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BUSINESS TRENDS WHICH WILL DEFINE THE NEXT NORMAL
2021 is expected to be a year of change, with businesses around the world optimistic that the months ahead will be brighter than what 2020 dealt us. Many of the micro trends that companies thought would be temporary measures throughout the pandemic have become macro trends that are here to stay. These are a few of the trends that small businesses and entrepreneurs should be watchful of in order to maximise their efforts and enhance the likelihood of success.
UK GOVERNMENT APPOINTS NEW TASK FORCE TO TACKLE GREENWASHING IN FINANCIAL SECTOR
Members of trade bodies, academia, and NGOs will make up the task force, known as the Green Technical Advisory Group (GTAG). The GTAF will be responsible for overseeing the government’s delivery of a “Green Taxonomy”. This common framework will offer comprehensible standards that lay out when a financial product or investment can be classed as environmentally sustainable.
FRENCH AND SWISS CENTRAL BANKS TO TRIAL DIGITAL CURRENCIES
A statement made on Thursday announced that the Swiss National Bank and the Banque De France will look into the feasibility of a cross-national arrangement of two wholesale central bank digital currencies (CBDCs) on blockchain. The SNB has enlisted a private sector consortium (including R3, UBS, and Credit Suisse) which will be led by Accenture.
EL SALVADOR HAS BECOME THE FIRST COUNTRY TO ADOPT BITCOIN AS LEGAL TENDER
After a supermajority vote, in which Bitcoin Law received 62 out of 84 of the legislature’s vote, the digital currency will become legal tender in El Salvador. The Republic of El Salvador is the first country in the world to adopt bitcoin as legal tender, with the price of bitcoin up by 5% soon after the vote.
SPACS – ANOTHER BUBBLE THAT’S DEFLATING
SPACs are very much a child of this age of fervid expectation, which was founded in how quickly the adoption of new tech is going to change the world. Everything from space tugs to hydrogen cars was apparently possible – whatever the realities of profits and costs suggested. Just a few months ago SPACs were perceived to be the simplest route into hot new companies across the disruptive tech market – new EV makers, spaceships, health and sports firms.
UK PATENT BOX SCHEME SET TO BECOME AN EVEN MORE VALUABLE TAX BENEFIT
The UK Patent Box scheme is set to become an even more valuable tax benefit in the near future. With Chancellor Rishi Sunak’s announcement of higher corporate tax rates from 2023, larger and more profitable companies in the UK will be able to enjoy even greater savings on profits qualifying for Patent Box relief.
Currently, Patent Box allows UK companies to benefit from a reduced 10% corporate tax rate for income derived from qualifying intellectual property, rather than the standard 19%.
FACTORS THAT AFFECT A LENDER’S DECISION ON YOUR LOAN
When you’re applying for a mortgage, auto loan, personal loan, or any other loan, you want to get the best outcome. However, your loan application may not go well all the time. It’s because lenders consider a range of factors to ensure that they are extending the loan responsibly.
If you don’t know what your lender is looking for, it can be more difficult for you to get approval. It would be best to acquaint yourself with the different factors that may significantly affect a lender’s decision on your loan.
KEY PROVISIONS IN NDAS IN A COMPETITIVE M&A SALES PROCESS
In any M&A sales process, the seller’s counsel will negotiate a non-disclosure agreement (NDA) with potential buyers and their legal counsel. The one-way NDA that each buyer executes protects the seller’s confidential information. There could be 30, 40, 50 or more potential buyers in a highly competitive M&A sales process, which means an NDA for each potential buyer. Scott Rissmiller has counselled sellers in two different sales processes in the last nine months that involved over 30 and over 50 NDAs, respectively. While some buyers sign the NDA as provided, many buyers negotiate it. Comments on an NDA from the two types of buyers (i.e., strategic and financial sponsors) will vary, especially regarding certain NDA provisions.
FISERV RESEARCH SHOWS DIGITAL WALLET USE SURGING, FINTECHS KEY TO CONSUMER FINANCIAL EXPERIENCE
With consumers leveraging digital tools more than ever, fintechs have become integral to the consumer financial experience according to the latest Expectations & Experiences consumer trends survey from Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions. Fintechs are playing a key part in enabling money management, often filling a need for specific capabilities such as checking credit scores and buying cryptocurrency.
“Consumers are steadily integrating third-party apps into their financial experience, a trend driven by tech-savvy millennial and Gen Z users,” said Sunil Sachdev, head of Fintech at Fiserv. “People have high expectations for their digital experiences, wanting innovative and intuitive solutions. With consumer demands shifting, more financial institutions are bringing fintechs into the fold and partnering with them to deliver the services customers want through their trusted banking relationship.”
MONEYLION TO ACQUIRE EVEN FINANCIAL, EXPANDING DISTRIBUTION NETWORK AND ENHANCING CONSUMERS’ FINANCIAL ACCESS AND DECISION MAKING
MoneyLion Inc., the award-winning digital financial platform, announced today that it has agreed to acquire Even Financial Inc. (“Even”), the category-leading embedded finance marketplace, to accelerate its mission of providing financial access and advice to hardworking Americans.
The transaction provides for total consideration to Even’s equity holders of up to $440 million, using a convertible financing structure that values MoneyLion at its initial public listing price of $10 per share. Even’s investors include Goldman Sachs, American Express Ventures, SoFi, F-Prime Capital, MassMutual Ventures, LendingClub, Canaan Partners, and GreatPoint Ventures.
NIUM LAUNCHES VIRTUAL CARD ISSUING SOLUTION FOR THE UNITED STATES TRAVEL INDUSTRY
Nium, a leader in global payments and card issuance for businesses, today launched its virtual card issuing solution in the United States, making it faster and easier for travel-related businesses to pay suppliers. The Nium virtual card solution enables online travel agencies (OTAs), travel management companies, travel tour operators, and corporations to streamline, revamp their spend management processes, and drive greater productivity and cost savings. Businesses can now digitize their supply chain, such as payments to suppliers and vendors, or internal processes, such as automated reconciliation – all with better rebates and higher levels of security.
M1 FINANCE SELECTS FORMPIPE AS PART OF ITS ROLLOUT OF THE TEMENOS BANKING CLOUD
Formpipe Software announced today that M1 Finance, The Finance Super App™, has selected Lasernet to support its output and document management requirements as it rolls out its Invest, Borrow and Spend products for its hundreds of thousands of clients on the Temenos Banking Cloud.
Brian Barnes, founder and CEO of M1 Finance recently announced his purchase agreement of The First National Bank of Buhl, a nationally chartered bank, and M1’s partnership agreement with Temenos. Both agreements are part of a strategic growth and product diversification plan that adds retail banking to M1’s brokerage platform.
EASYCASH: AN INTEROPERABLE EPAYMENT SUITE POWERED BY WALLET FACTORY LAUNCHED IN EGYPT
EasyCash, a revolutionary digital wallet solution for effortless online payments, has been recently soft-launched for iOS and Android users in Egypt.
EasyCash has become the first mobile payment application for Wallet Factory that was made to align with the Egyptian interoperability market standards for QR code-based digital payments and acceptance. Via seamless integration through Mastercard and Meeza, the nationwide payment network system, EasyCash enables users to make online payments and access funds wherever, whenever and however they choose.
MAJOR INVESTORS BACK TRADESHIFT’S COMBINED SAAS AND FINTECH PLATFORM CONNECTING THE WORLD’S SUPPLY CHAINS
Tradeshift has secured more than $200m in funding and debt from a combination of existing and new investors, including Koch Industries, one of the largest privately held companies in the US. Participation also came from IDC Ventures, LUN Partners, Private Shares, and Fuel Capital who increased their existing stake in Tradeshift’s combined portfolio of enterprise SaaS, marketplace, and fintech products serving the world’s most dynamic B2B community of digitally connected buyers and suppliers. The capital will be used to optimize Tradeshift growth and balance sheet to continue scaling the business.
ZSUITE TECHNOLOGIES ANNOUNCES INTEGRATION WITH Q2’S DIGITAL BANKING PLATFORM
ZSuite Technologies, a financial technology company that powers community financial institutions with digital escrow products for specific commercial verticals, today announced its API integration with Q2’s Digital Banking Platform, leveraging the Q2 Innovation Studio. Through the integration, Q2 clients will be able to take advantage of ZSuite’s solutions via the Q2 Partner Accelerator Program.
Q2’s Partner Accelerator program allows in-demand financial services companies who are leveraging the Q2 SDK to pre-integrate their technology to the Q2 Digital Banking platform. Financial institutions can work with these partners to purchase their solutions and rapidly deploy the standardized integrations to their customers.
TRUIST ANNOUNCES PARTNERSHIP WITH COMMERCE PLATFORM COMPANY AUTOFI
Truist Financial Corporation , through its Dealer Finance and Regional Acceptance business groups, today announced a partnership with commerce platform company AutoFi. Under the agreement, financing options will be available to clients who are shopping for a car through a dealer that partners with Truist or Regional Acceptance as well as the AutoFi platform. This will enable clients to create and submit an online credit application.