Category: Legal

Trintech Named to the 2021 AIFINTECH100 List

  • FinTech Global recognizes Trintech’s leadership in utilizing advanced Artificial Intelligence and Machine Learning capabilities to reduce the time and risk across the Record to Report process

Trintech, an industry-leading global provider of Record to Report software solutions for the Office of Finance, today announced that FinTech Global has named the company as one of the world’s most innovative AI solution providers on its inaugural AIFINTECH list for 2021. The list identifies the top 100 companies chosen by a panel of industry experts and analysts who reviewed a study of over 1,000 fintech companies undertaken by FinTech Global. The solution providers making the final list were recognized for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the financial services value chain.

Trintech has developed Financial Controls AI within its leading Record to Report platform, Cadency(R) by Trintech, to help customers quantitatively evaluate risk within the Record to Report process. Trintech’s Financial Controls AI allows customers to automate workflows based on their risk profile, all while identifying high-risk items for human review. Trintech’s Financial Controls AI strategy will continue to expand to help the Office of Finance:

– Evaluate and quantify risk across various financial close processes, entities, and functions
– Automate and optimize workflows based on risk
– Leverage insights into compliance controls through data analysis
– Develop best practices for risk evaluation, controls, automation and optimization, based on benchmarking data
– Evaluate and quantify key market trends to determine impact and drive proactive risk prevention measures

“The ability for the Office of Finance to provide real-time business-critical insights to drive confident decision-making has never been more important and we are fortunate to provide leading financial close solutions that not only speed up the Record to Report process but provide that real-time visibility to help drive those key business decisions,” said Michael Ross, Chief Product Officer at Trintech. “Over the past year, Trintech has invested heavily in its Financial Controls AI capabilities to help our customers reduce financial risk from multiple angles, save time and resources, and ultimately transform their operations.”

Cadency has helped financial institutions across the global achieve significant ROI including up to a 99% reduction in preparation time on reconciliations, up to a 90% reduction in the number of accounts needed to be reconciled and up to a 75% reduction in time for rework. Discover the ROI your organization can achieve by automating you Record to Report process.

The full AIFinTech100 2021 list is published online at www.AIFinTech100.com.

About FinTech Global
FinTech Global offers the most comprehensive data, the most valuable insights, and the most powerful analytical tools available for the global FinTech industry. FinTech Global works with market leaders in the FinTech Industry – investors, advisors, innovative companies, and financial institutions – and enables them to get the essential intelligence they need to make superior business decisions.

About Trintech
Trintech Inc., a pioneer of Financial Corporate Performance Management (FCPM) software, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

Media Contact:
Kelli Shoevlin
214-957-5009
kelli.shoevlin@trintech.com

SOURCE: Trintech, Inc.

Capital.com Grows its Global Regulatory Footprint with Expansion into Australia

  • UK’s leading leverage trading platform known for its high client satisfaction levels is granted regulatory approval to extend mobile and web-based trading services to Australian investors

Capital.com, the high-growth global fintech innovator leading the UK leveraged trading industry in overall client satisfaction, has today announced it has received a license to operate in Australia and opened an office in Melbourne. The platform will operate with an Australian Financial Services (AFS) license, granted by the Australian Securities and Investments Commission (ASIC). Recognised as one of the fastest growing fintechs in Europe, this is the latest expansion initiative by Capital.com to enable more people to seamlessly trade and invest in financial markets.

The approval of the AFS license marks Capital.com’s latest commitment to expand across the globe offering clients a highly regulated and secure trading experience. Capital.com currently has entities that are regulated by either the Cyprus Securities and Exchange Commission (CySEC) in Europe or the Financial Conduct Authority (FCA) in the UK.

“ASIC applies enhanced levels of regulation to the Australian securities market, making it one of the most comprehensive and well-respected regulators in the world. The AFS license affirms our commitment to meet the highest compliance standards worldwide, marking yet another important milestone in the strategic development of Capital.com as a fast-growing, regulated investment trading platform. Known in the UK for our excellent customer satisfaction levels, we are excited to bring our services to the tech-savvy Australian investor base and to support more people in their trading and investing journeys,” said Jonathan Squires, Group Chief Executive Officer at Capital.com.

Capital.com has an established a strong track record in Europe. In the first half of 2021, the platform reported a 400 per cent lift in new clients compared to H2 2020. Over the same period, it saw a global pick-up in trading activity, with total client trading volumes across all markets growing by more than 184 per cent. These results reflect Capital.com’s growing reputation as a platform of choice among retail traders globally.

Peter Richards, who has extensive experience in the Australian online trading and investment space, has been appointed Director of Capital Com Australia Limited. He will help drive the company’s growth as well as oversee recruitment.

“Capital.com is one of the fastest growing fintech companies operating in the retail trading space. The platform has a tremendous opportunity to grow in this region and to help more Australians access financial markets securely and responsibly. Underpinned by Capital.com’s comprehensive education resources, we aim to bring the platform’s cutting-edge technology and intuitive UX to as many Australians as possible supported by our on-the-ground teams and local expertise,” said Peter Richards, Director of Capital Com Australia Limited.

As an AFS-licensed entity, Australian clients can trade derivatives on more than 3,000 of the world’s most popular indices, commodities, cryptocurrencies, shares and currency pairs through Capital.com’s web and mobile platforms.

Australian clients will be able to access financial lessons, videos, quizzes and other trading support tools via the platforms’ free education app, Investmate app. Clients will also receive regular news feeds, financial market content and analysis through the platform’s extensive education resources available on the Capital.com website and the Youtube trading channel, Capital.com TV.

To begin using the platform, please visit www.capital.com.

About Capital.com

Capital.com is a high-growth investment trading fintech group of companies empowering people to participate in financial markets through secure, low-friction, innovative platforms that take the complexity out of investing. Its intuitive, award-winning platform, available on web and app, offers investors a seamless trading experience to over 3400 world-renowned markets. To help investors trade with confidence, the platform is enabled with robust risk management controls and transparent pricing while its all-in-one Investmate app delivers extensive financial lessons and educational content to support clients in their investment journey.

Capital.com has clients in over 180 countries with offices located in the UK, Gibraltar, Australia, Cyprus and Belarus. In 2020, the platform reported a 700 per cent growth in its client base, making it one of Europe’s fastest growing investment trading platforms with more than 2 million clients.

Capital Com (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA). Capital Com SV Investments Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), under license number 319/17. Capital Com Australia Limited is authorised and regulated by the Australian Securities and Investments Commission (ASIC) under AFSL Number 513393.

To find out more, please visit: www.capital.com.
Trading on margin is high risk and is not suitable for everyone. Refer to our Product Disclosure Statement.

This press release is for media use only. It’s not intended for individual investors, and doesn’t include personal advice or recommendations. If you don’t want to receive our press releases, please let us know by responding to this email and we’ll remove you from our distribution list.

For media enquiries, please contact:
shamillia.sivathambu@capital.com
+44 (0)7900016469

SOURCE: Capital.com

Following CMGE’s Footprints through its 2021 Interim Financial Report

CMGE Technology, the leading international IP-oriented game-based company in China, released its 2021 Interim Financial Report, recording total revenue of RMB2.18 billion, gross profit of RMB840 million and adjusted net profit of RMB402 million, representing increases of 27.2%, 58% and 17.6% respectively, compared with the First Half 2020.

In studying the financial report, we were surprised as the growth potential of CMGE (HKG:0302) became apparent. Expansion to overseas markets contributed a lot to corporate performance with a significant increase in gross profit of 58%. According to the above data, CMGE saw a considerable increase in both its revenue and gross profit for the first half of 2021, and especially, its gross profit recorded a much greater increase than its revenue.

When measuring the revenue in different business segments, for the first half of 2021, CMGE recorded a total revenue of RMB1.5253 billion in its game publishing business, RMB567 million in its game development business, and RMB87.8 million in its IP licensing business, representing increases of 2.4%, 156.8% and 2012.6% respectively, as compared to the First Half 2020.

It is noticeable that in the first half of 2021, CMGE performed excellently in its overseas publishing business, and gained a total revenue of RMB219.7 million in those markets, representing an increase of 6250.4% as compared with the First Half 2020. CMGE’s outperformance in overseas markets is mainly attributed to its advantageous products and game publishing strategies.

In terms of products, CMGE pitches high-quality and hot-selling products tested by the domestic market to overseas markets to make certain of hitting a great success in overseas markets. In terms of game publishing strategies, CMGE focuses on in-depth localization and brand awareness to give full play to its great potential in overseas markets.

For the Second Half 2021, CMGE will continue its efforts to expand overseas markets. For example, “The New Legend of The Condor Heroes: Iron Blood and Loyal Heart” will be launched in Vietnam, South Korea and Thailand; “Reborn!” will be launched in South Korea; “Sword and Fairy 7” will be simultaneously launched in mainland China and overseas markets.

Seek the “unchanged” in a changing era: focus on core IP and keep integrating R&D and operations
All Internet businesses are essentially dependent on traffic, products and operations. Games are a typical business centring on “Internet content”. CMGE mainly adopts the IP game strategy which, specifically speaking, is intended to build a business closed-loop based on the game publishing business, R&D business and IP licensing business that centres on “supply, cultivation, development and back-feeding” of IP, with IP as the core and with games as the foundation.

Why does CMGE stick to its core proprietary IP strategy?
First of all, IP can effectively reduce traffic acquisition costs and extend the game lifecycle. From the angle of operating data, IP games with a fan base have a higher fan conversion rate and have their fans showing stronger willingness to pay for games.

Moreover, IP ecological operation will enhance IP vitality and create greater added value. Film and television, animation, online literature, derivatives and other diversified businesses deriving from IP will increase CMGE’s corporate revenue and profitability.

Furthermore, organic IP operation will lead to higher IP popularity and further enhance the vitality of games.

Therefore, CMGE prefers to form an ecological closed-loop by relying on core product assets such as IP and conducting IP-based research and development. As a result of its adherence to the IP game ecological strategy for years, CMGE currently possesses 118 IPs (including 50 authorized IPs and 68 proprietary IPs), making it a game company with the most IPs in China.

Whether an IP can be transformed into competitive game products is determined in R&D, which is an important step in the process of IP core realization. Besides, in view of the severe homogeneity of game products and the scarcity of IP-based independent R&D capabilities, R&D strength matters a lot in the current game industry.

To ensure independent research and development, CMGE is also continuing its investment in outstanding producers and its acquisition of outstanding developers, and established “Man Tian Xing Workshop”, “Ling Dian Workshop” and “Da Yu Workshop” in the 1H of this year. From Nov 2016 to April 2021, CMGE invested in nearly all game development companies such as Phonecool Game and Love Games. In 1H 2021, CMGE completed its investment in R&D companies such as Shenzhen Heyao Network, Beijing Xinrui Game and Fuzhou Tornado.

By means of investment, CMGE has gained a continuous supply of high-quality games and has also achieved certain results in this respect. For example, “One Piece: The Voyage” jointly launched with Nuverse, “Soul Land: God of Battle Arise” independently published by CMGE, and “Dynasty Warriors: Hegemony” developed by EZFUN, invested by CMGE and published by Tencent on August 10 have ranked first among the Top Free Games in Apple’s App Store in Mainland China, and have been repeatedly recommended in “Hot Games Today” and “Best-selling Games” in the Apple Store since its launch.

In addition, operational efficiency and channel control are also of great importance for game companies.
Game operations essentially involve planning, organization, implementation and control of the entire production and R&D process and lifecycle of games. CMGE does this well. For example, “The World of Legend – Thunder Empire” and “Legend of Dragon City”, two games independently developed by CMGE, went online before 2020 and remained a stable contribution to CMGE’s revenue and profit in the first half of 2021, reflecting CMGE’s high operational efficiency and its strength in researching and developing high-quality games.

“Channel”, also known as “distribute”, is a process by which game products are made available to players. High-quality channels can synergize with games and lead to business expansion. In 1H 2021, CMGE reached strategic cooperation with Huawei on the game business. On April 29, 2021, Bilibili, previously acting as the cornerstone investor in CMGE’s IPO, increased its shareholding ratio in CMGE and served on CMGE’s board of directors.

Through strategic cooperation with top traffic platforms, CMGE has become more capable of dealing with channels. When disadvantages are eliminated and an ecological closed loop is formed, CMGE will surely thrive in the future.

Give back to society while seeking great development
Enterprises, as part of the social economy, must find a balance between corporate and social interests while seeking profits and growth, so as to achieve long-term development. CMGE takes strict control of its product by connecting to a real-time authentication system, with anti-addiction and age limit reminder systems, and by limiting the cumulative monthly spend by minors between the ages of 16 and 18 in games to RMB400. In 1H 2021, minors (under the age of 18) contributed only about 0.026% to CMGE’s game revenue in China.

CMGE has also made due contributions to public welfare and charity. It set up the eighth “CMGE Dream Libraries” in the Central Primary School of Lvcongpo Town, Badong County, Enshi Tujia and Miao Autonomous Prefecture, Hubei in April this year, and donated RMB1 million to Henan Charity General Federation to help fight the heavy rainfalls hitting Henan Province in July this year.

Contact:
Jing Gao, Peanutmedia
E: gaojing@czgmcn.com
U: https://www.Peanutmedia.com

Yang Xiaosong: The Institutional Investor’s Road to Carbon Neutrality

Yang Xiaosong, CEO of China Southern Asset Management Co., Ltd. (Southern Asset Management), was asked to deliver the keynote speech at the first ESG Global Leaders Summit on August 26 in Beijing, sponsored by Sina Finance ESG Channel and CITIC Publishing Group.

The Summit presented an opportunity to meet with global regulatory, business, investment and academic circles to discuss the future of ESG. The topic Yang chose for his address was The Road to Carbon Neutrality for Institutional Investors.

Faced with the increasingly severe challenges of the climate crisis, China made the solemn promise of “30.60 Carbon Peak and Carbon Neutrality” at the UN Climate Summit last year. As the world’s largest developing country, China has actively promoted “carbon peak and carbon neutrality”, which not only demonstrates the country’s broad mind and responsibility, but also points out the direction for China’s economic and social comprehensive green transformation and sustainable development.

“Carbon peak and carbon neutrality” will promote structural changes in the economy and society, including changes in energy structure, industrial structure, and consumption structure. In this process, on the one hand, professional investment institutions will give full play to the function of optimizing resource allocation and provide long-term funding sources for green and low-carbon high-quality enterprises; on the other hand, the carbon neutral industry chain breeds huge investment opportunities. Professional investment institutions can Through the layout of new opportunities for industrial upgrading and technological breakthroughs, it will create returns for investors and create value for society.

As a leading domestic institutional investor, Southern Asset Management attaches great importance to the research and practice of sustainable development finance. As early as 2018, it joined UNPRI (United Nations Responsible Investment Organization) and took the lead in establishing an ESG management structure, an ESG evaluation system and an ESG evaluation system. Investment system, implement active shareholder strategies, and explore the guiding role of investment on the real economy. “Carbon peaking and carbon neutrality” is an important part of ESG investment. Regarding how institutional investors can promote “carbon peaking and carbon neutrality”, we have the following thoughts and explorations:

One is to build a “carbon emissions” database with the help of financial technology.
Carbon emission data is an infrastructure for the financial industry to measure the climate change risks faced by enterprises, and it is also an essential part of asset pricing revaluation. Public funds need to conduct a more comprehensive and three-dimensional analysis of investment targets through big data collection, and fully integrate carbon emission databases with active research. However, the actual situation is that the ESG information disclosure data of domestic companies is incomplete. As of May 2021, there are only 1092 and 149 listed companies that actively disclose ESG data and carbon footprint data, accounting for 25% and 3.6% respectively (Data source: “Statistical Research Report on Information Disclosure of A-Share Listed Companies in 2020”, “Analysis Report on Information Disclosure of A-Share Listed Companies in Response to Climate Change 2021”). In this regard, Southern Asset Management has completed the carbon emission measurement database of all more than 4,000 listed companies in A-shares through external data collection, financial technology, and algorithms. This forms the basis for our in-depth research and investment.

The second is to optimize the investment framework and reduce the carbon footprint of the asset portfolio.
With the opening of the national carbon trading market, a clear carbon pricing mechanism internalizes the social costs incurred by enterprises, and also provides us with an important reference for repricing the risks and returns of enterprises. It can be expected that with the improvement of the carbon credit allocation mechanism, the impact of carbon trading on asset prices will gradually increase. In the past year, Southern Asset Management has significantly reduced the investment ratio of high-polluting and high-energy-consuming companies, and the weighted average carbon emissions of the stock portfolio have fallen by more than 40%. (Internal data of Southern Asset Management).

The third is to enrich the supply of products and promote the research and development of carbon emission products.
Public equity funds help investors share the growth dividends of the carbon neutral industry through investment strategies and product research and development. For example, we have conducted research on the carbon emissions of the CSI 300 component stocks in the past ten years. The low-emission component stock strategy has gradually produced excess returns in 2016, and the excess returns have increased significantly from 2019. In addition, in the future, new energy may be a long-term investment direction centered on technological progress, technological upgrading and energy efficiency improvement of “carbon neutrality”. At the product level, we have deployed Southern ESG theme equity funds, Southern China Securities New Energy ETF and feeder funds, and Southern New Energy Industry Trend Hybrid Fund.

The fourth is to fulfill social responsibilities and improve the carbon emission management system.
Southern Asset Management has established an internal carbon emission management system to account for the company’s carbon emissions in accordance with internationally accepted standards. The company headquarters building received LEED Gold Award-Energy Saving and Emission Reduction Building Certification. In addition, through voluntary carbon emission reduction certified emission reductions (VCUs/Verified Carbon Units) and international green certificates (I-REC/International Renewable Energy Certificate), we have completed the full amount of direct and indirect carbon emissions in the company’s operations. Offset, achieved carbon neutrality of the company’s operating system in July 2021.

The fifth is to establish an ecosystem and continuously enhance the influence of ESG.
We promote the establishment of the ecosystem through the following levels. First, Southern Asset Management is a 100+ member of Climate Action, and is committed to promoting the emission reduction and transformation of 161 major greenhouse gas emitting companies in the world through the implementation of an active shareholder strategy; Southern Asset Management has released the first domestic ESG investment annual report for public funds this year, improving the transparency of ESG investment and promoting industry development by improving information disclosure. At the same time, we are also a signatory member of TCFD (climate-related financial information disclosure) and invest in ESG In the annual report, detailed environmental information is disclosed in accordance with international standards.

“Carbon peaking and carbon neutrality” is a complex, long-term and systematic project. On the way to a “zero carbon future”, Southern Asset Management will firmly focus on the goal of “carbon peak and carbon neutrality”, based on its origins in the asset management industry, and is committed to providing more efficient and professional financial services for green and low-carbon development. We are willing to work with all partners to create a beautiful future in which “green water and green mountains are golden mountains and silver mountains” and harmonious coexistence of man and nature!

Yang Xiaosong
Chief Executive Officer
China Southern Asset Management Co., Ltd.
August 26, 2021

As a leading mutual fund in China, Southern Asset Management honors its social responsibilities. Apart from taking an active part in environmental protection and public welfare programs, it fully integrates ESG into its operation and investment. Southern Asset Management is a signatory of UN Principles for Responsible Investment and a member of the China ESG Leaders Association and the Climate Action 100+. It was among the first to launch an ESG Equity Fund in China to encourage ESG investment across the country. Its ESG efforts have been widely recognized, as evidenced by the honors it has received over the years, including the China ESG Golden Awards by Sina.com, the Evergreen Award by Caijing and the China Green Finance Award by Asiamoney.

Contact: Zhang Wanyi, Southern Asset Management
E: zhangwanyi@southernfund.com, U: http://www.southernfund.com

Mid-Market Organizations Gain Robust Multi-Way Matching Capabilities with Adra(R) by Trintech

Trintech Announces Robust Transaction Matching Feature in a Solution Built and Priced Specifically for Mid-Market Businesses

Trintech, a leading global provider of integrated Record to Report software solutions for the Office of Finance, today announced a new automated multi-way transaction matching feature in its Adra Suite to help mid-market organizations save time and reduce risk in the transaction matching process.

With this new automated multi-way matching feature, customers can set up match scenarios and deploy intelligent rules to automatically review one-to-one, one-to-many, many-to-one, and many-to-many matches.

“As companies continue to grow, expand and adapt, specifically companies in the eCommerce and restaurant industries, they begin to realize that a manual multi-way matching process cannot effectively scale to handle reconciling new sources and higher volumes of data,” said Darren Heffernan, President, Mid-Market at Trintech. “With our robust matching engine that is not typically found in a solution designed and priced for the mid-market, matching can happen daily, so transactions don’t accumulate at month-end when you need time for higher-value tasks like analysis and reporting.”

With Adra, matching transactions with bank statements, credit card statements, point of sale, merchant, 3rd party delivery services, and other external sources happen in a fraction of the time that manual spreadsheet or paper-based processes take, allowing F&A teams more time to spend on unmatched transaction exceptions – improving the accuracy and reliability of your close.

“The time savings isn’t just during the close process, we also see it from a day-to-day perspective,” said Shelly Traylor, Sr. Treasury Analyst at Torchy’s Tacos. “We are no longer spending time manually matching accounts because we now let Adra do the matching automatically so we can spend our valuable time focused on the exceptions.”

Just some of the benefits finance & accounting departments will gain include:
– Focus only on exceptions to start your day
– Utilize automated multi-way matching (3-way, 4-way, etc.) that scales with business growth
– Save time by continuously processing transactions so they don’t pile up
– Effortlessly import new data types and sources
– Record all activities in an audit-ready format
– Illuminate potential mismatches and generate exception reports that mitigate risk

For more information on how Adra by Trintech can save you time and reduce risk in your transaction matching process, please click here. https://www.trintech.com/adra/suite/adra-matcher/

About Trintech
Trintech Inc., a pioneer of Financial Corporate Performance Management (FCPM) software, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

Media Contact:
Kristina Pereira Tully
Vested
650-464-0080
trintech@fullyvested.com

SOURCE: Trintech, Inc

Delega together with Deutsche Bank, Barclays completes POC to Digitalise Signatory Management

Delega is excited to announce the successful completion of a POC together with Deutsche Bank, Barclays and 8 multinational corporations including Salesforce, Siemens and the International Air Transport Association (IATA).

This POC proved that the digital signatory management workflows jointly co-designed by the POC participants and executed using Delega’s technology represented a significant efficiency gain over the current tools and processes available in the market today.

The Delega tool leverages cutting-edge technologies to help organisations manage signatory rights on a fully digital and integrated basis. The challenges that treasurers and their teams face when managing signatory rights across multiple banks are well-known across the industry. Yet in the digital age, managing signatories is essential when it comes to enabling users to interact with banks. The goal has been to transform what is typically a time-consuming process requiring extensive supporting documentation and manual work. It is also further complicated by the fact that different banks have specific sets of rules and procedures.

During the POC, corporate banking clients benefited from higher transparency and a clear view of the supporting documents each participating bank required, and the digitalization of the exchange of the documents therefore enforcing “first time right” approach in the process. This strengthened the use case of a multi-bank solution that enabled corporate participants to follow a single workflow process in compliance with differing regulatory and policy requirements of individual banks. The POC also proved, using the Delega tool, that both banks and their corporate customers had exactly the same view of which signatories held which authority levels in real time, removing the need for extensive interaction and communication that is normally needed by large multinationals during an audit to prove “who can sign for what, with which bank”.

Eliminating inefficient processes is fundamental to the progression of financial services and technologies. It is the driving force behind recent innovations to alleviate the strain organisations are currently experiencing to meet increased and varied demands.

Deutsche Bank, Barclays and Delega are striving to foster and champion further innovation in the banking industry.

About Delega
Digitalising the signatory management process brings value for both banks and corporations. Delega works to generate value for all parties that are involved, aiming to transform how we approach outdated and inefficient ways of working. Using Delega, companies can store and manage a central list of current signatories. This can be shared with chosen banks, ensuring an up-to-date record of signatory information. As per its offering, the Delega team offer a unique and progressive insight across the industry. Combined they offer a deep understanding of corporate banking, treasury, technology, corporate law and project management.

Media Contact:
Company: Delega
Contact: Rob Lunn, Head of Banking Relationships
E-mail: info@delegabanks.com
Website: https://delega-banks.com/contact.html
LinkedIn: https://www.linkedin.com/company/delega-banks/
Alternatively, please reach out to our core team as per the website details

SOURCE: Delega

FSD Management and Board Suffers Multiple Court Losses as Shareholder Meeting Approaches

On Monday, May 10, 2021, at the request of Messrs. Anthony Durkacz and Zeeshan Saeed, founding shareholders and members of the group of concerned shareholders (the Concerned Shareholders) of FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FSE: 0K9A) (the Company or FSD), the Ontario Superior Court of Justice (Commercial List) (the Court) issued an order appointing Ms. Carol Hansell as independent chair of the Company’s shareholders’ meeting to be held on May 14, 2021 (the Meeting) and dismissed FSD’s application challenging the Concerned Shareholders’ information circular.

This defeat is only the most recent in a series of Court orders against FSD management and directors obtained by the Concerned Shareholders that the Company has concealed, despite their importance.

“These consistent losses are clear evidence of Dr. Raza Bokhari’s [the Company’s Chief Executive Officer] poor grasp of fundamental corporate governance principles and his repeated breaches of court orders provide insight into his moral compass,” said Anthony Durkacz.

“It is regrettable that Dr. Bokhari’s latest misconduct implicated Senator Rick Santorum and resulted in a further waste of Company money. A simple respect for the law would have avoided this embarrassment for all of us.” The most recent Court decision noted that Senator Santorum was compromised by a conflict of interest and was not to serve as the Meeting chair. The Court rejected his appointment and instead appointed Ms. Carol Hansell, a well-respected corporate governance expert, independent of all parties, to chair the Meeting.

It has previously been disclosed to shareholders that, on March 5, 2021, the Court ordered (the “March 5 Court Order”) the Company to hold the Meeting on May 14, 2021 and to appoint an independent chair agreed to by both parties to ensure that someone other than Dr. Raza Bokhari acted as chair of the Meeting. The Original Order also prohibited Dr. Raza Bokhari and his collaborating directors from voting shares at the Meeting that they had recently issued to themselves.

What the Company failed to disclose is that, just a few weeks later, on April 9, 2021, the Court issued an injunction (the “April 9 Court Order”) that restrained FSD from closing a transaction that Dr. Raza Bokhari and his collaborating directors had attempted to rush through in advance of the Meeting. As a director of FSD, Mr. Durkacz objected to the proposed transaction on the basis that it was not in the best interests of the Company and its shareholders. To preserve the status quo pending the Meeting, the April 9 Court Order prohibits the Company from undertaking any transaction other than in the ordinary course of business prior to the Meeting.

Management of FSD asked the Court to reconsider its decision, but on April 16, 2021, the Court refused to alter any of the April 9 Court Order’s terms.

To make matters worse, Dr. Raza Bokhari has repeatedly breached these Court orders. The appointment of Senator Santorum by Dr. Raza Bokhari was a breach of the March 5 Court Order. Dr. Raza Bokhari subsequently breached the April 9 Court Order when he paid Senator Santorum a non-refundable fee of US$75,000. “This was, quite simply, an inappropriate action and a waste of FSD’s money by Dr. Raza Bokhari and his supporters. Unfortunately, due to Dr. Raza Bokhari’s actions contrary to Court orders, Senator Santorum was implicated. It was never appropriate or, outside of their fantasy world, realistic that Senator Santorum should act as independent chair of this meeting,” said Anthony Durkacz.

A further breach of the March 5 Court Order arose from the Company’s failure to include a resolution to reduce the size of its board of directors from seven to five directors in the matters to be considered at the Meeting. To avoid more expensive legal action, rather than object to this breach, the Concerned Shareholders chose instead to recommend that shareholders vote for the two director nominees who were not currently serving on the Company’s board – Donal Carroll and Frank Lavelle. The Concerned Shareholders regarded these individuals as apparently well-qualified and hoped that they would evidence the independent judgment that Dr. Raza Bokhari’s collaborators on the current board so clearly lack.

However, these hopes were undone with respect to Mr. Lavelle when he intervened in the Company’s failed court action against the Concerned Shareholders. Mr. Lavelle’s goal was to require that the Concerned Shareholders clarify that his allegiance lies firmly with Dr. Raza Bokhari and the other members of the current board. While Mr. Lavelle’s specious action failed, the Concerned Shareholders do acknowledge that Mr. Lavelle has declared he is firmly allied with Dr. Raza Bokhari and his collaborators, notwithstanding their now substantial track record of failure in governing FSD.

By contrast, Mr. Carroll, who was the Company’s Chief Financial Officer, resisted pressure from Dr. Raza Bokhari to take actions that he was concerned were contrary to the April 9 Court Order. For his efforts, Mr. Carroll was removed from the list of management’s director nominees on May 3, 2021 and, on May 5, 2021, Mr. Carroll’s employment was terminated by Dr. Raza Bokhari.

Many shareholders have submitted votes for the election of Mr. Carroll at the Meeting. The Concerned Shareholders want to honor shareholders’ wishes and are seeking to cast these votes at the Meeting for the election of Mr. Carroll. The Concerned Shareholders anticipate that Dr. Raza Bokhari will object to this and are seeking a ruling from the Meeting chair that Mr. Carroll remains eligible for election as a director.

The Concerned Shareholders thank FSD shareholders for helping to rebuild FSD by voting Gold proxies to replace Dr. Raza Bokhari and his collaborators at the Meeting. “Shareholders deserve better,” said Mr. Durkacz, “and we hope to give them a better board of directors at the meeting on May 14, 2021.”

Further details regarding the Concerned Shareholders’ nominees and the reasons that the Concerned Shareholders want to reconstitute FSD’s board are contained in the information circular available on the Company’s SEDAR profile at www.sedar.com and at the website established by the Concerned Shareholders: www.RestoreFSD.com. Stay up-to-date by following us at: www.RestoreFSD.com; Facebook: RestoreFSD; and Twitter: @RestoreFSD.

For additional information, please contact:
Carson Proxy
North American Toll Free Phone: 1-800-530-5189
Local (Collect outside North America): 416-751-2066
Email: info@carsonproxy.com

Forward-Looking Information
Certain statement contained herein are “forward-looking statements”. Often, but not always, forward-looking statement can be identified by the use of words such as “plans”, “expects”, “expected”, “scheduled”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases, or states that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements contained in this press release include statements regarding the Meeting, the business to be conducted at the Meeting and the Concerned Shareholders’ plans and anticipation regarding the election of Mr. Carroll at the Meeting. The Concerned Shareholders cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83807

Trintech Continues to Innovate Its Leading Financial Solutions to Meet the Needs of Large Enterprises Across the Globe

Trintech, a leading global provider of integrated Record to Report software solutions for the office of finance, today announced several key product enhancements to help large enterprises reduce the time spent on tasks and drive greater efficiencies in their month-end workflows.

“As our customers continue to focus on agility and sustainability during this time, the enhancements we have made in our solutions deliver greater control, enhanced visibility, increased efficiencies and certainty of accurate financial reporting that our large enterprise customers demand,” said Michael Ross, Chief Product Officer at Trintech.

With the latest release of Trintech’s Cadency Platform, finance and accounting professionals can elevate their financial automation with highly configurable and transparent workflows, integrated connector enhancements, and extended scalability and automation with new Smart Bots and ERP Bot enhancements. Leading Enterprises will benefit from the following:

– Greater efficiencies gained in the reconciliation process
– Additional automation capabilities to reduce the time to close
– Enhanced integration between Record to Report (R2R) processes to improve the overall experience
– Enhanced Bot functionality that drives deep automation and reduces administration burdens to refocus time and effort on higher value-added activities

In addition, the Cadency user experience provides intuitive, easy-to-use, standardized functionality that drives greater efficiencies throughout the finance and accounting team’s daily workflow.

Managing and performing transaction matching and account reconciliations are a cornerstone of the month-end close, and when done inefficiently, can be a very time-consuming and risk prone process. To help finance & accounting teams further reduce the time and risk in this process, Trintech has extended the automation capabilities between Cadency Match and Reconciliation Certify by leveraging leading technologies, such as Risk Intelligent RPA(TM) to reduce the number of accounts needing manual reconciliation, reduce the workload for end users and administrators and allow for a faster and more efficient month-end close.

In addition, Trintech has introduced Cadency Smart Bots so finance & accounting teams can benefit from purpose-built Bot capabilities that allow not only automation of repetitive manual tasks but also complete Record to Report (R2R) activities including the ability to:

– Prepare account reconciliations using files or data from external data repositories or email inboxes and attaching any supporting documents leveraging Cadency Reconciliation Certify
– Post Journals using data or files from external data repositories or email inboxes, along with any necessary back-up documentation leveraging Cadency Journal Entry
– Close tasks corresponding to Journal Entry postings, Account Reconciliations, etc. directly in Cadency Close.

About Trintech

Trintech Inc., a pioneer of Financial Corporate Performance Management (FCPM) software, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

Media Contact:
Kristina Pereira Tully
Vested
650-464-0080
trintech@fullyvested.com

SOURCE: Trintech, Inc.

Washington Companies Fails in Bid to Escape Case Via Motion for Summary Judgment, Case Now Cleared for Trial

In a recent court ruling in the lawsuit between Environmental Transportation of Nevada, LLC (ETON) versus Komatsu America Corp., Komatsu Equipment Company (KEC), and Modern Machinery Co., Inc. of Rochester, WA. (part of a large consortium of privately held companies collectively known as the Washington Companies), regarding contributory negligence in the destruction of a bridge over Interstate 5 in Washington State, the summary judgment motion from Modern Machinery was denied along with Komatsu indemnity claims. One separate motion for summary judgment against ETON’s claims was granted. The United States Federal Court Judge has determined that there are material facts in question as to the Washington Companies division’s actions that need to be determined by a jury, thus clearing the way for a trial.

On July 20, 2016, a semi-truck hauling a pair of Komatsu excavators hit the overpass spanning Interstate 5 near Chehalis, WA, causing significant structural damage leading to a lawsuit between Environmental Transportation of Nevada, LLC (ETON) versus Komatsu America Corp., Komatsu Equipment Company (KEC) and Modern Machinery Co., Inc. of Rochester, WA.

The suit alleges that Komatsu America’s agent Modern Machinery failed to load the excavators properly and in accordance with Komatsu’s published shipping dimensions for the equipment under transport. ETON alleges that the knowing failure to load pursuant to the manufacturer recommendations was the cause of the accident and damage to the bridge.

During deposition, testimony revealed the possibility of two different Modern Machinery incident reports – one created by an employee and one later created by management. ETON will continue to use the issue of multiple reports as part of the case presentation for the jury.

Modern Machinery is a part of a large consortium of privately held companies collectively known as the Washington Companies, owned by billionaire Dennis R. Washington. Modern Machinery sells and rents high quality heavy equipment and provides product support to the construction, mining, and forestry industries. The Modern Machinery terminal in Rochester, WA is a home to a large staging area for a variety of Komatsu products brought from overseas awaiting shipment to other Komatsu dealers.

ETON is a Las Vegas-based premier transportation company serving the Western United States with equipment, professional drivers and superior on-time service.

Komatsu America Corp. is a U.S. subsidiary of Komatsu Ltd., the world’s second largest manufacturer and supplier of earth-moving equipment, consisting of construction, mining and compact construction equipment.

CONTACT:
Mitchell Truman
(702) 348-6370