize a new USD 400 billion market opportunity, driving a multifold increase in earnings by 2030.

     

     

     

     
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    Business Wire India

    Hybrid Stock Exchange, a blockchain based trading platform using the released IBIN as a blockshare identifier, are all set to adopt innovative features to sustain the needs of the ever growing industry. Watch the HYBSE trailer here: http://www.hybse.com

     

    The International Securities Identification Number (ISIN) is a 12 character code that uniquely identifies a specific security, such as stocks, and is the most popular global securities identifier. With the pre-registration for issuers and users opened, the DIM Ecosystem introduces the International Blockshare Identification Number (IBIN), a 13 digit, unique serial number used by a company for listing on the Hybrid Stock Exchange or other Blockchain Exchanges.

     

    Tradable securities on HYBSE currently include Cryptonized equity, Cryptocurrencies, Exchange-traded commodities, index, and more. Any issuers are able to apply for their IBIN at no charge. This limited time offer is available until August 31, 2018 or for the first 75 companies that register. More on http://www.ibin.io

     

    The Data Interchange Module (DIM) cryptocurrency is a p2p, quantity-committed, secure, private and robust digital medium of exchange, built upon the NEM blockchain protocol.

     

    Cryptonized assets such as intellectual property or company equity will be available to blockchain and average users through the gateway of HYBSE. DIM Currencies and cryptonised assets can be managed across the globe via computers and handheld devices using a state-of-the-art blockchain wallet called DEPOTWALLET with the mobile version currently in testing phase and soon to be released. The user friendly registration process includes a well thought out KYC model for issuers and users as well as a comprehensive due dillegence process for companies.

     

    Mainstream equity markets suffer from downsides such as limited access for the average person due to very expensive fees, difficult registration proccesses with long waiting periods and challenging interfaces. HYBSE‘s blockchain-based platform looks to eliminate hurdles by allowing issuers and investors to conduct business on a secure and efficient platform. Lower costs, transparency, user friendly web interface, P2P trading, robust security, and the availability of a large pool of financial instruments are benefits enjoyed by HYBSE users.

     

    HYBSE license of Dealers in Securities in Vanuatu, No. 17911.

     

     

     

     

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    Business Wire India

    American International Group, Inc. (NYSE: AIG) announced that Lisa Sun will join the company as Chief Executive Officer of AIG Insurance Company China, Ltd. Ms. Sun joins AIG from Mercer, where most recently she was CEO of Mercer’s Hong Kong & South and East Asia Zone.

     

    Ms. Sun will report to Chris Townsend, Chief Executive Officer, International General Insurance, and her appointment is subject to regulatory approval by the China Banking and Insurance Regulatory Commission. She will be based in Shanghai.

     

    Commenting on Ms. Sun’s appointment, Mr. Townsend said: “China is a core growth market for AIG. I am pleased to welcome Lisa back to AIG to take on the important role of leading our China business. I look forward to working closely with Lisa and the team in this dynamic region.”

     

    A recognized industry leader with more than 20 years of experience, Lisa previously held executive roles at Zurich and Liberty Mutual. Earlier in her career, Lisa was Deputy Chief Actuary and Vice President for Worldwide Accident and Health for AIG Life Companies, and Regional Actuary and Assistant Vice President for AIU Accident and Health SEA and Greater China Region.

     

    Ms. Sun is replacing Eric Zheng who is leaving AIG to pursue other opportunities. Mr. Townsend added: “We thank Eric for his hard work with AIG China over the last 14 years and we wish him well in his next endeavor.”

     

    American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

     

    Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

     

    AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

     

     

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    Business Wire IndiaOrowealth, a leading fin-tech company and India’s first zero commission Direct Mutual Fund Platform, today announced that it has raised $1.6 mn in Series A funding. This round of funding was led by Powerhouse Ventures with participation by Money Forward Inc., one of the largest publicly listed fin-tech companies in Japan; a prominent US VC Social Capital, under their Capital as a Service program; B Dash Ventures, one of the largest VCs in Japan; and other prominent angel investors including Anand Chandrsekaran, ex CPO Airtel and Dinesh Agarwal, Founder Indiamart. Existing investors M&S Partners and GSF also participated in this round. Post the fund raise, Sri Peddu from Powerhouse Ventures will join the Board and Money Forward will take a Board observer role at Orowealth. This is the second round of funding for the company, post the seed round raised from GSF, Powerhouse Ventures and M&S Partners in 2016.
     
    Speaking on the announcement, Mr. Nitin Agrawal, Co-Founder & CEO, said, “We are very excited about this fund raise. We would like to thank our new and existing investors for their belief and confidence in our business model and in the team at Orowealth. We would also like to thank our customers for placing their trust in brand Orowealth and this fund raise gives us an opportunity to serve them even better.”
     
    Mr. Vijay Kuppa, Co-Founder & COO added, “We will invest the funds towards product innovation and in strengthening our research capabilities as we look to add new products in the coming months. We also plan to focus on forging alliances with partners who wish to offer tech-enabled wealth products to their customer base.”
     
    Mr. Yogesh Powar, Co-Founder & CTO, said, “We are also looking to scale up our technology and data sciences capability to provide highly personalized investing tools and a high quality customer experience.”
     
    Speaking on the investment, Mr. Sri Peddu said, "In India, the financial services industry is going through a tectonic shift driven by technology and innovation. Through automated investment planning, Orowealth is democratizing access to financial products for the retail investor and reducing time-to-market for major banks, large wealth management firms and brokerage houses.”​ Mr. Yosuke Tsuji, Founder & CEO of Money Forward said, “Retail wealth market in India is gigantic. It offers ample scope for innovation and we are excited to partner with Orowealth to better understand the local market.” Mr. Hiro Mashita, M&S Partners said, “Wealth is the new frontier for fin-techs in India. Orowealth is at the forefront of personal wealth management offering low-cost, high-quality robo-advise.”​ Mr. Rajesh Sawhney, GSF added, “As Indians become wealthy, they will seek to manage and grow their wealth using new-generation AI platforms like Orowealth. Orowealth’s founding team is its biggest asset.​”
    About Orowealth

    Orowealth offers zero commission products and personalized financial advice to retail investors with the aim of maximizing their returns. Orowealth has existing partnerships with large financial institutions like Sharekhan and Online Trading Academy to provide wealth management solutions to their clients. Orowealth was founded in the year 2016 by 3 IIT-IIM alumni, Nitin Agrawal, Vijay Kuppa and Yogesh Powar. Aimed to ‘make investors richer’, Orowealth offers financial tools for execution, analysis and advice on various products such as MFs, Stocks, Bonds, Insurance etc. Orowealth is the direct mutual fund platform with the longest track record. It is currently managing over Rs 500 crores of assets under advisory and aims to cross Rs 3000 crores of assets by Dec 2019.

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    Business Wire India

    Oasis Management Company Ltd. (“Oasis”) and the Oasis Investments II Master Fund Ltd. (the “Oasis Fund”), the largest minority shareholder of Japan Asset Marketing Co., Ltd. (8922 JT) (“JAM” or the “Company”), sent a proposal letter to the Board of Directors of JAM on cash flow management, shareholder returns, and governance restructuring. This letter follows on our meeting with and presentation to the Company in February.

     

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180530005119/en/

     
    Figure 1 Source: Bloomberg Note: Data as of May 29, 2018. Indexed chart of JAM’s stock price, TSE RE ...

    Figure 1 Source: Bloomberg Note: Data as of May 29, 2018. Indexed chart of JAM’s stock price, TSE REAL Index and TSE REIT Index from 2017.

    We call on JAM to take immediate steps to improve its corporate governance, or, failing that, to privatize the Company at a fair price. All shareholders must be treated equally.

     

    Oasis has been a JAM shareholder since 2017. In early February 2018, we presented proposals to a JAM Board member regarding the Company’s corporate restructuring in an effort to maximize shareholder returns and improve corporate governance.

     

    Oasis has since filed a formal request to the Tokyo District Court to review JAM’s Board meeting minutes on a related party transaction with Don Quijote Holdings Co., Ltd. (“Don Quijote”), the controlling shareholder of JAM with 81.9% ownership. We believe these minutes will provide important and relevant information to clarify whether there were serious corporate governance violations around this transaction.

     

    In response to our engagement, JAM announced on May 8 that two of its external directors – Ms. Mabuchi and Mr. Kaneko – will step down at JAM’s 2018 annual shareholders meeting on June 28.

     

    The following summarizes our letter to JAM’s Board of Directors, which advocates for changes that will serve the interests of all stakeholders, including employees, shareholders, and Don Quijote’s management

     

    JAM’s problems

     

    JAM’s stock price has historically underperformed the TSE Real Estate Index and TSE REIT Index. Oasis believes that this underperformance is due to the absence of a shareholder return program, and the Company’s poor corporate governance structure. See Figure 1.

     

    No shareholder return program

     

    Since April 2013, when Don Quijote acquired a substantial ownership of JAM and took on a substantial role in management, JAM has not implemented any shareholder return program or declared any dividends. JAM stated in its latest earnings press release on May 8 that payment of dividend for this fiscal year is subject to its “business performance and financial condition” – implying they will not pay a dividend for fiscal year ending March 2019. The past three years, this same terminology has foreshadowed the absence of any dividend payment to shareholders.

     

    Oasis strongly believes JAM’s rhetoric is incongruous with the reality of its financial performance:

     
    • Their EBITDA for the last five years is positive and steadily growing. See Figure 2.
    • Moreover, JAM’s net income attributable to shareholders has continued to grow. See Figure 3.
    • As a result of its robust profit generation, the distributable amount of JAM which was negative at the time of Don Quijote’s participation, has surged to JPY23,388 million as of the end of March 2017, and is expected to increase to JPY29,935 million as of the end of March 2018. See Figure 4.
    • JAM’s capital adequacy ratio has also significantly improved from 6.3% to 57.7% in the last five years. The current level is higher than the level of most Japanese listed real estate related companies, including major general contractors. It is even at a sufficient level after deducting its entire distributable amount, and would afford the Company a sufficient buffer after issuing a 3% dividend. See Figure 5.
    • Lastly, JAM currently deposits JPY24,944 million of its cash to Don Quijote in order to participate in its group’s cash management service. Oasis believes such cash deposited to Don Quijote will be spent for JAM’s planned capital expenditure over time, as JAM only holds JPY2,204 million cash on its balance sheet. However, we have concerns over whether the cash will be used for the mutual interest of all shareholders, including minority shareholders, as questions remain regarding JAM’s independence from Don Quijote.
      • It appears that there are certain cash needs at Don Quijote, judging from its leverage and the cash needs of its stated growth strategy. JAM’s decision to use the cash custodial services of Don Quijote presents a significant hazard of minority shareholder abuse. We believe that JAM may be influenced by Don Quijote to not withdraw the capital, as Don Quijote would prefer to use the cash for itself, or in ways that do not otherwise serve all of JAM’s shareholders’ interests

    Poor Governance

     

    Excessive capital and personnel ties with Don Quijote are key features of JAM’s governance problems. Oasis plans to pursue various options, including legal options, to accelerate JAM’s governance restructuring. JAM’s governance problems include:

     
    • Of the seven directors on JAM’s Board, three of them are external directors. Currently, all of the non-external directors are associates of Don Quijote. Moreover, Ms. Mabuchi, who serves as an external director and member of the audit and supervisory committee, is an auditor of wholly-owned subsidiary of Don Quijote. In summary, more than half of JAM’s Board of Directors and half of its audit and supervisory committee are associates of Don Quijote. These conflicts of interest are of serious concern to JAM’s minority shareholders. See Figure 6.
    • As stated above, Oasis has filed a formal request to the Tokyo District Court to review JAM’s Board meeting minutes regarding one particular related party transaction with Don Quijote. Even outside this transaction, there have been numerous business and capital transactions between the two parties in the past few years. Resolutions by three external directors (Ms. Mabuchi, Mr. Kaneko, and Mr. Miyata) were required to carry out these related party transactions, as JAM believed that this step would help them maintain the appearance of fairness. However, once Oasis pointed out the potential conflict of interests in a transaction between JAM and Don Quijote, two out of three of JAM’s external directors (Ms. Mabuchi and Mr. Kaneko) decided to step down. This reinforces our suspicions about JAM and Don Quijote and their poor governance structure.
    • Star Asia Partners II (“SAP”), a renowned real estate investment management fund, used to be JAM’s largest minority shareholder, owning 6.31% of the Company in 2016. On June 8, 2016, SAP disclosed a public proposal to JAM focused on improving the Company’s balance sheet, cash flow management and corporate governance. During our discussion with JAM, we confirmed that SAP and JAM had a dialogue at that time, including letters and meetings. It is very unfortunate that to date JAM has not dealt with these issues or expressed their response to SAP publicly. It appears that JAM has simply ignored SAP’s proposals.

    Oasis Proposals to JAM’s Board of Directors

     

    JAM’s governance is currently only form over substance. As an independent, listed company, JAM should be managed to maximize the mutual interests of all shareholders, including minority shareholders. Yet, JAM today is managed like a private company for the sole interest of Don Quijote. Oasis strongly believes that JAM should take action to transform its structure in line with global standards for a listed company, or privatize at a fair price.

     
    • Recommendations for transformation to a sustainable listed company structure
      • Immediate activation of shareholder return program
        • JAM’s business model is amazingly similar to that of REITs. As such, Oasis believes that dividend yield should be used as a metric to determine dividend policy, instead of dividend payout ratio.
        • Target dividend yield of at least 3% would be a fair target.
        • Share buybacks in this case are less helpful, as they further lower the level of float and liquidity of JAM’s stock.
      • Disciplined cash flow management
        • JAM should cap its capital expenditure at the level where it can maintain its dividend yield. However, this will not be applicable if JAM can dramatically improve its EPS by making big investments. In such a case, we would ask the Company to disclose the details of such investments and their pro forma EPS figure.
      • Capital restructuring
        • JAM should maintain a certain level of leverage, as cost of equity is generally much higher than cost of debt in Japan. We believe Japanese REITs’ loan-to-value metrics could be used as a reference. JAM should publicly disclose its leverage policy as a commitment.
        • Don Quijote should reduce its ownership in JAM to improve JAM’s free float and liquidity. This can be accomplished by Don Quijote either selling its JAM stake in the market (via secondary offering, block trade or dribble-out) or by tendering to JAM’s discount tender offer, targeting JAM stock held by Don Quijote.
        • After improving float level and liquidity, Oasis suggests that JAM take steps to be promoted to the Tokyo Stock Exchange 1st section by following the guidance of Japan Exchange Group policy on Mothers. This is the best way to increase the diversity of shareholders.
      • Governance restructuring
        • JAM should form a Board of Directors comprised of a majority of truly independent external directors. Such a structure is very common in the U.S. and Europe, and even in Japan the idea is starting to build, as Mitsubishi UFJ Financial Group, Inc., the largest domestic financial institution, decided to adopt this structure from this fiscal year. Companies like JAM with governance flaws should increase the proportion of independent external directors. Such a step would help maintain fairness and avoid conflicts of interest on future related party transactions.
        • JAM’s current directors’ compensation structure does not align interests with minority shareholders. Thus, Oasis suggests that JAM adopt performance incentives and distribute stock options.
      • Recommendations for privatization
        • In general, there is a low bar in Japan for companies to become privatized when a controlling shareholder exists (Don Quijote owns 81.9% of JAM).
        • Don Quijote should pay a sufficient premium over the current stock price to privatize JAM.
          • Premiums over the stock price have been paid in every privatization case in Japan after 2010 where the acquirer owns more than two-thirds of the voting rights before the transaction.
            • These also include immediate minority squeeze out cases, which were exercised in the form of Demand for the Sale of Shares (“Kabushiki Uriwatashi Seikyu”) and Acquisition of Class Shares subject to Wholly Call (“Zenbu Shutoku Joko-tsuki Futsu Kabushiki Shutoku”).
          • Moreover, Uny Co., Ltd., a Japanese major GMS company with 40% ownership held by Don Quijote, has paid a premium over the stock price to privatize UCS Co., Ltd. even though Uny Co. owned 81.4% before the transaction.
        • After privatization, Don Quijote should IPO JAM’s assets in a REIT structure. To achieve this, Don Quijote should set up a new REIT entity, inject JAM’s assets into the entity, and subsequently launch the IPO for that entity.
          • This would enable Don Quijote’s property acquisition and property management business to obtain flexibility in capital structure planning and use of capital markets, together with the tax benefit on its profit.

    We will continue our effort to engage with JAM’s Board of Directors in a collaborative and positive dialogue to improve JAM’s corporate value.

     

    For all inquiries, please contact Taylor Hall at thall@hk.oasiscm.com.

     

    ***

     

    Oasis Management Company Ltd. manages private investment funds focused on opportunities in a wide array of asset classes across countries and sectors.Oasis was founded in 2002 by Seth H. Fischer, who leads the firm as Chief Investment Officer. More information about Oasis is available at https://oasiscm.com. Oasis has adopted the Japan FSA’s “Principles of Responsible Institutional Investors” (a/k/a Japan Stewardship Code) and in line with those principles, Oasis monitors and engages with our investee companies.

     

     
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    • Eight financial institutions from eight Asia Pacific markets receive the Visa Champion Security award in recognition of their leadership in payment security best practices
    • More than 630 experts at the Visa Asia Pacific Security Summit reaffirm commitment to keeping payments safe for consumers
    HDFC Bank has once again been recognized with the Champion Security Award at the 14th Visa Asia Pacific Security Summit. For the second time in a row, the bank has won the award in the India & South Asia category. The Award is a mark of excellence reflecting leadership in risk management and payment security performance.
    “Congratulations to HDFC Bank on receiving their Visa champion security award. HDFC Bank has reliably exhibited a high level of risk management proficiency, which has constantly created a safe payment environment for consumers and merchants in India & South Asia. The award recognizes banks who apply international best practices to every aspect of keeping electronic transactions secure,” Shivakumar Sriraman, Chief Risk Officer-India & South Asia, Visa, said.

    "The Champion Security Award by Visa is a testament of HDFC Bank's unremitting focus on risk management and creating a secured payment mechanism for customers. As more and more customers take to using electronic and digital payment platforms, it is incumbent on the eco-system to ensure that the environment is safe and secure. At HDFC Bank, the endeavour is to further sharpen and evolve with the landscape by implementing the best standards and practices in risk management and payment security," says Neil Francisco, Group Head - Underwriting and Risk control, HDFC Bank.

    As India is transforming to digital India, consumers are shopping and paying with devices, and transactions are moving from cash to online digital modes. Visa believes in investing in new standards, technologies, and products that will equip financial institutions, merchants, third parties and consumers in the fight against fraud.

    “The growing number of e-commerce and mobile payments have completely transformed the way consumers shop. With numerous options for payments available to customers today, the point of sale is moving away from storefront to our phones and connected devices. Hence, with the changing payment ecosystem, we believe that it is our responsibility, as an industry, to focus on maintaining security and trust in electronic payments,“ Shivakumar Sriraman, Chief Risk Officer-India & South Asia, Visa said.

    Held from 16-17 May, the annual Visa Asia Pacific Security Summit brought together leading experts to discuss payment security innovations and developments. With digital wallets and mobile payments becoming more popular globally, more than 630 participants convened to hear how evolving consumer buying behaviour is shaping the future of commerce and payments.

    Participants also discussed the changing payment landscape, the importance of collaboration between established and new industry entrants as more payment services become available to consumers, as well as the push among governments towards a digital cashless society.

    The Champion Security awards were presented to

                1.         Australia/New Zealand:                     National Australia Bank Limited
                2.         Greater China:                                   National Credit Card Centre, Taiwan
                3.         India & South Asia:                            HDFC Bank Limited
                4.         Japan:                                                Mitsubishi UFJ NICOS CO., Ltd
                5.         South Korea:                                      Lotte Card Company, Limited
                6.         Southeast Asia (2 awards):                Krungthai Card Limited
                                                                                       Bank Mandiri
                8.         Best in Asia Pacific:                           United Overseas Bank (Singapore)

    About Visa Inc.

    Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visavisacorporate.tumblr.com and @VisaNews.

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    Business Wire IndiaMindteck (India) Limited (BSE: 51744 and NSE: MINDTECK), a global technology company, reported its audited financial results for the year ended March 31, 2018.

    The company’s standalone revenue for the year 2017-18 was Rs. 88.4 crores, as against Rs. 83.6 crores for the year 2016-17. The consolidated revenue for the year 2017-18 stood at Rs. 296.8 crores, as against Rs. 341.7 crores for the previous year ended March 31, 2017. While the company reported a profit of Rs. 1.9 crores in its standalone results, a loss of Rs. 5.7 crores was reported on a consolidated basis for the financial year 2017-18.

    The Board of Directors recommended a 10% dividend for the financial year 2017-18.

    For the first time, the financials were prepared as per the statutory requirement of the recently introduced Ind-AS accounting standards. This required the company to restate its financials for three years, thus the figures are not comparable. The necessary adjustment, amounting to Rs. 2.2 crores, was made during the year.  

    Mr. Yusuf Lanewala, Non-Executive Chairman, commented, “After making the statutory Ind-AS adjustments in our financials, our balance sheet remains strong and debt-free. The company continues to have the financial strength to grow the business, invest in newer technologies and continue to explore growth opportunities.”

    Mr. Sanjeev Kathpalia, Managing Director and Chief Executive Officer, added, “Our business in the US suffered due to increased uncertainty of the business environment post the 2016 elections. Going forward, an impetus has been created to focus on our technology offering as part of the managed services business around the globe. The start of the current year is encouraging and indicative of the expected recovery.”

    Prashanth Idgunji, Chief Financial Officer, further added, “This year, along with implementing Ind-AS accounting standards, we remained vigilant of the numerous and challenging regulatory environments in which we operate around the globe.”

    The Board of Directors also unanimously approved the appointment of Mr. Subhash Dhar as an Independent Director. Mr. Dhar is a seasoned strategy, sales and delivery professional who served as a Senior Vice President at Infosys Technologies Ltd. for over 14 years prior to engaging in several entrepreneurial pursuits beginning in 2011. He is currently the Founder of Enterprise Nube Services Pvt. Limited, a Co-founder and Member of the Board of Brand Accelerator, as well as Co-founder and CEO of Commence Mint Ventures. Mr. Dhar holds an MBA from the Indian Institute of Management, Bangalore.

    Other notable business highlights include:

    • Acquired eight new logos during the fourth quarter, and 26 overall logos for 2017-18
    • Entered into 43 new engagements with existing clients over the course of the year
    • Awarded two next-gen product design projects: a home automation hub for a large multinational, and a portable medical diagnostic device for a medical equipment manufacturer
    • Expanded footprint in North America and Europe

    About Mindteck

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

    Website: www.mindteck.com
     

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    Business Wire India

    Dutch eHealth-provider Aimedis, creator of a blockchain and AI-based platform that allows patients and institutions to safely store and share health information, such as diagnoses, x-rays, blood screens etc., as well as it enables them to perform video consultations, or to get prescriptions for drugs online, now offers AIM, the cryptocurrency to be used for all kinds of services within its platform, to the public.

     

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180601005370/en/

     
    Aimedis healthcare platform for patients (Graphic: Business Wire)

    Aimedis healthcare platform for patients (Graphic: Business Wire)

    By offering 300 million tokens with a nominal value of 0,12 US dollars per token, the doctor-led company strives to raise 36 million USD to finance further development of the platform and the international market roll-out, explains CEO Dr. Michael J. Kaldasch: “Following up on the successful market launch in Germany, we are currently talking to various health institutions globally, especially in the health boom-nations of the far east. The AIM-ICO will provide the funds we need to finance further development of the platform and its functionalities that are planned for the next quarters and to set up international teams as well.”

     

    The leading benchmark portal for ICOs, www.icobench.com, rates the Initial Market Offering with 4.6 out of 5 possible points, making the AIM-ICO the currently one of the best-rated eHealth ICOs on the portal. Above all two arguments lead to this TOP-rating: First, that the system is already live and is used by larger hospital corporations in Germany, and secondly, that behind the Aimedis ICO stands an Advisory Board of internationally renowned health “celebrities” that contribute to the success of the platform.

     

    On paymentweek.com, author Steven Anderson positively reviews the AIM ICO and concludes that “with plenty of investors chasing ‘the next bitcoin’ AIM might well have a substantial run-up.”

     

    Until June 26, AIM can be purchased from the Czech investment house BRIC INVEST with a 30% presale bonus PLUS a 5% welcome premium. COO Miroslav Soukup states: “With our 5% welcome premium we are the only place where you will get 11,25 AIM per USD invested!”

     

    More information on the AIM and Aimedis: https://www.bric-holding.com/aimedis-ico-EN.html

     

    Buy AIM tokens now: https://www.bric-holding.com/contact_us_en.html

     

     

     

     
    MULTIMEDIA AVAILABLE :
    https://www.businesswire.com/news/home/20180601005370/en/

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    Business Wire India

    Following the Tecnotree AGM which took place last week, Viking’s nominees to the Tecnotree Board of Directors were not elected to the Board. This was an extremely disappointing result.

     

    Viking has shown its commitment over time, notably by becoming Tecnotree’s largest single shareholder and largest creditor of the company. It was strongly felt that the best path forward for a collaborative process and outcome involved Viking’s presence on the Board. Viking would like to thank the Tecnotree Board for its support and unanimous recommendation of its nominations.

     

    Viking has demonstrated its commitment to the Tecnotree ecosystem with its recent Tender Offer, its subsequent extension, and its substantial buying of Tecnotree shares in the open market. Viking has also funded a full PR campaign to ensure that all shareholders were aware of its Tender Offer and the benefits.

     

    Following the Tender Offer Viking has continued to work towards a collaborative outcome, making several alternative proposals providing long-term stability for Tecnotree’s customers. At this point, it will come as no surprise that Viking does not feel continued dialogue with Tecnotree will be productive.

     

    However, Viking wishes to reassure all Tecnotree stakeholders of its continued interest in the Tecnotree intellectual property and customers. Viking believes that a vibrant future is possible for this ecosystem. Viking will continue to explore opportunities to be involved with this ecosystem and welcomes all enquiries regarding its activity and operations.

     

     

     

     

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    Business Wire India

    • Senior citizens can now earn 8.75% on an investment tenor of 36 - 60 months
    • Existing customers will get 8.65% on 36 - 60 months tenor 
    Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv, has revised its Fixed Deposit (FD) rate of interest to 8.75% for senior citizen and 8.65% for the existing loan and FD customers. The company is offering this interest rate under the cumulative option and on an annualised basis under non-cumulative option. The new Fixed Deposit customers would get 8.40% instead of 8.10% earlier.
     
    Bajaj Finance Fixed Deposit has been accorded 'FAAA/Stable' rating by CRISIL and 'MAAA (Stable)' rating by ICRA which indicates the highest degree of safety regarding timely payment of interest and principal on the instrument.
     
    In 2014, Bajaj Finance Fixed Deposit business started with an approximate book size of Rs. 200 crore, which as of 31st March 2018 stands at Rs. 7,569 crore. This growth is testimony of the exceptional response by the retail investor community and financial advisors.
     
    Bajaj Finance Limited has introduced a special tenor scheme of 15 months for deposits starting from Rs. 1,00,000. Wherein the interest rate is up to 7.85% for new customer and 8.20% for senior citizens.
     
    Features and benefits of Fixed Deposit:
     
    Higher interest rates for senior citizens
    Rate of interest for senior citizens increased from 8.40% to 8.75%, an increase of 0.35%
     
    Minimum deposit and flexible tenors
    Customers can invest in Bajaj Finance Fixed Deposit with an amount starting from Rs. 25,000 and get flexible tenor options from 12 to 60 months
     
    Special tenor of 15 months
    Customer planning to invest for a short-term but with a higher amount, can opt for the 15 months deposit scheme and earn up to 7.85% on deposits starting from Rs. 1,00,000.
    About Bajaj Finance Limited

    Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 21 million customers across the country. Headquartered in Pune, the company's product offering includes Consumer Durable Loans, Lifestyle Finance, Personal Loans, Loan against Property, Small Business Loans, Home Loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and Rural Finance which includes Gold Loans and Vehicle Re-Financing Loans. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
     
    To know more, visit: https://www.bajajfinserv.in or give a missed call on 9266002288. T&C apply.

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    Business Wire India

    Visa (NYSE: V) announced two new programs designed to support European FinTechs who are developing the next generation of digital payment solutions.

     

    Starting in July, FinTech start-ups based in Europe can onboard to Visa’s global network in as little as four weeks. The new FinTech fast-track program provides rapid onboarding and reduced fees to help early stage start-ups gain access to the capabilities that lie within Visa’s global network to power their own ideas.

     

    Additionally, Visa has launched a $100m European investment program to support the thriving FinTech ecosystem in Europe and grow its investment activity in start-ups.

     

    Speaking at the Money 20/20 conference in Amsterdam, Visa’s CEO for Europe, Charlotte Hogg, said: “These are exciting times for payments in Europe. The introduction of new regulation, combined with dramatic changes in consumer behaviour and rapid technology developments, have transformed Europe into a region where new commerce ideas are born every day. This creates an incredible opportunity for new and existing payment companies to deliver more seamless, simple and secure payments that people demand.

     

    “At Visa we are open for all players to take advantage of the reach, capabilities and security of our global network to grow their businesses. Our commitment is to be the most responsive and supportive network for both emerging payment players and our existing clients and partners.”

     

    Visa’s Fast-Track Program

     

    A key element of Visa’s FinTech engagement activity is a fast-track initiative making it possible for start-ups to on-board with Visa in just four weeks.

     

    Visa will partner with providers to sponsor start-ups who wish to participate in the program and offer consumers and merchants new and innovative digital commerce experiences.

     

    At launch, Visa will be working with Contis, the alternative banking, payments and processing platform provider. The program will launch in July, initially focusing upon UK-based start-ups who can register their interest now at www.visaeurope.com/fintech. Additional European markets will be added soon with a view to global expansion of the program.

     

    Visa Investment and Partnership

     

    Visa has also launched a $100m investment program. The focus will be on supporting start-up businesses that are innovating in the arena of open banking and those using emerging technologies that have the potential to create new secure, commerce experiences.

     

    Visa has already made a series of FinTech investments globally including Klarna, solarisBank and Payworks in Europe. European FinTech investment totaled around $4.7 billion in 2017, according to KPMG1.

     

    Additionally, several payment platforms and FinTechs are collaborating with Visa to create new consumer and merchant experiences, including Contis, EVRY, Jaja, Revolut and Wirecard. [Hyperlink to company websites]. Any FinTechs interested in working with Visa can visit www.visaeurope.com/fintech to get in touch.

     

    # # #

     

    Comments from partners working with Visa to create new and simplified commerce experiences:

     

    Flavia Alzetta, Chief Executive Officer, Contis said: “In a world that is being fundamentally reshaped by technology, it is crucial that key parties pull together to remove the friction that stifles disruption across the financial services sector. We are delighted to partner with Visa to launch the FinTech fast-track initiative that will fuel innovation and boost the growth of the next generation of financial services providers.”

     

    Christer Jonsson, SVP Card, EVRY Financial Services, said: “FinTechs and startups are in the forefront of developing the next generation of digital payment solutions. EVRY is delighted to collaborate with Visa to give European FinTechs and startups easy access to both the Visa network and EVRY´s complete service portfolio of cards and innovative payment solutions, securing swift time to market. The collaboration ties in well with EVRY´s plan for further European expansion.”

     

    Kyrre Riksen, CMO/Co-Founder, Jaja said: “Jaja is an innovative mobile-first credit card provider with a strong focus on simplifying the customer experience. We are working in close partnership with Visa as we prepare for our launch later this year when we will begin issuing Visa credit cards to UK consumers and small businesses. Working with Visa we will be rolling out a superior service and unique features, allowing customers to open accounts instantly, giving them real-time access to their spending, and enabling them to share their credit limits with others.”

     

    Nikolay Stronosky, Founder & CEO, Revolut, said: “Nearly two million people across Europe have already signed up to Revolut, a number which has been steadily increasing since we began issuing Visa cards in 2017. Having made our mark in Europe, Revolut is now forging ahead with ambitious plans to expand into new markets in Asia and the Americas. Visa has simplified its processes and accelerated internal timelines in order to support Revolut to grow faster and expand globally as we look to bring greater financial control and flexibility to even more customers around the world.”

     

    Susanne Steidl, Chief Product Officer, Wirecard said: “In partnership with Visa, Wirecard is enabling FinTechs and start-ups to develop their new commerce ideas through white label solutions and banking as a platform. In our collaboration, we are also addressing opportunities in new segments and markets, accelerating the adoption and acceptance of digital payment methods, and making full use of our joint capabilities to provide our range of customers with state-of-the-art digital products and services. For example, Visa and Wirecard will work on solutions to provide retailers with business analytics to help them streamline and improve the consumer purchase experience.”

     

    About Visa Inc.

     

    Visa Inc. (NYSE:V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit our website (www.visaeurope.com), the Visa Vision blog (vision.visaeurope.com), and @VisaEuropeNews.

     

    1https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2018/02/pulse_of_fintech_q4_2017.pdf

     

     

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