Finance industry – Hotel Oliebol http://hoteloliebol.com/ Tue, 22 Nov 2022 06:46:51 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://hoteloliebol.com/wp-content/uploads/2021/10/icon-1-120x120.png Finance industry – Hotel Oliebol http://hoteloliebol.com/ 32 32 Blades International adds two highly respected financial industry veterans to an already impressive team of advisors https://hoteloliebol.com/blades-international-adds-two-highly-respected-financial-industry-veterans-to-an-already-impressive-team-of-advisors/ Tue, 22 Nov 2022 06:46:51 +0000 https://hoteloliebol.com/blades-international-adds-two-highly-respected-financial-industry-veterans-to-an-already-impressive-team-of-advisors/ Blades International, Inc., a trade finance, cross-border brokerage and financial advisory firm, today announced the addition of Grant Johnston as Managing Director specializing in Exchange Rate Integrity® and John Welch as managing director responsible for business development and international credit. “The addition of Grant Johnston and John Welch to Blades International is great news for […]]]>

Blades International, Inc., a trade finance, cross-border brokerage and financial advisory firm, today announced the addition of Grant Johnston as Managing Director specializing in Exchange Rate Integrity® and John Welch as managing director responsible for business development and international credit.

“The addition of Grant Johnston and John Welch to Blades International is great news for our company and our customers,” said Bob Blades, President of Blades International, Inc. knowledge of the industry and put this knowledge and expertise to work for our customers. Their combined 80 years of finance experience, much of it globally across multiple industries, makes us extremely lucky to have these two new additions to our team. »

Grant Johnson

Grant Johnston has over 40 years of experience as a finance executive in the manufacturing and energy industries, including as project controller on several field developments in the North Sea, divisional finance director for the company that built part of the Channel Tunnel (Chunnel) boring machinery, a finance manager and briefly the operations manager for one of California’s first wind farms.

Over the past two decades, Grant has held several senior financial positions with international energy services company John Wood Group PLC. Specifically, he led the financial effort in the sale of Wood Group’s Well Support business to GE Oil and Gas for $2.7 billion and managed the North American areas of treasury, Wood Group’s corporate risk and finance.

A resident of Houston, Johnston graduated from the University of Stirling (Scotland) in Accounting and Economics and is a Scottish Chartered Accountant.

John Welch

John Welch joins Blades International after 38 years in the financial services industry. His experience includes working for Citizens Bank as Managing Director of Corporate Banking, Citibank as President of Houston Market, Wells Fargo as Senior Vice President of Commercial Banking and JP Morgan Chase as Vice President of Commercial Banking. -Senior Chairman of the Foreign Multinational Enterprise Group. His responsibilities included raising capital, both in banking and capital markets for his clients, as well as providing innovative solutions using other banking products (Foreign Exchange, International Trade Services, Treasury & Balance Sheet Risk Management , Liquidity, etc.).

John has a strong international banking experience acquired during his 27 years with the international/overseas multinational group at JP Morgan Chase. He has served on various boards of European chambers of commerce, including as former president of the Norwegian American Chamber of Commerce and the Swedish American Chamber. He was also chairman of the Greater Houston Partnership European Business Forum as well as chairman of the Houston Mayor’s International Trade and Development Council. Additionally, he was a member of the Advisory Board of Mays College of Business at Texas A&M University as well as a former member of the Commercial Banking Program Board of Trustees.

John is an Aggie through and through, graduating from Texas A&M University with a BBA in finance. He and his family reside in Cypress.

About Blades International

Founded by international banking veteran Bob Blades in 2009, Blades International, Inc. is a trade finance, cross-border brokerage and financial advisory firm in Houston, Texas. The company specializes in advising exporters and foreign companies on banking, structured trade finance, foreign exchange and letters of credit. Blades International also supports the international management of local banks.

Read the latest issue of OGV Energy magazine HERE

Posted: 22-11-2022

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Spotlight on the global and local landscape of the Islamic finance industry https://hoteloliebol.com/spotlight-on-the-global-and-local-landscape-of-the-islamic-finance-industry/ Wed, 16 Nov 2022 20:05:06 +0000 https://hoteloliebol.com/spotlight-on-the-global-and-local-landscape-of-the-islamic-finance-industry/ Lyna Mohammad Brunei Darussalam ranked 12th among the major markets in the Islamic Finance Development Indicator (IFDI) in 2020, where to date the operating Islamic financial institutions are Tabung Amanah Islam Brunei (TAIB), Bank Islam Brunei Darussalam ( BIBD), Insurans Islam TAIB General Takaful, Bank Usahawan, BIBD At-Tamwil, Takaful Brunei, Standard Chartered, BIBD Securities and […]]]>

Lyna Mohammad

Brunei Darussalam ranked 12th among the major markets in the Islamic Finance Development Indicator (IFDI) in 2020, where to date the operating Islamic financial institutions are Tabung Amanah Islam Brunei (TAIB), Bank Islam Brunei Darussalam ( BIBD), Insurans Islam TAIB General Takaful, Bank Usahawan, BIBD At-Tamwil, Takaful Brunei, Standard Chartered, BIBD Securities and SBI (B) Sdn Bhd.

Meanwhile, the supporting industries of Islamic finance are the Central Bank of Brunei Darussalam (regulator); Ministry of Religious Affairs (other government agencies); Yusof Halim & Partners; Zico Law (law firm); International Shari’ah Research Academy for Islamic Finance (Islamic financial institution) and amania (Syariah advisors).

These are some of the points shared by Rubby Sandra binti Mohamed, Head of Learning and Development Department (LDD), in her presentation on Leadership in Finance: A Potential Career for Graduates in Islamic Finance, held at Islam Sultan Sharif Ali University (UNISSA) last Monday.

Rubby presented topics on the global and local landscape of the Islamic finance industry, Brunei Darussalam’s financial ecosystem, and career opportunities in Islamic finance.

According to her, the career opportunities in Islamic finance are Islamic Finance and Accounting, Syariah Audit, Treasury, Financial Economics, Syariah Risk Management, Investment, Asset Management in securities, change analyst, digital marketing, data systems analyst and cybersecurity analyst.

Bicara Ilmuan, a conference organized by UNISSA, also saw a presentation by another guest speaker, Professor at the Faculty of Islamic Economics and Finance (FEKIm) Dr Razali bin Mat Zin, who discussed “Managing people in 21st century organizations: some issues and challenges”. .’

“The real job of a leader in an organization is not to be in charge, but to take good care of those who are in charge of them, so leaders must have empathy,” the professor pointed out. .

ABOVE AND BELOW: Photos show Rubby Sandra binti Mohamed, Head of the Learning and Development Department, and Dr Razali bin Mat Zin, Professor at the Faculty of Islamic Economics and Finance (FEKIm), s’ speaking at the event. PHOTOS: LYNA MOHAMMAD

Empathy is caring about human beings and it is a skill that can be cultivated. From a holistic perspective, leadership is not just about people’s results or productivity, but seeing them through the lens of humanism, he added.

“Some major qualities of an empathetic leader are to treat people with love and affection.”

Professor Dr. Razali shared examples of major qualities of an empathetic leader, one of which is practicing leadership style using parenting principles.

He quoted Next Jump Company CEO Charlie Kim as saying, “If you get a job at Next Jump, you can’t be fired for performance issues; in fact, if you have performance issues, Next Jump will coach and support you so you can improve to a point where you can be better than me.

Another example is Berry Wehmiller Company CEO Bob Chapman, who asked every employee – from clerks to CEOs – to take four weeks of unpaid leave at any time, and not have to take four consecutive weeks, when the company was hit by a serious crisis. financial recession in 2008.

Wehmiller had said that it was better for them all to suffer a little together, for each of them to suffer a lot.

“When people feel safe and protected by leadership, the first reaction is trust and cooperation,” Professor Dr Razali said.

He also shared the case of the former President of India, Dr. AP Kalam, who in 1979 accompanied his immediate boss, Prof. Satish Dhawan, to India’s first satellite launch programme. It turned out to be a failure, but on the same day Professor Dhawan held a press conference and said, “We will come back to the same thing next year, as a team.”

The following year, the team’s second attempt was a success. The lesson learned, according to Dr. Kalam, was “When failure happens, the leader of the organization owns it, when success happens, the leader gives it to the team.”

Attending the conference were the Rector of UNISSA, Dr. Haji Norarfan bin Haji Zainal, senior UNISSA officials and undergraduate students as well as officials from the Brunei Institute of Islamic Leadership and Finance ( BILIF).

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Major financial industry bodies deny crypto links https://hoteloliebol.com/major-financial-industry-bodies-deny-crypto-links/ Sun, 13 Nov 2022 12:25:56 +0000 https://hoteloliebol.com/major-financial-industry-bodies-deny-crypto-links/ On November 12, three major financial industry bodies denied any affiliation with Payeer and other crypto-related platforms, pointing to their lack of official recognition in Cambodia. The Banking Association of Cambodia (ABC), the Cambodian Microfinance Association (CMA) and the Cambodian Finance and Technology Association (CAFT) made the remarks in a joint statement. The press release […]]]>

On November 12, three major financial industry bodies denied any affiliation with Payeer and other crypto-related platforms, pointing to their lack of official recognition in Cambodia.

The Banking Association of Cambodia (ABC), the Cambodian Microfinance Association (CMA) and the Cambodian Finance and Technology Association (CAFT) made the remarks in a joint statement.

The press release indicates that the associations “are aware [that] some crypto-related platforms, such as Payeer, use the name of our [member institutions] without permission, and have [claimed entry into] collaboration with some banks and financial institutions [on] payments, deposits and withdrawals, investment and trading in Bitcoin, Ethereum and crypto wallets”.

“The three associations and its members deny this publicity and do not confirm any affiliation with Payeer or any cooperation in payments or cryptocurrency trading.

“We remind the public that such activities related to crypto transactions – i.e. Bitcoin, Ethereum, crypto wallets – are not permitted under current Cambodian laws.

“Therefore, the public should be careful with all such transactions and activities to avoid falling into deception, investing or trading in dangerous financial instruments, which may result in loss or damage,” the associations said. , inviting the public to share the statement with family and friends.

According to Chainalysis, crimes involving cryptocurrencies reached an all-time high of $14.0 billion in 2021, up 79% from $7.8 billion in 2020.

However, the growth in legitimate usage far outpaced the criminal analogue, with total transaction volume across all cryptocurrencies tracked by the blockchain analytics firm soaring 567% year-over-year to 15, $8 trillion last year.

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How intelligent automation is changing the financial industry https://hoteloliebol.com/how-intelligent-automation-is-changing-the-financial-industry/ Thu, 10 Nov 2022 16:10:47 +0000 https://hoteloliebol.com/how-intelligent-automation-is-changing-the-financial-industry/ Why banking, finance and insurance industries should embrace virtual agents before they are left behind By Sanjeev Kumar, VP EMEA at Boost.ai The relationship of technology with the world of finance is a relationship of contradiction. Innovation is a crucial part of the industry, and fintech in particular is a cutting-edge space. However, traditional banks […]]]>

Why banking, finance and insurance industries should embrace virtual agents before they are left behind

By Sanjeev Kumar, VP EMEA at Boost.ai

The relationship of technology with the world of finance is a relationship of contradiction. Innovation is a crucial part of the industry, and fintech in particular is a cutting-edge space. However, traditional banks remain reluctant to embrace new technologies that they view as risky and untested globally. If recent trends like the widespread shift to digital banking have demonstrated anything, it’s that the world of finance is in the midst of a seismic change and there are even bigger changes to come.

2022 has been a difficult year in all sectors. Younger generations are less loyal to service providers, brands and workplaces. In an unstable world, organizations need to stand out. Consumers are spoiled for choice and are pressed for time. It has never been more essential for banks and financial institutions to offer their customers top-notch service and implement rock-solid employee loyalty programs.

The solution lies in artificial intelligence (AI). Intelligent automation, virtual agents, and conversational AI are proven systems for financial institutions to directly manage customer and employee churn. As an ever-increasing number of financial organizations adopt these technologies, it is no longer a question of if but when conversational AI will become a necessary and mainstream solution in the financial industry.

How Intelligent Automation Works

Intelligent automation combines artificial intelligence and automation technologies to automate low-level tasks. For example, freeing up workers to focus on the tasks they were trained to do, rather than low-level administration and simple customer requests.

While intelligent automation can take many forms, one of the most common forms we see in the banking, financial services and insurance (BFSI) industries is that of virtual agents. Virtual agents use advanced natural language algorithms in the form of conversational AI to understand user intent of internal and external queries and provide contextual responses. For example, one virtual agent may be in place for customer complaints, while another will be installed to handle internal service desk requests. At the individual level, the benefit is clear for employees – job satisfaction – and for customers – service satisfaction.

Intelligent Automation in Action

It’s not just a recommendation to embrace a modern, digital customer banking experience, but at this point it’s an expectation. With banks and insurers being slow to get started, new entrants to the industry have been able to quickly capture market share by offering sleek, efficient, and user-friendly services powered by AI technologies.

Call centers generate a lot of anger from customers; they are clumsy and time-consuming; However, human interaction still plays a vital role in customer service processes. The problem is that human interaction should only be used when needed, not as a first port of call. For example, if a virtual agent can’t resolve a query, someone will be on hand to lend their expertise to resolve whatever issue it may be.

However, thanks to conversational AI, this is rarely a problem that banks and financial institutions have to deal with any longer. With the right implementation, virtual agents can resolve over 90% of customer queries. Any remaining service tickets are often more complex and can be handled by human agents, creating a streamlined, yet highly personalized service.

So what is holding organizations back?

In a word, fear. Fear of customers’ reaction to “bots” responding to their complaints. Fear around the security of allowing AI to access vast swaths of customer data. Fear of cost-benefit ratios. 85% of executives agree that fear often or always hinders innovation efforts in their organizations. Yet nine out of ten organizations do nothing to allay these fears.

While understandable, these fears are increasingly misplaced as advances in conversational AI technology have helped dispel such concerns. Clever virtual agents ensure that poorly designed chatbots are consigned to history. Security is also a priority with these solutions, ensuring that customer and query data is stored and protected appropriately. And intelligent automation doesn’t have to be expensive. Businesses can choose the scope and scope of automation they want to use, with the flexibility to test a solution before going full-blast. More importantly, conversational AI and automation technologies are no longer reserved for large enterprises with huge economies of scale; small businesses can create bespoke automation tools that also work at their scale.

Personalization is a growing facet of conversational AI and a growing priority for customers. As AI technology advances, new applications within BFSI will break out – from detecting fraudulent activity to tracking patterns to identifying potential fraud attempts by understanding keystrokes of customers and voice models – and the opportunities are endless.

The future is bright, the future is automated

Now is the time for the steady and streamlined adoption of virtual agents and conversational AI. With digital banking becoming the primary form of banking, especially as consumers become more digitally savvy, creating a cohesive digital offering for customers has never been more critical, and conversational AI has a huge role to play in enabling this.

Creating an optimal experience for customers and employees is only possible when built on a solid foundation, and it is essential that companies have the right technology to achieve this. And when it comes to building foundations, conversational AI has a huge role to play. This technology not only helps customers receive higher quality services, but employees see less time spent on mundane, low-level administrative tasks. The benefits even reach business decision makers, who can achieve greater customer satisfaction, better employee retention, and more elegant and efficient internal and external communication resolution through conversational AI.

Of course, it’s important to note that every organization’s AI solution won’t be the same, but it’s abundantly clear that very few organizations will be able to live without it in the years to come.

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Securities Finance Industry News | Sparkasse Bank Malta and Diligencia become GLEIF Validators https://hoteloliebol.com/securities-finance-industry-news-sparkasse-bank-malta-and-diligencia-become-gleif-validators/ Tue, 08 Nov 2022 11:27:56 +0000 https://hoteloliebol.com/securities-finance-industry-news-sparkasse-bank-malta-and-diligencia-become-gleif-validators/ The Global Legal Entity Identifier Foundation (GLEIF) hosted Sparkasse Bank Malta and Diligencia as validators. With the addition of these two companies, the number of GLEIF validators reaches 10 globally – covering Africa, China, Europe, India, the Middle East and South America. North. GLEIF introduced the Validation Agent Framework in September 2020, to enable banks […]]]>

The Global Legal Entity Identifier Foundation (GLEIF) hosted Sparkasse Bank Malta and Diligencia as validators.

With the addition of these two companies, the number of GLEIF validators reaches 10 globally – covering Africa, China, Europe, India, the Middle East and South America. North.

GLEIF introduced the Validation Agent Framework in September 2020, to enable banks and other regulated institutions to leverage their Know Your Client (KYC) and Anti-Money Laundering (AML) onboarding procedures to help their customers to obtain LEIs.

According to the organization, validators can use the LEI to accelerate their internal digital transformation for customer onboarding, payments and other transactions, and signing contracts.

GLEIF CEO Stephan Wolf says the processes are similar for obtaining an LEI and onboarding customers into a financial or regulated institution. A series of information related to legal status and ownership structure, among others, must be provided and verified in both scenarios.

He adds, “By deduplicating this process, validators can create efficiencies for themselves and their clients, while empowering their clients to establish a relationship of trust with any other legal entity anywhere in the world. world, regardless of language or location. Transparency and trust are at the heart of good business practices.

Paul Mifsud, Managing Director of Sparkasse Bank Malta, comments: “Our accreditation as validating agent is an important milestone. This allows us to streamline our approach to customer lifecycle management, improve our customer experience, and provide a single, powerful foundation to create new value-added services for our enterprise customers.

Sparkasse Bank Malta and Diligencia have partnered with Ubisecure, an LEI issuer. Simon Wood, CEO of Ubisecure, says GLEIF-approved validators use Ubisecure’s LEI Everywhere program to streamline LEI issuance for customer onboarding and refresh.

“We worked closely with GLEIF and our validator partners to develop the ideal solution: an automated API-driven platform that ensures validators can register LEIs without barriers or friction and at high scale,” says Wood.

“We are pleased to support Validator Agents as they contribute to the widespread adoption of LEIs and help achieve GLEIF’s goal of placing LEIs at the center of modern, connected businesses.”

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Equipment Finance Industry Size Estimate Reaches All-Time High of $1.16 Trillion in 2021 https://hoteloliebol.com/equipment-finance-industry-size-estimate-reaches-all-time-high-of-1-16-trillion-in-2021/ Fri, 04 Nov 2022 20:01:40 +0000 https://hoteloliebol.com/equipment-finance-industry-size-estimate-reaches-all-time-high-of-1-16-trillion-in-2021/ The size of the equipment finance industry reached an all-time high of $1.16 trillion in 2021, as nearly 80% of companies that acquired equipment or software used at least some form of funding to do so, according to a new study, Equipment Leasing and Finance Industry 2022 Report published by the Equipment Leasing and Finance […]]]>

The size of the equipment finance industry reached an all-time high of $1.16 trillion in 2021, as nearly 80% of companies that acquired equipment or software used at least some form of funding to do so, according to a new study, Equipment Leasing and Finance Industry 2022 Report published by the Equipment Leasing and Finance Foundation (Foundation). The study, commissioned by the Foundation and prepared by Keybridge, estimates that approximately 57% of total public and private sector equipment and software investments were acquired through a secured loan, lease or line of credit.

Click here to read more

The study builds on findings from a new survey of 617 private sector hardware and software end users on hardware and software acquisitions made in 2021. Using survey data, the Foundation can estimate the current size of the equipment finance industry, assess the propensity to fund private sector investment in key equipment verticals and end users’ anticipated plans to acquire and finance the equipment and software over the next 12 months.

Highlights of the Equipment Leasing and Finance Industry 2022 Report to understand:

The majority of equipment and software acquisitions are financed. Investments in equipment and software were historically high in 2021, increasing by 12.0% to reach $2 trillion in nominal terms. An estimated 57.3% of this investment (and 61.8% of private sector investment) was funded, giving an industry size estimate of approximately $1.16 trillion.

The share of companies using financing remains stable. 79.3% of survey respondents who acquired equipment or software in 2021 used at least one form of financing to do so (i.e. lease, secured loan or line of credit). This is nearly identical to the Foundation’s estimate for 2018, which was based on a 2019 end-user survey.

Leasing remains the most widely used method of financing. The most common method of payment used by businesses to acquire hardware and software in 2021 was leasing (26%), followed by secured loans (19%) and lines of credit (17%). Among unfunded acquisitions, cash purchases (19%) and purchases paid in full by credit card (19%) had similar shares.

The professional services sector leads the industries most likely to use financing. Of the six end-user industries for which a sufficient number of responses were collected, professional services firms were the most likely to use the financing (70%), followed by construction firms (67%) and healthcare firms. (64%). Across all six sectors, leasing remains the most widely used financing method, with secured loans being the second preferred option in most cases.

Small businesses less dependent on traditional financing. Both in terms of turnover and number of employees, small businesses are generally less dependent on financing methods when acquiring equipment or software. Propensity to fund ranged from 56-65% across most revenue brackets, but in the two smallest sales brackets (i.e., less than $250,000 and $250,000-$1 million) , it was only 30% and 41%, respectively. Similarly, businesses with fewer than 20 employees were much less dependent on traditional financing methods than medium and large businesses, opting instead to rely heavily on credit cards. Companies with more than 50 employees financed the majority of their equipment and software acquisitions.

Banks lead in financing volume. As in previous years, banks were the largest player in the equipment finance industry in 2021, accounting for 53% of equipment and software finance volume. Of this amount, approximately two-thirds was allocated to the end-user’s primary bank and the remaining one-third to a secondary bank. Manufacturers and vendors accounted for 17% of funding volume, independents 14% of volume, and fintechs another 14%.

Access to state-of-the-art equipment and technology among top reasons to fund. Companies are also likely to cite ‘protection against equipment obsolescence’ (64%), ‘tax advantages’ (64%) and ‘maximizing cash flow’ (62%) as their main reasons for financing their acquisitions of equipment and software. Compared to the 2019 survey, end users were much more likely to cite each of these reasons this year.

Positive outlook for 2022 acquisitions. A plurality of respondents expect the volume of their hardware and software acquisitions to remain the same over the next 12 months (43%), while a roughly equal percentage expects their acquisitions increase (30%) compared to a decrease (26%). Among those expecting an increase in acquisitions, a significant majority (69%) expect to use a financing method to cover at least some of the cost.

Technological considerations drive future funding. Various factors have been cited to justify the funding of additional equipment over the next 12 months. The most frequently cited factor was “technological advances and/or obsolescence” (31%), followed by “increased prevalence of remote or hybrid working” (28%), “inflation” (26% ) and “the trajectory of the pandemic and its impact. on demand or in operation” (24%). This year’s survey suggests that hardware and software end users are thinking more about inflation, the Fed’s response and the implications for their business strategy.

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How ADGM is developing a sustainable financial industry in the UAE https://hoteloliebol.com/how-adgm-is-developing-a-sustainable-financial-industry-in-the-uae/ Sun, 30 Oct 2022 04:43:38 +0000 https://hoteloliebol.com/how-adgm-is-developing-a-sustainable-financial-industry-in-the-uae/ Over the years, Abu Dhabi Global Market (ADGM), which celebrated its seventh anniversary this month, has implemented several sustainable finance initiatives to preserve the UAE’s economy and environment for future generations. Sustainable finance refers to the process of taking environmental, social and governance (ESG) considerations into account when making investment decisions in the financial sector. […]]]>

Over the years, Abu Dhabi Global Market (ADGM), which celebrated its seventh anniversary this month, has implemented several sustainable finance initiatives to preserve the UAE’s economy and environment for future generations.

Sustainable finance refers to the process of taking environmental, social and governance (ESG) considerations into account when making investment decisions in the financial sector.

Mercedes Vela Monserrate, Head of Sustainable Finance at ADGM, noted that the International Financial Center aims to develop a dynamic sustainable financial center that supports capital formation as well as the creation and issuance of products to achieve economic, social and environmental positives.

“We are closely aligned with the UAE’s initiatives, supporting Abu Dhabi, the UAE and global stakeholders in achieving the Sustainable Development Goals and the climate change goals of the Paris Agreement. With an internationally recognized regulatory regime, direct application of common law and proximity to some of the largest sovereign wealth funds, institutional investors and private wealth in the world, ADGM is ideally placed to develop a sustainable financial ecosystem that meets the needs of local and international investors. . ”

Monserrate noted that, in line with national and international initiatives, the ADGM has placed environmental and social objectives at the forefront of its own strategy.

Since 2019, initiatives such as Sustainable Finance Agenda, Sustainable Finance Working Group and Abu Dhabi Sustainable Finance Declaration have been launched to develop a thriving sustainable finance hub.

“The Abu Dhabi Declaration calls for collaboration and collective action to create a sustainable and thriving financial industry not only in the UAE, but across the region. In line with this agenda, ADGM continues to integrate the principles of sustainability in its regulatory framework, to be the first international financial center in the region to implement an ESG framework.

Monserrate said ADGM’s efforts have resulted in a concerted collaboration between public and private stakeholders in the UAE to channel attention, resources and conversation on sustainable finance.

“To reinforce our commitment to sustainable finance, ADGM will launch several new initiatives.”

In the past, ADGM published the UAE’s first set of sustainable finance guidelines, launched the Abu Dhabi Sustainable Finance Forum, the first social bond project and the first real estate investment fund. of the UAE, has adopted a series of internal sustainable principles to improve the ADGM. existing ESG practices, rolled out the Gender Equality Initiative and the Sustainable Finance Platform for investors and stakeholders to have real-time access to critical UAE- and region-specific sustainable finance data within the meaning of wide, reflecting international standards and featuring customizable indicators.

Monserrate noted that the ADGM is working with its counterpart regulators in the UAE to develop a taxonomy for sustainable projects.

“To increase the adoption and growth of sustainable finance, ADGM is enhancing its regulatory framework to include clear ESG and sustainable finance requirements in its regulatory framework.

ADGM’s recent focus on developing standards for green-labeled financial products and services aims to help investors identify investments with a sustainability objective and ensure that financial institutions incorporate the risk of change. climate in their risk management.

First “carbon neutral” financial center

ADGM is the first “carbon neutral” international financial center in the world. It is also partnering with AirCarbon Exchange to create the world’s first fully regulated carbon exchange and clearinghouse.

“While voluntary carbon markets are only one piece of the global climate finance framework, they have grown significantly in recent years, from $146 million four years ago to more than $1 billion. dollars this year. In this context, the creation of a voluntary regional carbon market in combination with the necessary regulatory framework would present a new opportunity for the UAE financial sector.

To support initiatives and innovations in sustainable development, ING is one of the banks with which ADGM collaborates in three areas of sustainable finance, namely regulation, collaboration and capacity building.

“At ING, sustainability is at the heart of what we do. We monitor and manage the impact of our operations on the climate and source 100% renewable electricity for buildings under our management control. We have been integrating sustainability into our sourcing processes and offsetting our remaining carbon emissions since 2007,” said Sebastian Frederiks, Head of Wholesale Banking Middle East, ING Bank.

“The biggest impact we can have is with our funding. We are committed to steering our lending portfolio towards the Paris Agreement’s climate target of 1.5 degrees, or net zero by 2050. We call our strategy for achieving this the Terra Approach. It focuses on the nine sectors in our lending portfolio that generate the highest emissions: oil and gas, renewables and conventional energy, automotive, shipping, aviation, steel, cement, residential mortgages and commercial real estate. »

Frederiks pointed out that following the decision to host the UN Climate Change Conference COP 28 in the United Arab Emirates, there has been a “further acceleration” in requests for customer support in the area. of the ESG.

ING supports the ADGM and the United Arab Emirates in achieving their sustainability and climate goals.

“In January 2019, ING was one of the first 25 signatories of the Abu Dhabi Declaration on Sustainable Finance. Since then, ING and ADGM have continued to work closely together on sustainable finance topics. ING can play a role by funding change, sharing our knowledge and offering our innovative solutions. All of this we are actively rolling out for our banking clients in the UAE. For example, we organize ESG awareness sessions for boards, we share best practices on risk and due diligence, we support sustainability-related lending facilities and we use our network of in-depth ESG investor distribution for green bonds.

Copyright © 2022 Khaleej Times. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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Campaign contribution data shows financial sector split between Democrats and Republicans https://hoteloliebol.com/campaign-contribution-data-shows-financial-sector-split-between-democrats-and-republicans/ Fri, 28 Oct 2022 19:34:22 +0000 https://hoteloliebol.com/campaign-contribution-data-shows-financial-sector-split-between-democrats-and-republicans/ Finance-related industries campaign contribution data obtained from opensecrets.org for Senator Wyden, D-Oregon and Chairman of the Senate Finance Committee, and Senator Crapo, R-Idaho and Ranking Member from the Senate Finance Committee, show higher support for Wyden from the securities and investment industry and increased support from commercial banks and finance and credit companies for Crapo. […]]]>

Finance-related industries campaign contribution data obtained from opensecrets.org for Senator Wyden, D-Oregon and Chairman of the Senate Finance Committee, and Senator Crapo, R-Idaho and Ranking Member from the Senate Finance Committee, show higher support for Wyden from the securities and investment industry and increased support from commercial banks and finance and credit companies for Crapo.

Senators Wyden and Crapo are well placed to have their contributions compared and used as a case study for industry support for the Democratic and Republican parties. Donations to this pair are expected to yield more insight into industry support for their respective parties than any other couple in the Senate.

They are both incumbent senators, so they would both benefit from fundraising benefits. They are both eligible for re-election this year, so donors who donate late in an election cycle are included for both candidates. They both hold seats considered electorally safe, meaning donors are unlikely to be interested in trying to sway a close election. They are also both the highest-ranking members of their respective parties’ Senate Finance Committee, so neither receives a seniority bonus than the other.

And they represent states that are not known for their financial industry, which means that many of their financial sector donors come from other states.

Research by Brandice Canes-Wrone, professor of politics at Princeton University, and Kenneth Miller, professor of political science at the University of Nevada, Las Vegas, shows that candidates who are more dependent on external donors State tend to be more responsive to the opinions of the national donor base as opposed to the opinion of the voters they represent. More secure seats, such as those held by Senators Wyden and Crapo, also tend to be more responsive to domestic voters. Given that finance is a national industry, clustered in states not represented by Wyden and Crapo, such as New York, the influence of the national donor base on financial matters should be particularly acute for both.

But why donate to a well-established candidate? If they will win either way, why not save your money? Candidates in secure seats are still required by their party to raise funds, and candidates can transfer unlimited amounts of money to national and state party committees. Therefore, contributions can still increase their prestige and influence within their party, and therefore donations can still be used to curry favor with them, the researchers found.

Research by Anthony Fowler, a professor of public policy at the University of Chicago, shows that corporations don’t normally benefit enough from electing favored candidates, at least not by a margin to justify donating. However, donors are more likely to secure meetings with members of Congress than regular voters, and donations are more of a way to get a member’s attention, access it, and cultivate personal relationships. with him and his staff. Since both Wyden and Crapo are senior members of their committees and are likely to serve until retirement, getting their attention with donations can be a valuable business investment.

With that in hand, what kind of support are the two senators getting from finance-related industries?

Using contribution data compiled from opensecrets.org, contributions from industries of interest and contributions from individuals and those from political action committees, or PACs, can be examined.

Individual contributions are capped at $2,900 per candidate per election, meaning a donor can contribute the maximum in a primary and then again in the general election, totaling $5,800 for the election cycle . In this case, PACs are organizations created by a company (union PACs are not included in this dataset) that can raise funds from employees of that company. Including both individual donations and PAC donations provides a broader view of support within the industry for Wyden and Crapo.

The data shows that Crapo received more contributions from the commercial banking sector, $64,342 from people working in this sector and $210,000 from PACs created by companies in this sector, than Wyden. Wyden’s contributions from commercial banks were $19,395 from individuals and $19,750 from PACs, totaling $39,145 compared to Crapo’s total of $274,342.

Crapo also received more from finance and credit companies than Wyden. Crapo received a total of $159,550, with $37,850 and $121,700 coming from individuals and PAC, respectively. Wyden received a total of $31,173, including $11,673 and $19,500 from individuals and PAC, respectively.

A confounding factor regarding these two industries is that Crapo is a member of the Banking, Housing and Urban Affairs Committee and Wyden is not. However, commercial banks and finance and credit companies donated more to Republicans in general in 2022.

Wyden received more money from the securities and investment industry and from donors classified as belonging to various financial sectors than Crapo. He also received more retired donors than Crapo.

Crapo received $748,754 from securities investments and backers, compared to Wyden’s $1,105,310. Donors in the miscellaneous fundraising category donated a total of $194,119 to Crapo and $311,714 to Wyden. Retired donors gave $106,692 to Crapo and $1,185,095 to Wyden.

Although retirees are an industry, their contributions are included in this analysis due to the use of financial products by members of this group. The Senate Finance Committee is involved in the issue of pension policy reform and passed the EARN Act earlier this year as part of a larger package of reform bills dubbed “SECURE 2.0.” Industry insiders believe this reform should pass this Congress and it is supported by both senators.

Following the previous pattern, various backers have given more to Democrats in general in 2022, as has the securities and investment industry. Retirees, on the other hand, gave more to Republicans ($316.7 million) than Democrats ($289 million).

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Rishi Sunak must rethink his plans to turn financial sector regulators into cheerleaders – Marloes Nicholls https://hoteloliebol.com/rishi-sunak-must-rethink-his-plans-to-turn-financial-sector-regulators-into-cheerleaders-marloes-nicholls/ Thu, 27 Oct 2022 17:06:03 +0000 https://hoteloliebol.com/rishi-sunak-must-rethink-his-plans-to-turn-financial-sector-regulators-into-cheerleaders-marloes-nicholls/ There will be many people who frown on a similar change in their own fortunes, as they face the scale of the economic crisis we are currently experiencing. Just last week the Financial Conduct Authority warned that a record number – 60% of all UK adults – were now struggling to pay their bills. The […]]]>

There will be many people who frown on a similar change in their own fortunes, as they face the scale of the economic crisis we are currently experiencing. Just last week the Financial Conduct Authority warned that a record number – 60% of all UK adults – were now struggling to pay their bills.

The new Prime Minister should focus on what he can do to help people more with their personal finances, while trying to restore order to the national landscape. But there is an equally pressing question that Rishi Sunak will have to answer regarding how our economy should work and what it should prioritize.

Behind the political hubbub of the past few months, a landmark bill that will rewrite the rules that underpin the operation of the UK’s critical financial industry is quietly making its way through Parliament – the Financial Services and Markets Bill.

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Marloes Nicholls is Head of Policy and Advocacy for the Finance Innovation Lab

One of the main authors of this bill was actually Rishi Sunak when he was Chancellor.

But if its contents are any indication of the direction its policies in the highest office will now take, those seeking it to put the interests of the public first might be disappointed.

Instead, a key pillar of the bill is to fundamentally undermine effective regulation of the financial sector. The independent regulators who are supposed to protect us from the city’s misdeeds will now aim to promote the “international competitiveness” of the industry they oversee.

Turning watchdog regulators into cheerleaders is a bad enough suggestion on its face, but it also ignores that it was precisely this approach to regulation that was changed in 2012 after contributing to the devastating financial crash of 2008. This disaster caused the loss of millions of people. their savings, homes, businesses and jobs, slashed every worker’s pay by £800 in the years that followed and cost the UK around £1.8trillion in lost GDP.

Alongside this, other measures that were introduced in the wake of the crash to protect us from reckless risk, such as caps on bankers’ bonuses and the “fence” that protects our savings from reckless gambling investment banks, are now also being questioned.

After the experience of the past few weeks, the downsides of pursuing growth through deregulation and favoring the wealthy should be clear, even on its own terms. The current score in Conservative Party polls shows what the British public thinks – and they also reject specific proposals in this bill.

Fortunately, there are representatives in Parliament who understand the dangers of removing these protections against financial risk-taking and another crash. Yorkshire MPs Emma Hardy and Kevin Hollinrake should be praised for working across party political lines.

They proposed changing the bill to instead give our financial regulators the responsibility (shockingly, for the first time) to ensure that everyone has access to the essential financial services they need, such as cash, home insurance and affordable credit.

It would be an important positive step in harnessing the power of our financial sector to tackle the challenges people face here in the UK. But that’s just one step – the bill needs substantial changes if it isn’t to cause more economic damage at the worst possible time.

Hopefully his term without a warrant gave Rishi Sunak the chance to realize that.

Marloes Nicholls is Head of Policy and Advocacy for the Finance Innovation Lab

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Elevenci publishes an article on the changes impacting the automotive financing sector and their effects on suppliers https://hoteloliebol.com/elevenci-publishes-an-article-on-the-changes-impacting-the-automotive-financing-sector-and-their-effects-on-suppliers/ Mon, 24 Oct 2022 15:32:00 +0000 https://hoteloliebol.com/elevenci-publishes-an-article-on-the-changes-impacting-the-automotive-financing-sector-and-their-effects-on-suppliers/ A new automotive finance landscape is emerging, as detailed in a new white paper from automotive advisory and project delivery specialist Elevenci, Automotive Finance: at the Crossroads. The paper outlines the most important trends currently impacting the automotive sector – the shift from ownership to use and changing requirements for personal transportation, to the smart […]]]>

A new automotive finance landscape is emerging, as detailed in a new white paper from automotive advisory and project delivery specialist Elevenci, Automotive Finance: at the Crossroads.

The paper outlines the most important trends currently impacting the automotive sector – the shift from ownership to use and changing requirements for personal transportation, to the smart use of connected car data and the number growing number of digital mobility solutions and employee transport proposals available on the market. .

The new white paper addresses the question of how industry transformation coupled with economic volatility will affect auto finance providers, who will need to undertake an immediate reassessment of their strategy, business models and operational activities in order to grow and to settle further. themselves in the auto finance market or run the risk of becoming less relevant and less viable.

Elevenci’s 26-page white paper offers a comprehensive overview of the drivers of change driving significant change in the way OEMs and automotive finance providers operate, including the shift from an analog-to-combustion auto platform long-standing internal to an electric and digital platform. mobility ecosystem.

The paper examines auto finance organizations (captive auto finance companies, independent banks and financial services firms, and specialist fleet and leasing companies) within the industry and how they will be affected by significant changes in the vehicle technology, customer mobility needs and increasing regulatory and societal pressures.

The document provides a self-assessment to test whether auto finance organizations are ready for the future and examines the challenges they face and the considerations they need to address to facilitate successful change.

It highlights how the most important transformation trends and issues could directly impact the business of auto finance companies, explaining how declining new vehicle sales and changing car mix ICE and BEV may encourage some auto finance companies to seek other revenue streams; how the convergence of personal and corporate auto finance and mobility offerings will drive significant revisions to corporate operating models; risks and opportunities in the industry as many OEMs adopt an agency distribution model; and the impact of new regulatory changes on the development and provision of mobility services.

Elevenci’s whitepaper contains plenty of thought-provoking content on the seismic changes facing the automotive finance landscape for readers to discuss and debate. In such a fast-paced dynamic industry, alongside economic challenges and headwinds, it’s hard to say which of these current automotive trends will take deep root in the industry and which will only be a passing phase.

You can download the white paper by clicking here

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