Tag Archives: execution

Swiss digital private bank startup, Alpian, raised $ 18 million | Instant News

Alpian, Switzerland’s first mass-market digital private bank, has raised US $ 18 million in its Series B funding round

Alpian, which is incubated by Swiss banking group Reyl & Cie, plans to launch this year – subject to a full banking license from the Swiss Financial Market Supervisory Authority.

This startup is targeting a sizeable demographic in Switzerland – those with investable assets of between CHF100,000 and CHF1 million.

The company plans to persuade these mass wealthy clients by using a combination of machine intelligence and human advisors to create a unique portfolio aligned with personal “preferences, beliefs, philosophies and goals.”

In addition to the core personal banking offering, each account will come with a debit card and a multi-currency account. Alpian also invests in the creation of educational content on financial matters through its recently launched i-vest platform.

Schuyler Weiss, CEO, Alpian, said: “While the Series A fundraiser was aimed at building a digital bank, the Series B fundraising was intended to be used in principle to launch the bank on the Swiss market.

“This approach ensures that Alpian will be in a strong position to provide the best possible service to its customers by the end of this year subject to the issuance of a full banking license by Finma.”


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Commerzbank will lay off 1,700 jobs in Germany | Instant News

Commerzbank will cut 1,700 jobs in Germany under a voluntary redundancy program due to be completed by the end of the year.

The cuts mark the start of a three-year cost reduction program announced in January that will result in 10,000 job losses and the closure of 340 branches by 2024.

The bank, which employs nearly 50,000 people worldwide, said that one in every three jobs in its home market in Germany would be lost while its 790 branch network would be reduced to 450.

Following negotiations with union leaders, Commerzbank will offer workers a voluntary termination agreement starting July 2021.

“The voluntary program is an important step in reducing the number of staff required,” commented Sabine Schmittroth, a board member in charge of the group’s human resources. “We are quickly providing instruments that will reduce the cost base in the coming year.”

In the first quarter of 2021, the bank will post restructuring fees totaling around € 470 million to cover program costs.


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Karachi needs the execution of a transformation plan, not a statement: JI | Instant News

Jamaat-e-Islami (JI) chairman Karachi Hafiz Naeem-ur-Rehman on Saturday demanded that the federal government implement the city’s transformation plan instead of issuing a mere statement and using the tactic of delay.

Responding to Sindh Governor Imran Ismail’s statement about the Karachi project, Rehman said Prime Minister Imran Khan announced a Rs1,100 billion package for Karachi seven months ago but no action had been taken in this regard. He said the city infrastructure was in shambles and there was no proper cleaning system in the city.

He said there was no proper transportation system in the city, forcing residents to use chingchi rickshaws and travel on top of buses, according to a statement issued on Saturday. He said the Green Line Project started in Karachi by the Pakistan Muslim League-Nawaz government and Pakistan’s Tehreek-e-Insaf (PTI) government had completed two and a half years in office but the project was still pending.

Rehman said former Karachi mayor Naimatullah Khan had completed the K-3 water project and presented the K-4 project; However, the K-4 project is far from maturing, and the costs are steadily increasing.

“Where did the amount allocated for the development of Karachi go?” He asked. He said the federal and provincial governments had shown no progress in Karachi.

The PTI has secured 14 national assembly seats from the city but the MNA doesn’t even know Karachi’s boundaries, he said, adding that the PPP government appears only interested in plundering the city’s resources. JI has decided to accelerate the ‘Haq do Karachi ko’ movement, he added.


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Railsbank is launched in Australia in collaboration with Volt | Instant News

Railsbank’s embedded finance platform has been launched in Australia in partnership with digital challenger bank Volt.

Under the partnership, Railsbank will leverage the banking platform and infrastructure as Volt services to distribute products such as bank accounts, cards and payment solutions to Australian consumers.

Volt will in turn leverage Railsbank’s global network of partner brands to build on a broader BaaS offering that will enable companies to prototype, launch and scale financial products across a variety of use cases.

Nigel Verdon, co-founder and CEO of Railsbank, said: “This deal has a personal resonance for me because one of my ancestors, Sir George Verdon, was general manager and founder of ANZ Bank, so it’s great to be back in Australia again. “

Railsbank is headquartered in the UK and has offices in Singapore, Philippines, Malaysia, Vietnam, Sri Lanka, USA, Germany and Lithuania.

In November 2020, Railsbank raised US $ 37 million to support global growth and product expansion. The deal with the Volt is seen as a launch pad for a more expansive play across Asia, with a view to deepening its footprint in Japan, the Philippines, Thailand and Vietnam later this year.

“Working closely with Volt gives us access to local knowledge and capabilities to help us succeed,” said Justin Xiao, COO of Railsbank, Asia Pacific. “This is a significant partnership for Railsbank as we continue global expansion and strengthen our foothold in the Asia Pacific.”


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Techemynt launches the first New Zealand dollar stablecoin | Instant News

New Zealand listed financial services provider, Techemynt, has launched the first stablecoins pegged to the country’s dollar.

Backed 1: 1 by the New Zealand dollar, $ NZD is used on the Ethereum blockchain by Blockchain Labs, using the FiatToken framework developed by the Center.

Techemynt says $ NZD combines the stability and value of the dollar with cryptocurrency’s intrinsic utility to enable arbitrage, remittances and digital payments.

The stablecoins will be immediately available to customers who wish to earn NZ $ 100,000 or more $ NZD tokens. It will also be available on secondary markets including the Dassetx.com cryptocurrency exchange.

Fran Strajnar, executive director, Techemynt, said: “After nearly a year of development, $ NZD is now the first to fully execute and fulfill its promise to bring New Zealand Dollar stablecoins to the world.”


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