The Valence Group acted as advisor to Itaúsa on its sale of Brazilian chemical company Elekeiroz for R$160 million (EV), reduced by the net debt and proportionate to its shareholding (96.5% of total capital stock). The Company is a leading local producer of oxo-alcohols, plasticizers and anhydrides.

About Itaúsa

Itaúsa is a Brazilian holding company which controls several companies active in areas such as the financial sector; industries include wood panels, bathroom fittings and fixtures; infra-structure; and retail. It is one of the largest private conglomerates in Brazil and one of the largest in the world.

About Elekeiroz

Founded in 1894 and headquartered in Várzea Paulista – São Paulo, Elekeiroz operates in the chemicals manufacturing market. Through two production sites in Várzea Paulista and Camaçari – Bahia, the Company’s portfolio includes Oxo-Alcohols, Plasticizers, Phthalic & Maleic Anhydrides, Sulfuric Acid and other by-products. Elekeiroz has a diversified client base, comprised mainly of large global chemical companies and the Company product end markets range across many segments of the industrial and consumer markets.

About H.I.G. Capital

H.I.G. is a leading global private equity and alternative assets investment firm with $25 billion of equity capital under management. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, Bogotá and Mexico City, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion

About The Valence Group

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

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Avalara, Inc. (NYSE: AVLR) today announced the closing of its initial public offering of 8,625,000 shares of common stock, including the full exercise by the underwriters of their option to purchase 1,125,000 additional shares of common stock, at a price to the public of $24.00 per share. The shares began trading on the New York Stock Exchange on June 15, 2018 under the symbol “AVLR.”

Goldman Sachs & Co. LLC, J.P. Morgan, and BofA Merrill Lynch acted as book-running managers for the offering. JMP Securities, KeyBanc Capital Markets, and Stifel acted as co-managers.

The offering was made only by means of a prospectus. Copies of the final prospectus related to the offering may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at 866-471-2526, or by email at prospectus-ny@ny.email.gs.com, or from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 866-803-9204, or email at prospectus-eq_fi@jpmchase.com. A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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Ant Financial Services Group (“Ant Financial” or “the Company”) today announced that the Company will share a full suite of AI capabilities with asset management companies in China to support their digital transformation. Following its successful launch last year, Caifuhao, an AI-powered corporate account on the Ant Fortune platform, has brought tangible benefits to 27 fund management companies.

“By combining Ant Financial’s AI technologies with the capabilities of asset management companies in investor education and fund management, together we are making customized wealth management services more accessible for ordinary users,” said Eric Jing, Executive Chairman and CEO of Ant Financial.

With the support of AI-powered services offered by their Caifuhao account, including operational optimization, content generation, compliance and risk management, 27 fund management companies have been able to increase their operational efficiency by 70% while reducing their overall costs by 50%. Additional benefits include a 10-fold increase in the number of daily visitors, a three-fold increase in the amount invested by returning customers, and an 89% increase in the holding period among all investors. Asset management companies that have set up a Caifuhao account include Minsheng Royal Fund Management Co., Ltd., China Asset Management Co., Ltd., and Bank of Communications Schroder Fund Management Co., Ltd.

In the past, asset management companies in China lacked sufficient insights into their customers as well as cost-effective channels to reach them, limiting the ability of these companies to provide value-added services such as investor education and customized wealth management products. Launched in 2017, AI-powered Caifuhao corporate accounts on the Ant Fortune platform provide fund managers with a channel to better connect and engage with users to build their own brands.

“China’s asset management industry is experiencing an incredible digital transformation, with customer service becoming increasingly more important than sales functions,” said Guoming Zu, Vice President of Ant Financial's Wealth Management Business Group, at the Ant Fortune Partners Summit held in Beijing on June 19, 2018. “With our proven track record of supporting financial institutions, Ant Financial is ready to share full suite of AI capabilities to ecosystem partners in the asset management industry.”

More than 100 asset management companies have signed up to join the Ant Fortune platform since its inception in 2015, representing over 90% of all fund management companies in China. This has resulted in more than 4,000 wealth management products being made available to tens of millions of individual Ant Fortune users.

Sharing technological capabilities that allow other businesses to better serve customers has been part of Ant Financial’s DNA since the birth of Alipay in 2004. After opening up its payments services to a wide range of online and offline businesses, Ant Financial announced an “Internet Booster” plan in 2015 to support the digital transformation of traditional financial institutions by sharing Ant Financial’s technological capabilities.

In recent months, Ant Financial has accelerated its pace of opening up its technological capabilities to financial institutions. Banks including Huaxia Bank, China Everbright Bank, Shanghai Pudong Development Bank, China CITIC Bank, and Bank of Tianjin have signed strategic cooperation agreements with Ant Financial to support the banks’ digital transformation.

About Ant Fortune and Caifuhao

Launched in 2015, Ant Fortune serves as a comprehensive wealth management platform that caters to individual consumers with little financial management expertise. In the past, a vast majority of wealth management products were designed for high-net worth investors and portfolio management which requires both time and expertise. Ant Fortune aims to provide investment options for those who have little time or know-how to increase their wealth by lowering the threshold of participation.

On June 14, 2017, Ant Fortune launched Caifuhao, a corporate account on the Ant Fortune platform for financial institutions. By June 2018, a total of 27 asset management companies had opened Caifuhao accounts to better connect and engage with end users.

By opening a Caifuhao on Ant Fortune, financial institutions gain access to Ant Financial’s AI capabilities, including better user connectivity, user profiling, operational optimization and smart marketing. These capabilities translate into increased operational efficiency and reduced costs.

About Ant Financial

Ant Financial Services Group is dedicated to using technology to bring the world equal opportunities. Our technologies, including blockchain, artificial intelligence, security, Internet of Things and computing, empower us and our ecosystem partners to serve the unbanked and underbanked, bringing more secure, transparent, cost-effective and inclusive financial services to individuals and SMEs worldwide.

Ant Financial has formed international partnerships with global strategic partners to serve local users in those markets, and we serve Chinese travelers overseas by connecting Alipay with online and offline merchants in popular destinations. By the end of March 2018, together with its global JV partners, Ant Financial served 870 million users worldwide. Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, MYbank and Ant Financial Cloud.

For more information on Ant Financial, please visit our website at www.antfin.com or follow us on Twitter @AntFinancial.

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1. Hero FinCorp becomes a co-founding signatory to the globally applicable Guidelines for Investing in Responsible Digital Financial Inclusion
2. Hero FinCorp collaborates with over 40 FinTech investors and digital finance innovators for launching investor guidelines aimed at spreading the benefits of the FinTech revolution more widely

Citi Private Bank ardently congratulates Fernando Alonso for his impressive win at The 24 Hours of Le Mans this past weekend.

Mr. Alonso, who is also a two time Formula One World Champion, most recently competed and won the Six Hours of Spa-Francorchamps in May. In January he debuted at the Rolex 24 at Daytona. Previously he participated in the Indianapolis 500 in May of 2017. He was sponsored by Citi Private Bank for all four races.

Alongside the Indianapolis 500 and the Monaco Grand Prix, Le Mans makes up one third of ‘the Triple Crown of Motor Racing’. Having already won Monaco twice, Mr. Alonso is on a quest to become only the second driver in history to complete the Triple Crown.

“Fernando drove one the most thrilling races at Le Mans that I have ever seen. His stunning night time drive will likely go down as one of the greatest victories in motorsport’s history,” said Peter Clive Charrington, Global Head of Citi Private Bank. “Fernando possesses an unrelenting drive toward excellence. This coupled with his humility and professionalism makes him an asset to any team and resonates deeply with the leadership standards we pride ourselves on here at Citi and challenges us each day to be the best for our clients. We are honored to have taken this journey with him.”

Citi Private Bank is one of the world’s fastest growing private banks; dedicated to serving worldly and wealthy individuals and families, providing customized private banking across borders. With approximately $460 billion in global assets under management, the franchise includes 48 offices, serving clients across 116 countries. Citi Private Bank helps clients grow and preserve wealth, finance assets, make cash work harder, preserve legacies, and serve family and family business needs through objective advice and a truly open architecture investment platform. The firm offers clients products and services covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance, banking and aircraft finance, as well as art and sports advisory and finance.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

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Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, today announced it has entered into a binding agreement with a syndicate of investors, including a fourth round of equity participation by Rimini Street’s largest shareholder, Adams Street Partners, to refinance its current credit facility with the issuance of $140 million of Series A convertible preferred stock and 2.9 million shares of common stock. Closing is subject to a shareholder vote and certain other customary closing conditions. Holders of a majority of the Company’s common stock have agreed to vote in favor of the transaction, and the Company expects the transaction to close in the third quarter of 2018.

The transaction is expected to unlock more than $95 million of cash flow over the next three years as compared to the current credit facility. The transaction extends the expected financing maturity from 2020 for the current credit facility to 2023 for the new financing, when the preferred equity may be redeemed by the holders in full.

The Series A convertible preferred stock is subject to an original issuance discount of 5%, has a conversion price of $10.00 per common share (representing a 72% premium over the $5.83 closing price per common share on June 15, 2018), a cash dividend of 10% per annum paid quarterly and a payment-in-kind (PIK) dividend of 3% per annum capitalized quarterly. Rimini Street may redeem for cash up to $80 million of the convertible preferred equity under certain circumstances within the initial three years, subject to ‘make whole’ dividends for that period, and after three years may redeem all of the preferred equity or force its conversion into common stock under certain circumstances.

Rimini Street will also issue approximately 2.9 million shares of common stock to the investors, and the redemption obligations of the company will be secured by promissory notes. Additional material terms of the financing, including when the promissory notes may replace the preferred stock, can be found in the Company’s SEC filings.

“Rimini Street has delivered 49 consecutive quarters of revenue growth by providing value-driven, innovative support solutions and exceptional service that meet the support service needs of enterprise software licensees worldwide,” said Seth A. Ravin, Rimini Street CEO. “This $140 million Series A convertible preferred equity transaction achieves one of our stated 2018 financial priorities by replacing our current credit facility with an equity instrument that provides the Company a significantly lower cost of capital over the next three years, and more operational flexibility to invest in new products, services and growth.”

Transaction Advisors

Cowen served as exclusive financial advisor and placement agent to Rimini Street. Gibson Dunn & Crutcher LLP acted as legal counsel to Rimini Street.

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, based on both the number of active clients supported and recognition by industry analyst firms. The Company has redefined enterprise software support services since 2005 with an innovative, award-winning program that enables licensees of IBM, Microsoft, Oracle, Salesforce, SAP and other enterprise software vendors to save up to 90 percent on total support costs. Clients can remain on their current software release without any required upgrades for a minimum of 15 years. Over 1,580 global Fortune 500, midmarket, public sector and other organizations from a broad range of industries currently rely on Rimini Street as their trusted, third-party support provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (IR-RMNI)

Forward-Looking Statements

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations as to timing and successful completion of the equity financing transaction, future events, future opportunities and growth initiatives, and projections of cost savings. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, closing of the financing transaction described herein, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse litigation developments or government inquiry; the final amount and timing of any refunds from Oracle related to our litigation; our ability to refinance existing debt on favorable terms; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the success of our recently introduced products and services, including Rimini Street Mobility, Rimini Street Analytics, Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of RMNI common stock; and those discussed under the heading “Risk Factors” in Rimini Street’s Annual Report on Form 10-K filed on March 15, 2018, as updated from time to time by Rimini Street’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2018 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

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UB QFPay, the joint venture between Dubai-based United Brands and China-based QFPay, announced today that it has collaborated with Noor Bank, a leading Shari’a compliant Bank in UAE, to bring new mobile payment and digital marketing solutions to Emaar in UAE.

As part of this roll-out, various iconic attractions of Emaar such as At the Top Burj Khalifa, Dubai Aquarium & Underwater Zoo, VR Park and Dubai Ice Rink can now accept seamless mobile payments from Chinese visitors using China’s popular Alipay wallet.

In addition to Emaar, UB QFPay has on-boarded a wide network of merchants from luxury fashion brands, restaurants, taxis, hospitality to shopping malls in Dubai, offering local merchants their tested mobile payment technology, digital marketing services and extensive on-the-ground support and technical services that will greatly help merchants in UAE.

Patrick Ngan, Co-Founder and President of QFPay said, “QFPay, who has served over 1 million merchants in China and Asia, is excited to bring more success to merchants through UB QFPay, our joint venture company in UAE, by helping merchants to interact more with their consumers through features such as location-based merchant recommendations, exclusive coupons, and instant tax refund at airports.”

About UB QFPay

UB QFPay is established to redefine the mobile payment landscape across UAE by offering secure mobile payment solutions to local merchants which target the growing number of Chinese and Asian tourists in the region. This is the first joint venture of its kind in UAE. For details, please visit: www.ubpay.ae or call 800 82729.

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Intuit (NASDAQ:INTU) announced the opening of the 2018 Global Firm of the Future contest, inviting bookkeeping, full-service accounting and tax firms based in Australia, Canada, the United Kingdom, the United States and, for the first time, India to enter for a chance to win the coveted title of Intuit QuickBooks Global Firm of the Future. Intuit QuickBooks and ProConnect Group are encouraging firms that embrace technology innovations to enter the contest and show how their firm is of the future. New this year, firms are also asked to include a story of how they have helped a small business client overcome a challenge and achieve success. Participating firms and the small business clients named in their submissions will have a chance at over $135,000 USD in prizes, including cash prizes and an all-expense paid trip to Intuit’s annual QuickBooks Connect conference, November 5-7, 2018 in San Jose, California, where the grand prize winner will be revealed. In addition to cash and prizes for contest winners and runners-up, Intuit QuickBooks this year will also be making a donation to Kiva.org (up to $25,000 USD) during the public voting phase of the contest that determines the global winner.

“We are continuously amazed by the inspiring work of our accounting and tax partners, and we expect this year’s contest to be another exceptional showcasing of their work and the success they help small business clients achieve,” said Rich Preece, global leader of the Accountant Segment, Small Business and Self Employed Group at Intuit. “We want to celebrate the firms that embrace new innovations, push boundaries and evolve their practices with technology all in the pursuit of prosperity for clients.”

Preece and a global panel of qualified judges from Intuit’s Small Business and Self Employed Group and Accountant Segment will select a total of five finalists, one from each participating country, as well as 10 runners-up from all submissions, regardless of location.

How to Enter

The call for entries is now open and runs until August 12, 2018 at 11:59 p.m. ET. Bookkeeping, full-service accounting and/or tax firms based in Australia, Canada (except Quebec), India, the United Kingdom and United States can enter by going to this website: http://intuit.me/FOTF2018.

To submit an entry, firms will need to answer the following questions (in 200 words or fewer) to demonstrate why they deserve to be named the 2018 Intuit QuickBooks Global Firm of the Future:

1. How many small business clients do you serve for accounting, bookkeeping and/or tax needs?
2. What percentage of your small business clients use QuickBooks Online?
3. Explain how you save time for your firm and your clients by leveraging cloud-based accounting technologies, including QuickBooks Online, QuickBooks Online Accountant and any third party applications.
4. Describe what advisory services you perform on behalf of your clients to help them avoid pitfalls and identify growth opportunities. Please include how technology and the products you use play a role in your ability to deliver these services.
5. Tell us how your firm is leveraging the Web, digital marketing and social media to interact with clients, reach new prospects and grow.
6. Share a story of how you have leveraged cloud-based accounting technologies (including QuickBooks Online, QuickBooks Online Accountant and/or any third party applications) to help a specific client prosper and achieve success.

Firms will also need to upload one photo (collages including multiple images are permitted) that best exemplifies how it is a Firm of the Future.

By entering this contest, firms acknowledge that they have read and agree to these Official Rules.

Finalists and Voting

One finalist from each country will be announced in August 2018 as well as 10 runners-up regardless of firm location. Intuit will then provide a videographer and producer for each finalist to create a high quality video entry focused on highlighting what makes their firm a Firm of the Future. All five videos will be available in an online gallery for public voting from October 16-31, 2018.

As a bonus, for every vote and social share that takes place during the voting period in October, a donation will be made to Kiva.org (up to $25,000 USD). Kiva is an international nonprofit based in San Francisco, California that invests in entrepreneurs from underserved communities around the world who are looking to create a better future for themselves, their families and their communities.

Prizes

The top five global finalists and the small businesses identified by each firm will each receive a $5,000 USD cash prize as well as one ticket and all-expense paid trip to attend QuickBooks Connect San Jose. The grand prize winner and the small business they support will be revealed on the main stage and receive additional cash prizes of $25,000 USD and $15,000 USD, respectively. Up to 10 runners-up will be awarded a cash prize of $2,500 USD, and the small businesses identified by each runner-up will be awarded a cash prize of $1,000 USD.

Firm of the Future website

Interested firms can go to the Firm of the Future website to be inspired by the stories of past winners. The site curates actionable step-by-step guides and resources developed by Intuit and key industry leaders, and it serves as a platform for accounting and tax professionals to continue their journey towards becoming a Firm of the Future.

To join the conversation, share on Facebook and Twitter using #QBFirmOfTheFuture.

About Intuit

Intuit’s mission is to Power Prosperity Around the World. Its global products and platforms, including TurboTax, QuickBooks, Mint and Turbo, are designed to empower consumers, self-employed, and small businesses to improve their financial lives, finding them more money with the least amount of work, while giving them complete confidence in their actions and decisions. Intuit’s innovative ecosystem of financial management solutions serves partners and 46 million customers worldwide, unleashing the power of many for the prosperity of one. For the latest news and in-depth information about Intuit and its brands, visit Intuit.com and follow on Facebook.

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Every year, India generates a staggeringly obscene 55 million tons of Municipal solid waste along with 38 billion liters of sewage waste predominantly from its urban pockets. This is multiplied critically by additional solid and liquid wastes churned out by the rapidly scaling industries. With more people expected to move from rural to urban areas in the future combined with rising wages and energy consumption, the waste proportions are likely to expand exponentially. The estimate of the amount of waste generated in India is expected to soar rapidly at a per capita income of approximately 1-1.33% annually. This will have a dramatic impact on the land used for disposal, costs of collecting and transporting waste and environmental degradation as a result of expanding waste generation levels.
 
Most wastes generated in India percolate into land and water bodies without proper treatment, causing severe water pollution. They also emit greenhouse gases like methane and carbon dioxide, and add to air pollution. Any organic waste from urban and rural areas and industries is a resource due to its ability to get degraded, resulting in energy generation. The problems of waste can be significantly mitigated through the adoption of environment- friendly waste-to-energy technologies that will allow treatment and processing of wastes before their disposal. These measures would reduce the quantity of wastes, generate a substantial quantity of energy from them, and greatly reduce environmental pollution. Bitcoin & Etherium has begun adapting to these environmental realities, remarkably efficiently by embracing the renewable model of waste to renewable energy. 4NEW, which is a cryptocurrency production firm led by UK entrepreneur Varun Datta is dedicated to making this an economic reality. They have invested in two new plants in the UK recently to harness Etherium and Bitcoin by the means of waste management. Their mining procedure reflects the ethos of making industrial endeavors better, safer, environment-friendly, less wasteful, renewable and sustainable for the long-term future of this exciting currency. Despite a series of warnings issued by the central banks that digital currency is risky and unregulated investment, interest in Bitcoin in India is rapidly on the rise. Although the cryptocurrency is known for its volatility, it has gained appeal along with other virtual currencies following India’s demonetization move last year. Among the youth especially, Bitcoin is gaining fast popularity because of expectations of getting high returns in a quick amount of time. Its rapid rise has drawn millions of new Indian investors, which is boosting the demand even further. The fear of missing out on this global watershed movement for how we perceive and exchange currency is gaining strong traction among the Indian populous. In this fevered frenzy, men like Varun Datta are stepping to the fore by developing new and exciting and renewable ways to generate crypto-currencies which can provide solutions to India’s tremendous waste problem and also be an encouraging indication for the Indian investors. It will take a lot more visionaries like Varun Datta, to spot opportunities and leverage technologies to fulfil India’s vision of being a leader in global cleanliness and waste re-utilization. Perhaps, in the near future, seeing the immense demand for this technology and its potential in harnessing waste to energy, the Indian government will open its eyes and possibly take the validity and power of cryptocurrency more seriously and consider making it mainstream, locally for a cleaner India. In the meantime, Varun Datta is building, redefining and revolutionizing a clean, green and renewable currency abroad with intentions of introducing his expertise and learning into India by 2019.

MYbank, a leading online private commercial bank in China with a focus on SME financing, has announced the launch of the Star Plan to open up its proven AI, computing and risk management capabilities to financial institutions in China. Through sharing these technological capabilities, MYbank aims to enable 1,000 financial institutions to provide more cost-effective financing services to 30 million SMEs and farmers in China in the next three years.

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Announcing the launch of the Star Plan at the 2018 SME Financing Summit in Hangzhou, Eric Jing, Chairman of MYbank, Executive Chairman and CEO of Ant Financial, said, “The widespread application of advanced technologies in the SME financing space has dramatically improved risk management and lowered costs. With these innovations, we can unlock new opportunities for financial institutions and enable them to sustainably serve the needs of SMEs and farmers.”

According to Toward Universal Financial Inclusion in China, a joint report published by the People’s Bank of China (PBOC) and the World Bank in 2018, only 14% of China’s small businesses have access to loans or line of credits, compared to 27% of smaller firms in G20 countries. The report highlighted a number of reasons why SMEs did not apply for credit including complex application processes, high costs of obtaining a loan, insufficient loan size, and long review and approval periods. According to China’s State Administration for Market Regulation, as of July 2017, there were approximately 73 million SMEs in China.

“The traditional brick-and-mortar banking model is inefficient, with high costs and complex risk management processes. We always wanted to provide inclusive financial services for SMEs and farmers, but due to technology constraints, we were only able to service a few large scale clients in rural China,” said Neng Wang, Chairman of Guilin Bank.

“Ant Financial’s digital banking technologies helped us overcome the cost, efficiency, and risk barriers of SME financing, enabling us to service more clients in the rural market. Now, with Ant’s leading risk management capabilities, we are satisfied with the performance of our rural loan portfolio,” Neng Wang added.

Guilin Bank started working with MYbank in November 2015, leveraging its AI, computing and risk management technologies to offer collateral-free small business loans to farmers. As of June 2018, Guilin Bank had issued a cumulative RMB 350 million (approximately USD 54 million) in small business loans to more than 20,000 farmers.

With a focus on serving SMEs and farmers, MYbank was established in June 2015 and was among the first batch of pilot private commercial banks in China. It was also the first bank in China that was set up entirely on the cloud, without physical branches. As one of the brands under Ant Financial Services Group, MYbank leverages Ant Financial’s AI, computing and risk management technologies to improve customer service, increase efficiency, and reduce cost.

MYbank pioneered the “310 model” in SME financing – a business loan that takes less than 3 minutes to apply for on one’s mobile phone, less than 1 second to approve, and which requires zero human intervention. Using proprietary AI and risk management technologies, the non-performing loan (NPL) ratio for MYbank’s SME business loans has been maintained at around 1%.

Sharing technological capabilities that allow other businesses to better serve customers has been part of Ant Financial’s DNA since the birth of Alipay in 2004. After opening up its payments services to a wide range of online and offline businesses, Ant Financial announced an “Internet Booster” plan in 2015 to support the digital transformation of traditional financial institutions by sharing Ant Financial’s technological capabilities.

In recent months, Ant Financial has accelerated its pace of opening up its technological capabilities to financial institutions. On June 19, 2018, Ant Financial announced that it would share a full suite of AI capabilities with asset management companies to increase operational efficiency and reduce costs. In May 2018, Banks including Huaxia Bank, China Everbright Bank, Shanghai Pudong Development Bank, China CITIC Bank, and Bank of Tianjin signed strategic cooperation agreements with Ant Financial to support the banks’ digital transformations.

About Ant Financial

Ant Financial Services Group is dedicated to using technology to bring the world equal opportunities. Our technologies, including blockchain, artificial intelligence, security, Internet of Things and computing, empower us and our ecosystem partners to serve the unbanked and underbanked, bringing more secure, transparent, cost-effective and inclusive financial services to individuals and SMEs worldwide.

Ant Financial has formed international partnerships with global strategic partners to serve local users in those markets, and we serve Chinese travelers overseas by connecting Alipay with online and offline merchants in popular destinations. By the end of March 2018, together with its global JV partners, Ant Financial served 870 million users worldwide. Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, MYbank and Ant Financial Cloud.

For more information on Ant Financial, please visit our website at www.antfin.com or follow us on Twitter @AntFinancial.

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MetLife China and WeSure, digital insurance platform owned by Tencent, jointly launched an annual aviation accident insurance product, named “10-Million All Year Aviation Accident Insurance”. Consumers need to purchase this product only once a year to enjoy aviation accident insurance coverage all year round, making it easy and more convenient.

While aviation accident insurance is important for business travellers, it is a complex process to select the product and complete the process each time one books a ticket. The numerous aviation insurance provided by different insurance companies makes it even more confusing and difficult for travellers to make their choice. The annual card type product “10-Million All Year Aviation Accident Insurance” is to make the process easy and convenient. By accessing the Insurance Service through WeChat’s wallet entrance, travellers can go to purchase insurance solutions for any flight around the world with just one click, no longer having to worry about the insurance each time when travelling by plane.

Priced at as low as 68RMB, covering unlimited times of flights and offering up to 10 million RMB compensation, the “10-Million All Year Aviation Accident Insurance” has dominant advantages in saving both time and money. Consumers can not only purchase the product on WeChat, but also enjoy multiple services, including coverage status check, flight reminder and weather report.

Siyi Sun, CEO of MetLife China, said, “From testing waters by introducing insurance solutions to travellers before the Qingming Festival, to the launch of the ‘10-Million All Year Aviation Accident Insurance’ before the coming of a peak travel season in the summer break, MetLife China has redefined travel insurance solutions. This not only accelerates our digital footprint, but also underlines MetLife’s determination to offer consumers more and faster end-to-end protection solutions in the digital age.”

Alan Lau, Chairman and CEO of WeSure, said “As consumers travel more frequently, we plan to offer more products to fit their different needs. The ‘10-Million All Year Aviation Accident Insurance’ focuses on creating a more flexible and convenient protection experience for hundreds of millions of consumers.”

Earlier this year, in March, MetLife China and WeSure formed a strategic partnership to offer insurance solutions to travellers in the digital era. This alliance marries WeSure’s capability in social scene application, with MetLife’s experience in insurance services. The upgrade of the highly acclaimed insurance solutions is inevitable. Not only does the product extend from “complementary insurance” and “single purchase” to global annual insurance cover, but also reaches a larger consumer population of 100 million.

About Sino-US United MetLife Insurance Company Limited

Sino-US United MetLife Insurance Company Limited (MetLife) was incorporated as a joint venture company formed by a subsidiary of MetLife, Inc. and Shanghai Alliance Investment Ltd. (SAIL). Supported by the MetLife companies' experience in the insurance industry and SAIL's expertise in the Chinese market, MetLife is committed to provide the trusted and professional insurance solutions to consumers in China. MetLife offers life and accidental insurance and savings products to individuals over twenty cities in China through its career agency, bank partners, direct & digital Marketing. For more information about MetLife, please visit the company's website at www.metlife.com.cn.

SAIL is a state-owned investment company affiliated to Shanghai National Capital Bureau. By fully utilizing its resources and strengths, SAIL is focused on the investment in the financial services and high-tech industries. SAIL contributes to the national economic growth by committing itself to promote industry innovation and development in Shanghai, as well as national growth.

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.

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Axis Bank Kargil Branch

• ₹ 30 lac personal accidental cover
• Up to ₹ 30 lac partial & total permanent disabilities cover
• ₹ 2 lac worth of education benefits for wards of defence personnel (in case of accidental death)
• Zero processing fees on home, personal and auto loans

AlipayHK and GCash today announced the launch of a cross-border remittance service through their e-wallet platforms, powered by cutting-edge blockchain technology developed by Alipay, the online payment platform operated by Ant Financial Services Group (“Ant Financial”, “Ant”). This is the first blockchain-based cross-border digital wallet remittance service globally, offering a fast, secure, convenient, transparent and low-cost way to transfer money directly between individuals in Hong Kong and the Philippines.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180625005561/en/

Mary Grace (left), who has been working in HK for 22 years, demonstrated how it took her 3 seconds to transfer money to her family back in the Philippines, through the mobile payment app AlipayHK (Photo: Business Wire)

Alipay has applied blockchain technology to streamline the remittance process, radically improving the speed of delivery, enhancing transparency of the process and drastically reducing costs while ensuring better security measures when sending money across borders. This service between GCash and AlipayHK will provide round-the-clock, real-time money transfer between Hong Kong and the Philippines at a competitive exchange rate with much lower transaction fees, which will be further waived during an initial three-month trial period. With a few taps through AlipayHK’s mobile phone application, money will be transferred within seconds to a GCash user.

Blockchain technology allows us to change and radically improve the speed and efficiencies for remittance services. Based on the smart contract, once a user submits a remittance application, all network participants including AlipayHK, GCash and Standard Chartered Bank, the first and core partner bank supporting on this initiative, are notified. The segmented procedures of the remittance process can consequently take place in parallel, enabling the verification and execution of the transaction to occur simultaneously. Through the blockchain platform, the sender and receiver are also able to track their money with every step of the way – from when the remittance application was made, until when the receiver successfully obtains the money. All information stored, shared or uploaded through the blockchain remittance platform is further encrypted with the most advanced protocols to protect the user’s privacy.

“We are very excited to introduce this new remittance solution to our users in Hong Kong, and in particular to the Filipino community in the city,” said Jennifer Tan, CEO of Alipay Payment Services (HK) Limited (APSHK). “What used to be a long process of physically going to a remittance booth, queuing in line for hours and filling out forms, is now easily and securely done over the mobile phone in just a few seconds. Together with GCash, we aim to provide Filipino expatriates a more convenient, seamless experience to transfer money back home to their families in the Philippines. We will also continue to provide tailor-made solutions for our customers as we aim to enhance their daily lives through our secure and fuss-free approach.”

Canning Fok, Group Co-Managing Director of CK Hutchison Holdings and Chairman of Alipay Payment Services (HK) Limited said, “This cooperation with GCASH to bring remittance to the Philippines using the new technology is the first step and there are many other places Hong Kong people need to remit money. I’m happy to see that the AlipayHK team is hard at work to expand this service to more people, bringing us closer to our families and friends with a cheaper and quicker solution.

Anthony Thomas, President and CEO of Mynt, the operator of GCash said, “GCash is building a cashless ecosystem to make financial services affordable and accessible to every Filipino as we aim to provide the Philippines’ underserved market with convenient options for load top-up, remittance, and cashless payments for goods and services, among others. This time, in partnership with AlipayHK and Ant Financial, GCash is able to achieve another breakthrough to make sending money to the Philippines easier, more convenient, and more secure for Filipinos abroad. We believe that for overseas Filipinos, sending money home to their family’s GCash mobile wallet will soon be the norm.”

Standard Chartered has been an integral partner in the development of the solution and will provide the underlying banking infrastructure to support this pivotal initiative.

Lisa Robins, Global Head, Transaction Banking, Standard Chartered, said, “Remittances are a lifeblood of many communities in the Philippines, the third largest remittance market with US$33 billion of inflows in 2017. We are proud to collaborate with Ant Financial, and act as their banking partner for this new service to make remittances easier, cheaper and more secure. This evidences our joint commitment to deliver financial services to the unbanked and underbanked and exemplifies our “Here for Good” brand promise.”

Eric Jing, Executive Chairman and CEO of Ant Financial said, “We are thrilled to witness AlipayHK and GCash jointly launch the groundbreaking cross-wallet remittance function. Ant Financial is dedicated to exploring fintech breakthroughs and applying them to benefit more people in more places. This is a new starting point and significant step forward in accelerating Alipay’s pace to promote tech for good, and financial inclusion globally. Through leveraging our technological capabilities, we are committed to bringing financial services to the large underserved populations in Asia and beyond together with our ecosystem partners who share our vision and mission.”

“Ant Financial and Alipay have been exploring the cutting-edge blockchain technology since 2015. Blockchain is revolutionizing the remittance industry, and we look forward to further innovating and expanding the application of the technology in global remittances, together with local wallet partners and other ecosystem partners,” Jing added.

Since the launch of Alipay in 2004 and the establishment of Ant Financial in 2014, the Company has built an integrated technology platform and ecosystem of partners to bring more secure, transparent, cost-effective and inclusive financial services to individuals and SMEs globally. The Company will continue to invest in developing its blockchain, AI, security, IoT and computing capabilities to upgrade its global technology platform for the next generation.

Starting from 2015, Alipay has formed nine strategic partnerships with local partners outside Chinese mainland, sharing their technology know-how and risk management capabilities to provide more mobile payment and inclusive financial services to local users. In the year ended March 31, 2018, Alipay, together with its global partners, served approximately 870 million annual active users globally and over 15 million small businesses in China.

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About AlipayHK

The electronic wallet is operated by Alipay Financial Services (HK) Limited, the licence holder of Stored Value Facilities, and supervised by the Hong Kong Monetary Authority. APSHK is a joint venture established and managed by the CK Hutchison Holdings Limited and Ant Financial Services Group. For more information, please visit www.alipay.hk

Currently, over 20,000 local retail outlets have supported electronic wallet for payment, covering large chain stores, supermarkets, wet markets, taxies and others. Features of electronic wallet include payment on Taobao and TMall, P2P transfer, electricity payment, telecom payment, etc., making Hong Kong residents’ lives more convenient by integrating mobile payment into daily lives.

About GCash

GCash is an internationally-acclaimed micropayment service that transforms the mobile phone into a virtual wallet for secure, fast and convenient money transfer. GCash can be used to buy prepaid load, pay bills, send money, make donations, shop online and even purchase goods without the need to bring any cash. For more information, please visit https://www.globe.com.ph/gcash

About Ant Financial

Ant Financial Services Group is dedicated to using technology to bring the world equal opportunities. Our technologies, including blockchain, artificial intelligence, security, Internet of Things and computing, empower us and our ecosystem partners to serve the unbanked and underbanked, bringing more secure, transparent, cost-effective and inclusive financial services to individuals and SMEs worldwide.

Ant Financial has formed international partnerships with global strategic partners to serve local users in those markets, and we serve Chinese travelers overseas by connecting Alipay with online and offline merchants in popular destinations. By the end of March 2018, together with its global JV partners, Ant Financial served 870 million users worldwide. Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, MYbank and Ant Financial Cloud.

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The volatile nature of the cryptocurrency market is the largest threat that keeps a majority of investors away from the industry, and many businesses from wide adoption of blockchain. The Smartlands Platform solves this challenge by creating the necessary legal framework to enforce assets tokenization in full compliance with the law.

Smartlands is going to employ a crowdfunding platform license to create a solid foundation for the future of assets tokenization within the platform. In order to be fully compliant with the law, the company plans further expansion by launching a new office in Vilnius.

Asset-backed tokens issued on Smartlands, under crowdfunding platform license, will be sold as securities. The tokens will combine the advantages of blockchain technology and classical investment instruments. They will be in compliance with the legislation of the European Union, provide greater protection for investors, and will be a secure tool to attract investments for companies, whilst providing flexibility to a crowdfunding framework.

How Smartlands Can Ensure Stability for the Cryptocurrency-Based Economy

We have carefully chosen Lithuania, because it is one of the few countries with very clear and concise legislation governing crowdfunding, cryptocurrencies, and related institutions. The development of the cryptocurrency market in the country is welcomed by the authorities, while Lithuania is part of the EU so tokens issued in compliance with its legislation gains the full access to the EU, EEA, and other markets.

Next Steps in the Smartlands Platform Expansion

Following this expansion, we have our eyes set on the United Kingdom. The UK is a primary location in our growth roadmap, and we plan to acquire a similar license there, as we are doing in Lithuania.

The UK is a hotbed of FinTech developments, large potential investors, and international investment opportunities. Many of the UK-based real estate assets are potential targets for tokenization, so further expanding into the UK opens up to more opportunities for efficient investments, capital growth and asset synergy to Smartlands.

About Smartlands

Smartlands is a worldwide Platform for tokenization of real economy. Smartlands is built on the Stellar network and employs advanced blockchain technology with fast, secure transactions and extended capabilities.

Smartlands on CoinMarketCap: coinmarketcap.com/currencies/smartlands

Telegram: https://t.me/smartlandschat

Website: www.smartlands.io

View source version on businesswire.com: https://www.businesswire.com/news/home/20180625005096/en/

American Express (NYSE:AXP) issued the following statement rom Chairman and CEO Stephen J. Squeri regarding the U.S. Supreme Court’s decision in the Department of Justice’s antitrust lawsuit:

“The Court’s decision is a major victory for consumers and for American Express.

“This was a long battle, but well worth the fight because important issues were at stake: consumer choice, fair market competition, and the ability to deliver innovative products and services to our customers, both consumers and merchants.

“As the Supreme Court stated today, ‘…Amex’s business model has stimulated competitive innovations in the credit-card market, increasing the volume of transactions and improving the quality of the services.’

“Since this case started eight years ago, we have significantly expanded the network of merchants who willingly accept American Express, and have seen merchant satisfaction steadily increase. We have also broadened the range of benefits, services and experiences that build loyalty with Card Members and make American Express their preferred payment method. We are generating strong momentum across American Express, and today’s decision will help us use our differentiated business model to help merchants build their businesses and to provide competitive value to our Card Members.”

About American Express

American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, travel services, gift cards, prepaid cards, merchant services, Accertify, InAuth, corporate card, business travel, and corporate responsibility.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s expected business and financial performance and are subject to risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including those contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 and the Company’s other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180625005978/en/