Cyberport FinTech InnoCon 2021 (the Conference) - a spotlight event of the Cyberport Venture Capital Forum (CVCF) - will be staged online on 1 November (Monday). It will meanwhile kick off the sixth Hong Kong FinTech Week. Themed "Innovation in FinTech Proof-of-Concept for the Hong Kong Financial Services Industry", the full-day online conference will bring together an impressive line-up of more than 30 heavyweight speakers from professional bodies, renowned financial institutions, regulators and Cyberport start-ups. Together they will decipher the latest trends and opportunities in technology applications that have arisen in all areas of financial services – from RegTech, InsurTech and environmental, social and governance (ESG) to cross-border finance in the Greater Bay Area – and many innovative cases will be shared. Christopher Hui, Secretary for Financial Services and the Treasury, will deliver the Conference's opening remarks.

Exploring post-"PoC" Scheme trends in financial innovation

As the largest FinTech community in Hong Kong, Cyberport is wholly dedicated to supporting start-ups' growth and facilitating the financial industry's digital transformation. Earlier this year, Cyberport was commissioned by the Financial Services and the Treasury to launch the Fintech Proof-of-Concept Subsidy Scheme ("PoC" Scheme) in order to boost industry innovation. Over 90 partnerships between financial institutions and FinTech companies were formed.

Eric Chan, Chief Public Mission Officer of Cyberport, says, "The 'PoC' Scheme has sparked good chemistry between participating financial institutions and FinTech companies, including start-ups. Not only did many of the PoC proposals come up with unique ideas, they also accommodated needs emerging from financial institutions' operations and market expansion. At Cyberport FinTech InnoCon 2021, these successful cases will be shared with the industry and will undoubtedly inspire further financial innovations. As a spotlight event of the Cyberport Venture Capital Forum, we also hope that the Conference will promote cooperation between financial institutions and start-ups and encourage financial institutions to support start-ups' long-term development in the form of corporate venture."

Seven panels covering a broad range of financial services

The Conference comprises seven panel discussion sessions which will explore inspiration and reflections resulting from the "PoC" Scheme; opportunities in the Greater Bay Area; use of alternative data in SME financing; value creation through environmental, social and  governance (ESG); the development of RegTech in Asia; untapped opportunities in InsurTech; and the role of family offices in driving the development of WealthTech and digital assets.

These discussions will be moderated by InvestHK, as well as representatives of professional organisations including the Hong Kong Institute of Bankers, Hong Kong Federation of Insurers and Hong Kong Securities and Investment Institute, who will explore the needs of a variety of financial industry sectors from a practitioner's point of view. Representatives of renowned financial institutions include John Wong, Head of Global Liquidity and Cash Management, Hang Seng Bank; LK Lau, Deputy General Manager for Hong Kong Branch, Deputy General Manager for FinTech Center and Chief Pace Officer, China Life Insurance (Overseas) Company Limited; Johnny Chung, General Manager, Head of Product Innovation Management Division, China Construction Bank (Asia) Corporation. Together with a number of Cyberport start-ups, they will share practical experiences from their "co-creation" and explore the new trends and opportunities the PoC Scheme brings to the financial industry.

Interested parties from the financial industry, FinTech sector and business sector as well as SMEs and investors please visit https://cvcf.cyberport.hk/en/fintech for more information and to register for free.

Main forum of CVCF to discuss post-pandemic venture capital trends

Cyberport FinTech InnoCon is one of the spotlight events of Cyberport's premier annual venture forum, Cyberport Venture Capital Forum. The CVCF aims to examine the development of and opportunities within individual industries and to promote diversified growth in innovative technology industries. With the theme of "Venturing for Success: Resilience, Growth & Opportunity", the CVCF will be held from 2 to 3 November, bringing together more than 70 industry leaders, top-notch investors, enterprises and technopreneurs to discuss and share insights on post-Covid-era trends in global venture capital and the I&T sector, investor strategies, emerging venture capital, opportunities and prospects in the Greater Bay Area and more, as well as facilitating deal flow and providing extensive opportunities for start-ups to explore fundraising opportunities.

For high-resolution photos, please download via this link

Appendix

Cyberport FinTech InnoCon 2021 Program Framework (1 November)

Koda Cryptocurrency picked up the award for ‘Most Trusted Crypto Company 2021’ at CED2021, The Crypto Expo Dubai 2021, on Friday 15th October 2021.

Koda Cryptocurrency, marketed by SummitBC Ltd, is an exciting new UK cryptocurrency based in West London who are on a mission to change the way people see cryptocurrency.

The project is gaining a strong reputation for their core values which revolves around T.E.E- Trust, Education and Ease (of use). Koda, was a diamond sponsor at CED2021, which ran from October 14-15, 2021, at Festival arena, Festival City in Dubai, and had more than 8000 people attend the hybrid event, with more than 80 crypto industry speakers and 64 crypto companies present.

The Crypto Expo Dubai is touted as the largest cryptocurrency event in the region and is a gathering for investors and crypto Industry leaders to network and explore more business opportunities in the crypto space.

The event organiser added that "Our event has delivered the best conference and enhanced networking opportunity that has helped individuals and businesses to gain the knowledge in the digital assets and blockchain industry."

Koda Cryptocurrency/SummitBC CEO James Gale collected the award on the main stage at the event and announced earlier in the day exciting plans for the project, which has now surpassed 10,000 holders and is entering the migration stage of their ‘gold standard’ token to Koda V2 following a successful audit from renowned blockchain auditors HashEx who most recently worked with Safemoon. SummitBC believe this migration will help towards their statement that they are ‘safer than Safemoon’.

Furthermore, there were updates on the highly anticipated launch of Kapex (Koda-Apex), a brand-new reward token which is currently in the whitelist pre-sale acceptance stage- approaching the general pre-sale release- and SummitSwap, SummitBC’s own revolutionary cryptocurrency swap site, which is expected to have a significant impact on the industry once it launches at the end of the year.

Since its inception in May 2021 Koda Cryptocurrency, under the SummitBC portfolio, has made a steep upward curve in the crypto world. SummitBC is led by CEO James Gale, a hugely successful business owner, developer, and serial entrepreneur. James’ vast experience in business management, marketing and systems development put SummitBC in prime position to make a huge impact, particularly in the coming months with key projects in the pipeline.

Next up on the Koda Cryptocurrency radar is the AIBC Expo Malta 2021 from November 16- 18 2021.  

For more details and event updates, visit www.koda.finance for more information

We are delighted to announce that BMLL Technologies has won the “Best Data Science Solution Provider” award at the 2021 HedgeWeek Americas Awards on 21 October 2021. Nominees were selected in partnership with Bloomberg and voted on by over 41,000 industry participants including, managers, investors and service providers.

BMLL was recognised for providing historic Level 3 order book data in a completely harmonised and information-rich format alongside a comprehensive analytics suite, all easily delivered and accessible in daily workflows.  

There is an ever-increasing demand by hedge funds for more granular quality data to improve alpha generation and mitigate risk.  BMLL’s Data Lab and Level 3 Data enables them to unlock the full predictability of pricing data and go beyond the top of the order book to analyse long-term trends and back-test strategies with the singular aim of improving trading decisions and overall performance. 

Paul Humphrey, CEO, BMLL Technologies, said: “We are pleased to be recognised by the hedge fund industry for the quality of our data science offering. Our “Data Science as a Service” platform is what makes us unique, delivering meaningful insight that clients can’t get anywhere else. Access to harmonised Level 3 Data and analytics through the BMLL Data Lab allows our hedge fund clients to find alternative sources of alpha generation”. 

He added: “I’d like to thank our incredibly talented team for their continued dedication in building industry-leading analytics products for the global hedge fund industry”.

• With furlough ended, new research reveals that over half (54%) of Finance Managers and Directors are applying for new roles or considering leaving their jobs
• Mental health also at all-time low with over a third (36%) experiencing burnout or exhaustion

The UK’s finance teams have perhaps been the unsung heroes of the workplace during the pandemic, with employees continually working hours and hours of overtime to help prop up the economy during the toughest of times for business. However, new research* Sweep has revealed that the pressures of the pandemic have led to serious levels of burnout, with the new report uncovering demotivated and diminished personnel within finance teams. 

The burdens of keeping the business afloat have made us sick!
Over the last 18 months, Finance Managers and Directors have been called upon to lead on some of the most business critical priorities and decisions for UK organisations including managing furlough, keeping redundancies at bay where possible and helping to stabilise the business. And, with furlough ending and we emerge from the COVID-19 crisis, they are now being asked to look to the next 12 months to create a plan that helps businesses recover from the crisis and build the resilience companies need to survive.

These ongoing pressures and long working hours have led to 1 in every 5 (19%) finance employees being signed off as medically sick since the pandemic began. Alongside this a quarter (25%) admitting they are regularly taking sick days as they admit the stresses are finally getting too much.

Inefficient processes are draining resources and ‘leaking money’ from the business

The research also saw Finance Managers and Directors calling for organisations to quickly make significant moves to try and alleviate some of these concerns, with technology being called out as an investment that companies must make to better support their teams. This was demonstrated by around 2 in 3 (62%) of respondents to the recent research stating that their company was leaking significant money due to inefficient finance processes. 

What does the finance team of the future need?

The last 18 months has meant that for over half (58%) COVID-19 has put the brakes on digital transformation plans for the finance teams. Alongside this, Financial Directors said that on average 24 hours (23.62 mean score) of time could be saved across the team each week if they used (better) technology to automate key financial processes. Almost three-quarters (71%) believed that automation technology was very important or critical to the finance team of the future.

A serious concern for UK business as finance teams play an integral role in economic recovery

Billel Ridelle, CEO at Sweep, commented on the research: “Given the critical role that Finance Managers and Directors are playing in the UK’s business recovery, it is concerning to hear about the impact of the pandemic on the stability of these roles.  The industry often discusses digital transformation as a critical move for strategic business growth, but it seems that finance teams have not been prioritised or the pandemic has put this on the back burner.”

He continued: “When we look to the future of the Office of the CFO in the next five years, it’s clear that technology is going to play an enormous role in attracting and retaining the most talented workforce. It should be a number one consideration for businesses as, in the upcoming months and years, both employees and customers will judge how efficient you are based on your tech stack and a lack of dynamic technology and automation will see people fast jump ship.”

Quadient (Euronext Paris: QDT), and Flywire Corporation (NASDAQ: FLYW) (Flywire) today announced a new strategic collaboration to automate and digitize business-to-business (B2B) payments globally. As a result of the partnership, Quadient’s cloud-based accounts receivable (AR) management and automation solution, YayPay by  Quadient, will extend Flywire’s digital payment solutions to its global B2B clients. 

As YayPay’s international footprint and customer base has grown, the need to provide seamless cross-border payments has increased. Flywire’s solution for B2B, which combines a next-gen payments platform, proprietary global payment network and vertical-specific software, will embed into the YayPay platform. In turn, Quadient’s  customers are expected to benefit from flexible and dynamic payments solutions that enable businesses to  accept and settle payments in more than 240 countries and territories and in more than 140 currencies.  

YayPay users can use Flywire when transacting internationally and to pay using direct debit or electronic banking.  They benefit from Flywire’s foreign exchange market (FX) management and currency exchange, automated  reconciliation and local collection and settlement. Flywire also brings enhanced transparency for YayPay users,  who can easily track when payments are coming in. For Flywire, the collaboration broadens the company’s reach  into the strong B2B segment of the AR market. 

“When the opportunity came up to partner with the YayPay by Quadient invoice and billing solution, this was a  natural fit,” said Ryan Frere, executive vice president and general manager of B2B for Flywire. “Flywire is  committed to driving operational efficiencies for business all around the world, and this partnership enables us  to extend the reach of our solution. We’re thrilled to partner with the Quadient team.” 

YayPay by Quadient is a software-as-a-service (SaaS) predictive and automated AR management solution. It is  part of Quadient’s portfolio of solutions that is bringing together AR, accounts payable (AP), customer  communications management (CCM), document automation and customer journey mapping (CJM) into an  advanced cloud-based suite that offers companies the benefits of automation and intelligent communication. 

Quadient’s vision for its software solutions is driven by its recognition that AP, AR, CCM and CJM are evolving  and converging, and a common suite of solutions simplifies the life of its customers. 

Backed by a proprietary global payments network, next-gen payments platform and vertical-specific software,  Flywire's solution for B2B enables businesses to automate their entire AR process, while also providing customers  a modern payment experience. With features like tailored invoicing, settlement and reconciliation tools, flexible  payment options, custom ERP integrations and more, Flywire enables businesses to achieve operational  efficiencies and meet customer demand. 

“This is a strategic partnership that brings two market-leading companies together, and Flywire’s incredible  network and payment architecture was the obvious choice for YayPay as we continue to expand our international  footprint,” said Anthony Venus, chief strategy and product officer, Accounts Receivable Automation, Quadient.  “Integrating Quadient’s cloud suite with leading enterprise platforms and partnering with best-in-class  technology providers like Flywire is a key aspect of our go-to-market approach.”

GLMX Technologies LLC (“GLMX”), a comprehensive technology solution for the trading of repurchase agreements and securities lending, has been approved to operate in Alberta, British Columbia, Ontario, Quebec, and Nova Scotia under an exemption from marketplace rules granted by regulators in those jurisdictions.  The exemption, which is based on GLMX’s existing regulatory structure as an alternative trading system (ATS) in the U.S. and various other terms and conditions, enables users of GLMX technology with addresses in those jurisdictions to negotiate securities financing transactions (SFTs). 

“GLMX has experienced exceptional interest from our clients in Canada. We are pleased to be able to provide GLMX technology which will enhance efficiency and transparency in the critical Canadian securities finance market.” said Glenn Havlicek, CEO and Co-Founder at GLMX. “We’re delighted that our exemption application has been granted, which allows GLMX to expand its global footprint while demonstrating its commitment to regulatory compliance in all geographies in which the Company provides its services.” 

Earlier this year, GLMX was admitted as a new member of ICMA (International Capital Market Association), joining a list of industry experts to provide strategic insights into the global capital markets landscape through innovative projects and discussion groups.

GLMX was approved in 2018 as a registered ATS with the Securities and Exchange Commission (SEC) and is an SEC-registered broker-dealer, as well as a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation. 

CGI has partnered with the Bank of Montreal (BMO) and the National Bank of Canada (NBC) to pilot the use of intelligent process automation in capturing, identifying and classifying documents as part of the CGI Trade360 global trade platform’s transaction flow. The purpose of the pilot is to help these banks and others accelerate their digital transformation by automating paper document flows, ultimately improving their trade finance operations, compliance and relationship management. CGI collaborated with technology partner Conpend, a leading provider of artificial intelligence solutions for trade finance processes, in planning and executing the pilot project.

The pilot proved the integrated CGI Trade360 and Conpend solution increased efficiency and effectiveness of trade finance processes for the participating banks. The project team also documented accuracy and data capture rates as part of a broader set of metrics, which will be used to benchmark the commercial version of the Trade AI platform.

"We at BMO view this initiative as foundational in our ambition to be a digitally enabled Global Trade Finance business. Integration to our core CGI Trade360 platform will enhance operational efficiency and our client experience with this proven intelligent process automation. We appreciate the partnership with CGI and Conpend in our digital transformation journey," said Dean Gillis, Managing Director & Head, Global Trade, BMO.

“This pilot is very exciting for National Bank of Canada since it enables us to accelerate the deployment of digital solutions for our trade finance activities. We are confident this will improve our customers’ experience while allowing us to be more efficient, flexible and agile in answering their ever evolving needs,” said Normand D’Arcy, Senior Manager, International Services, National Bank of Canada.

Marc Smith, founder and director of Conpend, said: “Via our Trade AI application, Conpend provides digital transformation software to the trade finance industry – automating the processing of both digital and paper-based trade documentation. Working collaboratively with CGI Trade360, we are able to substantially and rapidly extend our reach to global financial institutions, many of whom have been struggling with the manual processing of documentation for decades.”

Torben Sauer, CEO at Conpend, added: “This pilot is an excellent example of the Conpend-CGI partnership, and its success strongly demonstrates the transformative potential of Trade AI.”

"Financial institutions have a growing need to accelerate their digitization initiatives to become more resilient and meet increased customer and employee expectations around digital capabilities and services," said Frank Tezzi, Vice-President of Trade and Supply Chain Solutions at CGI. "With this successful pilot, our client banks are able to empower their employees and refocus on high-value work while further digitizing trade finance processes and reducing costs."

Drawbridge, a premier provider of cybersecurity software and solutions to the alternative investment industry, today announced it was named ‘Best Cyber Security Provider’ at the 2021 Private Equity Wire US Awards.

The 2021 Private Equity Wire US Awards were held on Oct. 20, 2021, in New York. The prestigious awards recognize the leading innovators and pioneers across a wide range of categories. Winners for the service provider awards were chosen via a survey of over 400 GPs and other key industry participants.

This is the second major industry award for Drawbridge in recent months, as the company was recently named ‘Best Cyber Security Firm’ at the 2021 AltCredit European Performance & Services Awards. Drawbridge was also shortlisted as Hedgeweek’s Best Cybersecurity Provider and HFM’s Best Cyber- Security Service awards this year.

“2021 continues to be a landmark year for Drawbridge, and it’s an honor to now be recognized as Best Cyber Security Provider at the 2021 Private Equity Wire Awards, decided by our customers and peers,” said Jason Elmer, Founder and CEO of Drawbridge. “This win is a testament to the loyalty of our customers and dedication of our staff, who are constantly innovating to provide our global customers best-in-class cybersecurity software solutions that help them on their journey navigating today’s complex threat landscape.”

This accolade is the latest in a string of successes for Drawbridge in 2021. Earlier in the year the company secured a growth equity investment from Long Ridge Equity Partners, and launched a new module in its flagship technology platform designed specifically for Private Equity (PE) funds to give them a single view to monitor the complete cyber risk profiles of their portfolio companies in real-time. Drawbridge has also invested in key industry talent throughout the year, naming fintech industry pioneer Scott DePetris as President & Chief Operating Officer (COO) as well as a member of the Board of Directors, and recently announcing Thomas Fallucco has joined the company as Chief Revenue Officer (CRO).