International Investor Magazine Spring 2020

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EDITOR’S NOTE

COVID-19 sent the world into lockdown. Our lives, our jobs, and our supply chains have all been interrupted. And that’s if we’re lucky.

From supporting those working on a cure to others predicting what the long-term impacts on global trade (p.28) will be, this pandemic factors heavily in our financial decisions. But it hasn’t managed to slow the impact investing movement!

Even the prospect of cheaper fossil fuel has failed to convince investors away from solar energy, which has seen remarkable share surges in the past few months. Meanwhile, the blue economy could also stand to benefit from COVID-19 (p.64). CNNMoney Switzerland’s Editor-in-Chief, Andreas Schaffner, argues that the pressure on businesses and investors to go green will only increase after COVID-19 (p.22).

In this issue, we can’t help but discuss this crisis. But we’re also looking beyond. From the Asian Development Bank’s innovative anti-corruption efforts (p.16) to the Yo me uno fundraising platform for non-governmental and non-profit organisations in Central America (p.70), we’re bringing you stories of innovators and pioneers in their respective fields.

If you know an organisation or individual who deserves to be recognised, please do nominate them for an award!

Stay safe,

Sophie Rasbash

08 Like and Subscribe

How are investors responding to a subscription economy?

Empowering Professional Investors Panthera Solutions empowers professional investors towards most evidence-based investment decisions.

An interview with Andreas Schaffner, CNNMoney Switzerland’s Editor-inChief. 28 Successful Trading after COVID-19

Graham Bright, Euro Exim’s Head of Compliance and Operations, explores the post-pandemic international trading landscape.

Innovation in AntiCorruption

The Asian Development Bank is promoting innovation and ef昀椀ciency to enhance its anti-corruption efforts. 22 The Digital Bridge Between Switzerland and the World

Developing Custom Strategies for International Growth

ARC Capital supports their clients through the process of accessing new markets. 37 Beyond Conventional Financing

T Bridge’s renewable energy fund has a target of a 1000MW of renewable energy projects by 2022. 43 China’s Road to Recovery

What are the challenges China faces in reopening its economy?

The Bond Watch is Revealed

Omega unveils 007’s latest timepiece.

56

The Race for a Viable Vaccine

Despite big investments in a cure, COVID-19 is wreaking havoc on supply chains.

60 AI-Powered Innovation in Mobile Banking

With an exclusively online presence, au Jibun Bank is a pioneer in the mobile banking 昀椀eld.

64 Tapping the Seas for Power

Will COVID-19 ultimately drive more money into the blue economy?

72

Five-star luxury in the Canyamel valley

The Park Hyatt Mallorca has been designed as a traditional Majorcan hilltop village, overlooking the Mediterranean Sea.

76

A Prototype City of the Future

Envisioned as a living laboratory, Toyota’s Woven City will be a fully connected ecosystem powered by hydrogen fuel cells.

81

The International Investor Awards

We celebrate the organisations innovating and driving the world of investment.

INTERNATIONAL INVESTOR MAGAZINE

HOW INVESTORS ARE RESPONDING TO THE SUBSCRIPTION ECONOMY

by Viktor Tachev

In recent years, the subscription business model has managed to penetrate a variety of industries, including health care, transportation, cosmetics, fashion, and more. Today you can get everything from sneakers and designer clothes to your family tree and DNA analysis for a monthly fee.

Such is the success of the subscriptionbased model, it is already seen as the norm, rather than an alternative.

THE RISE OF THE SUBSCRIPTION ECONOMY

According to the Subscription Trade Association’s (SUBTA) 2019 State of the

Subscription Commerce Economy report, for the last 昀椀ve years, the industry has had a 17.33% CAGR. Harvard Business Review states that, since 2011, it has been growing 200% annually.

Zuora’s Subscription Economy Index also con昀椀rms the trend. The index was created to track the performance and re昀氀ect the growth metrics of subscriptionbased businesses worldwide. It covers companies from industries like media, telecommunications, corporate services, and IoT. According to the last issue, released in October 2019, over the period January 2012 – June 2019, subscription

businesses’ revenues grew 昀椀ve times faster than those of S&P 500 companies (18.2% vs. 3.6%) and U.S. retail sales (18.2% vs. 3.7%).

HOW INVESTORS ARE RESPONDING

The investing community is actively embracing the migration to a subscription economy due to its unique characteristics. It disrupts the status quo on the existing markets, generates large-scale social effects, aggregates capabilities, and enhances the current business models.

To get a clearer understanding of why investors respond positively to the subscription economy, it is essential to look at their perceptions from several angles:

• The subscription model’s characteristics

The success of subscription businesses is built on their ability to lock in their most faithful customers. Forming a tighter relationship with clients is easier because they have phased out the middleman, now it’s a direct connection between the business and the market. This is a very straightforward relationship for investors to analyse. Shifting the focus from retailers to producers directly helps companies build stabler relationships and 昀椀rst-hand experience with their clients by providing a more convenient and quick service for the consumer. The industry leaders are very much focused on community building and making their customers feel like part of a bigger movement. All this contributes to a higher lifetime sales potential from each customer.

The subscription economy businesses interest investors because they show adaptability and 昀氀exibility. Transitions to subscription-based models require lots of resources and adequate strategic planning. Firms have to reshape their structure, change the existing sales culture, disrupt incentives, and convince both existing and new customers of the new offering’s value.

Another reason investors are responding positively to the subscription economy is the room for businesses to adopt more ef昀椀cient growth strategies. Subscriptionbased services have higher potential for successful upsell campaigns beyond their initial subscription. This is because their customers already have an existing habit and are more open to paying extra for a better service. In fact, experts’ analysis points out that upselling additional services to the existing subscriber base is, by far, the most effective way to generate extra revenue. This is crucial for investors to better estimate the future pro昀椀tability potential of such companies. With the pay-per-product model, the process is pretty straightforward. You hear

about a product, check it out, decide to buy it, and everything is concluded in one swift transaction. If you ever get back to the company, it will most probably be to complain about something. Subscription companies, on the other hand, rely heavily on their long-term relationships that help guarantee steady revenue growth. They also ease the collection of information about their customers, analysis of their behaviour 昀氀ow, and coming out with better and more personalised experiences. The biggest challenge for investors in subscription businesses is churn. The cost of replacing lost subscribers is very high and this can dramatically undermine the viability of a business and even drain its cash reserves. That is why it is so crucial for companies to ensure continuous value delivery so that they can maximise the customer lifecycle value and minimise churn.

Investors should be aware that not everything can be sold using the subscription model. Many businesses have tried and failed.

MoviePass, for example, tried to offer a cinema projection per day for a monthly fee of $9.95, which almost brought the company to bankruptcy. There are also several examples of subscription boxes that have appeared on the market before disappearing just as suddenly. It’s normally because they lack 昀氀exibility and a loyal customer base. Clients subscribe only to the services they need and care about. Their primary focus is the quality of the service, and they are often quick to cancel subscriptions that lack perceived value.

• The psychological perspective and the demographics factor

From a psychological point of view, investors perceive subscription-based models as a passive way for customers to build up familiarity with a service.

In many cases, subscription services become embedded in customers’ lifestyles. In the case of Amazon Prime, for example, 50% of US households currently have a monthly subscription worth $13. They are willing to renew it every month due to perks like faster shipping and full

access to movies and music. From the investors’ point of view, though, the real bene昀椀t is that these users spend much more time on Amazon, which dramatically increases their chances of making additional purchases.

In the subscription medicine niche, patients, who get used to perks like sameor next-day doctor appointments and phone or video chat consultation, slowly get attached. Over time, the comfort of the service makes them less likely to cancel their subscriptions. From a 昀椀nancial point of view, this means a steady income stream for the service provider, thus more accurate projections for investors.

In the case of Net昀氀ix, the model is very well-built and applied, which directly in昀氀uences customers’ reasoning. A subscription of $8.99 per month is identical (even lower, depending on the state) to the costs of a cinema ticket. For the client, the perspective of consuming as much content as you want for the same price as going to see a single 昀椀lm per month is perfectly reasonable.

The shift from a transactional to a subscription-based model was marked by the concentration of spending power in millennials and Generation Z. Their buyer pro昀椀le has simple characteristics – they don’t fancy owning things and prefer having the freedom to explore and switch between new things effortlessly, with no strings attached. Instead of buying furniture for $5 000, millennials prefer renting it for $200 per month.

According to McKinsey, e-commerce subscribers are younger individuals with spending power. The demographics analysis derives a client pro昀椀le within the age of 25 to 44, with income between $50 000 and $100 000, living in urban areas. 60% of the group are women.

Younger generations have embraced the subscription economy with 62% within the 18 to 34 age group and 56% between 35 and 44 having subscriptions for three or more services at the same time.

• The investment potential perspective

Almost all of the leading tech companies are now using the subscription model. Apple, Adobe, Microsoft, Autodesk, and many more are partially or entirely ditching the outdated one-time license. The effect on the share price since the switch to subscription-based models is staggering. Adobe (ADBE) has jumped 843.7%, Microsoft (MSFT) rose 522.2%, while Autodesk saw a 321% jump. If we rank companies based on their P/E ratios, we see that a signi昀椀cant part of the 15 leading tech, media, and telecom businesses employ the subscription model.

Another reason why investors are fond of subscription businesses is their stabler sales and income streams, which are typically referred to as recurring revenue. This signi昀椀cantly increases the accuracy of companies’ earning estimations and reduces the risk of missing out on initial projections. That way, investors can avoid increased volatility for the shares in their portfolio.

Subscription models go down well with investors because it gives them a clearer understanding of the corporate 昀椀nances - the current in昀氀ow of subscribers and the potential for growth.

For example, if the business has already conquered a small and competitive domestic market, then this might not be the best choice unless there are plans for international expansion. On the other hand, a company with stable growth in its subscribers in a bigger market can prove a great investment opportunity.

Investors usually give higher valuations to companies employing a subscription model, rather than relying on transactional sales. Subscription businesses can more ef昀椀ciently predict the number of customers they can address and acquire, how many customers they can retain, and, most importantly, how much revenue they can get per customer.

THE REAL-TIME IMPACT

Research by the Harvard Business Review focused on studying the way the stock market responds to the news that a company is migrating to a subscription model, particularly software vendors becoming SaaS (Software as a Service) providers, found several interesting points. First, a SaaS announcement has no effect on a company’s value. However, investors’ preferences are more aligned with new SaaS offerings, rather than product conversions. The study found that this can result in intra-day stock valuation moves of up to 3.5%. The other important conclusion is that companies that partner with third-party cloud service providers to deliver their SaaS solutions, instead of building everything in-house from scratch, enjoy up to a 2.9% increase in stock prices on announcement day. Investors also tend to increase their valuations by an average of 2.2% if the company announces that the SaaS offering is combined with a perpetual licensing model.

Another 昀椀nding is that having a previous version of the product, before switching to a SaaS offering decreases company value by 3.5% on average, compared to new subscription-based product launches. This means investors would instead prefer companies launching new product lines, rather than converting existing.

The conclusion is that companies adopting a smoother shift from pay-perproduct to SaaS that has a transition period of facilitating both models perform better on the market. An example of such a business is Autodesk. The perpetual licensing option and subscriptions were offered together for a period of 15 years before the company shifted completely to SaaS.

GOING FORWARD

The subscription model has been around since the 昀椀rst newspapers went to print in the 17th century. Since then, it has been growing stronger and is slowly becoming the dominant model on the market. With the new generations having the spending power, there will be no turning back. The subscription economy is here to stay, and investors are more than happy with it.

EMPOWERING PROFESSIONAL INVESTORS

BUZZWORDS VS INNOVATIVE SPECIALISATION

Professional investors share their pain points across asset classes, strategies and geographies: how to meet their investment and career objectives as durably and effortlessly as possible.

Digitisation-driven margin pressure, oligopolistic tendencies in the asset management industry and regulatory requirements that strengthen the trend towards standardised services are pushing asset managers and asset owners in a direction they have long avoided: developing a comparative advantage through innovative specialisation.

“We know less than we are willing to believe while applying less than we know.”

- Markus Schuller

Nowadays, boardrooms, media publications and consulting pitches are full of buzzwords like change management, agile organisations, selfoptimisation, and mindfulness. However, despite all the buzzwords, the industry is full of ineffective passive learning offerings. They ignore that directed behavioural change requires real effort, which can be dif昀椀cult and painful at times. Empirically we know, the more tailored an active learning environment is for an individual, the better the directed change can be facilitated.

This is the environment we create. Others might train or consult. We empower.

APPLIED BEHAVIOURAL FINANCE SPECIALIST

Panthera Solutions Sarl is an Applied Behavioural Finance specialist, based in the Principality of Monaco.

Our Intuitive Behavioural Design Solutions® empower asset managers and asset owners to signi昀椀cantly, lastingly and measurably improve the quality of their investment decision-making. Panthera inclusively facilitates directed change through customised training, coaching, consulting, and Behaviour-Tech solutions. Our intervention framework, assignments (which covers assets worth over €125 billion) and academic publications have proven us to be innovation leaders in Europe.

MISSION

Panthera Solutions is more than a company. It is a think tank. A laboratory. A solutions provider. An agent to facilitate directed change.

We embody the idea that 昀椀nancial market complexities can be mastered most effectively with empowered market participants supported by aligned teams and a robust choice architecture. This transforms professional investment management into a crafted, skilful art.

INTERVENTION FRAMEWORK

How to intervene in the choice architecture of a professional investment process that enables empowerment towards most evidence-based decisionmaking? The framework needs to be concrete enough to derive from interventions on an individual level, empowering the decision-maker to make the most of the enabling choice architecture.

Our approach to satisfy these assumptions is represented by the Panthera Intervention Framework. It addresses the need to overcome the described resistance to change by constructively closing the knowing-doing gap.

In empowering professional investors towards more evidence-based investment decisions, our framework concentrates on an intervention design based on three layers:

• A choice architecture that incentivises meaning creation, reduces friction and provides a tailored active learning environment for decision makers (nudges, simple rules, etc.).

• A team con昀椀guration that facilitates critical appraisal through cognitive diversity and procedural design

• Directed behavioural change towards empowerment via

• establishing focus through intuition-driven heuristics (i.e. internal and external distractor management via search, stop, decide routines) and debiasing techniques.

• applying the established focus to select plausible tools, methods and/ or sources in building the case for most evidence-based investment decision.

ACADEMIC RESEARCH

Our sound proprietary research is the starting point for Panthera’s commercial offerings. As a team of internationally renowned specialists in different asset management 昀椀elds, the catalogue of our academic publications cements our position as innovation leaders in applied behavioural 昀椀nance. Being research-driven is easy to claim. In our case, it is embedded in the Panthera DNA to generate and translate academic insights into applicable solutions for investment professionals. Our team composition was shaped for that. Our Panthera intervention framework was based on that. So are its elements, like the Panthera Tree. This bridge-building is now further strengthened with the launch of our Panthera Academy. We are excited to work with our clients on new Academy offerings like the Panthera Masterclass.

CAPACITY BUILDING

UNIVERSITY TEACHING

The Panthera team teaches at renowned universities like HEC, London Business School, IUM, IE Business School and EDHEC Business School. Our students gain exposure to our latest academic research and use new methodologies on how to translate scienti昀椀c insights into applicable solutions for investment professionals. A win-win situation.

EXECUTIVE EDUCATION

Our expertise in applied behavioural 昀椀nance is a tool for us to intervene more precisely and more meaningfully in the long term for our clients. We love to see progress happening when working with professional investors. In our seminars, workshops and simulations, we apply a multidisciplinary, constructivist form of learning, where participants develop their adaptive and technical skills in a holistic, instead of a subject-based, approach.

COMMERCIAL CONVERSION

The combined insights from academic research and educative 昀椀eld experience have proven to be a rich source of applicable solutions for commercial use.

The Panthera Tree, our 昀椀rst BehaviourTech solution, was the result of this interplay.

THE PANTHERA TREE

The Panthera Tree is a state-of-the-art behaviour-tech solution that facilitates most evidence-based investment decisions for asset managers and owners to strengthen their competitive edge. As a habit-forming technology, it is incorporating learning, management and compliance aspects. Investment decisions are reasoned and monitored all in one place.

Maximising the use of adaptive and technical skills, while minimising luck in an investment decision process generates a competitive edge.

MASTERCLASS INNOVATION

In recent years, we have developed a unique concept of how to effectively develop participants’ skills in an educative setting: the Panthera Masterclass.

Our Panthera Masterclass solves the signi昀椀cant managerial problem of how to seamlessly implement tailored lessons learned from educative offerings. We not only train participants but initiate directed behavioural change through deliberate practice during a 4-6 day bootcamp, either in Monaco or at the client’s of昀椀ce. The participants de昀椀ne their individual learning paths to meet their learning objectives, and work on their own case, while being guided through coaching and apprenticeship elements over three months after the Panthera Masterclass to ensure the most seamless adaptive and technical skill developments.

INNOVATION IN ANTI-CORRUPTION

The Asian Development Bank (ADB) is promoting innovation and ef昀椀ciency to enhance its anti-corruption efforts by streamlining case management and expediting the assessment of complaints and completion of investigations, according to the Of昀椀ce of Anticorruption and Integrity (OAI)’s 2019 Annual Report, published in April.

“We reassessed and rebalanced our resources to align with ADB’s longterm strategy, Strategy 2030,” said the OAI’s Head, John Versantvoort. “These measures have allowed us to provide better value to our stakeholders and achieve signi昀椀cant improvements in the number of completed investigations and complaints that we assessed and closed.”

THE STATISTICS

In 2019, ADB concluded 110 investigations into integrity violations, a 93% increase from the previous year, and assessed and closed 219 complaints, an increase of 16%. ADB debarred 69 昀椀rms and 62 individuals for violating ADB’s Anti-corruption Policy (1998, as amended since). It cross-debarred 153 昀椀rms and 20 individuals sanctioned by other multilateral development banks. Impositions of other remedial actions against 昀椀rms and individuals, such as reprimands and cautions, more than doubled from 2018.

Strengthening governance and institutional capacity to improve service delivery in ADB’s developing member countries is one of seven operational priorities under ADB’s Strategy 2030.

THE METHODOLOGY

OAI conducted eight Proactive Integrity Reviews (PIRs) of ADB-昀椀nanced projects in Afghanistan, Bhutan, Georgia, Indonesia, Kazakhstan, Myanmar, Nepal, and Palau. PIRs assess the application of sound 昀椀nancial management, procurement, and asset management practices by government agencies responsible for implementing ADB projects and recommend remedial measures for any shortcomings. In 2019, OAI conducted a PIR on an emergency assistance project for the 昀椀rst time.

“We are fully appreciative of the constructive review and recommendations that OAI has provided in the ongoing Nikachhu Hydropower project so that we can improve, bene昀椀t, and better manage our present and future projects,” said Managing Director of the Bhutan Druk Green Power Corporation, Dasho Chhewang Rinzin, who is responsible for the implementation of the project. “We will continue to work to ensure that the recommendations of the OAI report get implemented.”

ADB maintained quality screening methods to identify, assess, and mitigate integrity risks associated with its private sector counterparts and projects. It conducted integrity due diligence on 954 entities and issued 869 advisories on compliance. It provided capacity-building support on anti-money laundering and combating the 昀椀nancing of terrorism in Mongolia, the Philippines, and Vietnam. ADB also expanded its technical assistance to strengthen tax integrity standards to Armenia, Cambodia, Maldives, the Marshall Islands, the Federated States of Micronesia, Papua New Guinea, Samoa, and Thailand.

THE FUTURE

ADB launched its 昀椀rst gami昀椀ed e-learning course and delivered 98 learning sessions, including training on anti-corruption and respect at work to widen the reach of its knowledge-sharing and communication work. It also contributed to the G20’s Good Practices Guide on Promoting Integrity and Transparency in Infrastructure Development. It gathered representatives from 14 international 昀椀nancial institutions to strengthen integrity risk management in private sector transactions. Together with the Organisation for Economic Co-operation and Development and the Government of Vietnam, ADB hosted a conference for the Anti-corruption Initiative for Asia and the Paci昀椀c—the largest anti-corruption network in the region!

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Paci昀椀c while sustaining its efforts to eradicate extreme poverty.

DURBAN: A PREMIUM DESTINATION FOR INVESTORS

Invest Durban has been recognised by the Durban City Council and various businesses as the 昀椀rst stop for stimulating new investment in the Durban metropolis.

We act as a partnership between the Metro City Council and the private business sector, offering a free investor advisory service, plus key promotion, facilitation, and aftercare services between

all investment stakeholders.

Invest Durban delivers a world-class investor support service, encompassing our four-part business mandate, namely investment promotion and marketing; foreign investment identi昀椀cation, attraction and facilitation; FDI aftercare and expansion; plus investment advocacy. Invest Durban works together with

organisations such as the Department of Trade & Industry including Invest SA, Trade and Investment KZN (TIKZN), the Durban Chamber of Commerce and Industry, the KZN Growth Coalition, and state-owned enterprises such as Dube TradePort, the DBSA, IDC, Eskom, ACSA and others.

THE OFFER TO INVESTORS

The thrust of Durban’s proposition to attract investors can be put into three broad categories:

• Premium Destination - a business and lifestyle environment most conducive to both pro昀椀tability and sustainability with ample land available.

• Catalytic Projects - projects which have the potential to shift the socioeconomic landscape and trigger a series of investments across several sectors.

• Priority Sectors - areas which receive the focus of planners in a variety of ways, including the creation of clusters and the development of value chains to promote new ventures and investment opportunities.

CATALYTIC PROJECTS

Durban is working on a number of largescale projects that have the potential to make a regional impact. The location of these projects is vital. They must either be on national trade routes or they should help to break down the old apartheid living/working dynamics. Projects are selected for their scale in terms of job creation, investment size and potential revenue creation. Ideally, the projects should include a combination of uses (retail, commercial and housing, for example) and they should 昀椀t in with the United Nations’ Sustainable Development Goals.

Other major projects in the pipeline include:

• GO!Durban Transport Oriented Development, which has already received major road upgrades and will be an even greater enabler of trade.

• The Centrum Government Precinct which would formalise the relationship between buildings such as the International Convention Centre (and extensions) and a related hotel, the library, council chambers and the redevelopment of Gugu Dlamini Park.

The research aims to 昀椀nd out how best to grow particular economic sectors, and indepth discussions are held about how to develop and grow value chains. The wealth of KwaZulu-Natal is mostly consumed or exported in its raw state - much more could be done to add value through processing.

The priority sectors are:

• Automotive and allied industries

• Logistics and logistics management

• Cornubia integrated human settlement development north of Durban, on 1 300 hectares, a partnership between Tongaat Hulett Development, the human settlement departments at the national and provincial levels and the eThekwini municipality.

• Dube TradePort, the multi-modal facility at King Shaka International Airport.

CLUSTER INITIATIVES

Durban has a very diverse economic landscape, within which there are some large-scale enterprises.

Cooperation between the public and private sectors is formalised by the large number of cluster initiatives which aim to draw to together experience and expertise from commerce and industry, labour organisations, government and academia.

• ICT and BPS (Information & Comm’s Tech, plus business process services)

• Agri-processing

• Life sciences (incl. Pharmaceuticals, medical device manufacturing, plus health facilities)

• Tourism asset development

Some of these initiatives play to the existing strengths of the regional economy, some seek to exploit newer avenues as in the emphasis on the environment and a growing interest in the ocean economy. A variety of projects link tourism, renewable energy generation, recycling and job creation.

The Point Waterfront Development is a prime example of a catalytic project. Some projections put the potential investment value at R40 billion and the number of permanent jobs to be created at 6 750. It is an ambitious plan, linking the city’s beach promenade and the harbour.

The Point Waterfront Development offers a property use mix of of昀椀ce space, retail shops, residential dwellings and leisure options. The 55-hectare site has already seen signi昀椀cant investment. A new cruise line terminal in the harbour, backing on to the Point will dovetail well with the new atmosphere of the precinct.

Under manufacturing, the following clusters or programmes are active:

• KZN Clothing and Textile Cluster (KZN CTC)

• Durban Automotive Cluster (DAC)

• Durban Chemical Cluster (DCC)

• eThekwini Maritime Cluster (EMC)

• KZN Furniture Incubator

• Agro-processing development programmes

There are various other broader programmes which have their own goals, but there will be positive spin-offs for the targeted sectors. These schemes include the drive to increase local content, boosting metal fabrication across sectors, the promotion of black industrialists, promoting exports and the overarching eThekwini Industrial Development Policy Action Plan.

Any companies operating in these key sectors are invited to contact Invest Durban and bene昀椀t from these initiatives!

Visit www.invest.durban for more information.

CNNMONEY SWITZERLAND: THE DIGITAL BRIDGE BETWEEN SWITZERLAND AND THE WORLD

AN INTERVIEW WITH MR ANDREAS SCHAFFNER, EDITOR-IN-CHIEF OF CNNMONEY SWITZERLAND

CNNMONEY SWITZERLAND WAS SET UP AS AN INDEPENDENT SWISS MEDIA COMPANY. WHAT IS ITS RELATION TO AND ROLE WITHIN THE WIDER CNNMONEY BRAND?

We are a great asset for CNN and we complement its global brand within the European region. We are proud to be the 昀椀rst TV channel to create a fully integrated digital and linear TV outlet using the CNNMoney brand. In a certain sense, we are pioneers. For us, it’s a privilege to use CNN Business content and to have

access to CNN studios and correspondents around the world. If we have breaking news for our colleagues in London, New York, or Atlanta – like we did on the Swiss National Bank, Swissport, or the Women’s Strike – we are able to provide them with coverage and additional information.

WHAT ARE SOME OF THE TOPICS YOU WERE SURPRISED TO SEE INTERESTED YOUR VIEWERS?

We started with what some might call a traditional approach toward business journalism.

Soon we realised that we could create communities around speci昀椀c topics, such as innovation, entrepreneurship, blockchain, but also the arts and sport.

This was a very positive surprise for us and made us reshape the company. Of course, in times of COVID-19, we had to adapt slightly to cover the pandemic in Europe.

WHAT INSPIRED THE BIG PICTURE SEGMENT, WHERE YOU DEEP DIVE INTO TOPICS BEYOND THE HEADLINES?

We were never in the business of breaking news only. Our approach was to look at the big picture. We are strong with longformat interviews, and we will continue to work on this type of content. I think this is exactly where we can provide our viewers and communities with added value. I believe there is a need for conversations on this level. And by having these broader conversations with CEOs or experts, we still create headlines.

IT’S CERTAINLY TRUE THAT CNNMONEY SWITZERLAND HAS INTERVIEWED SOME HUGE PLAYERS IN THE WORLDS OF FINANCE AND BUSINESS.

Well, we have been very lucky so far. Being the new kids on the block helped us here for sure. The fact that Switzerland is the place to be for many international players – just think about the WEF Annual Meeting – helped even more.

YOU’VE BEEN COVERING THE SWISS ECONOMY FOR OVER TWENTY YEARS NOW. LOOKING AHEAD WITH YOUR INSIGHT, WHAT DO YOU SEE AS THE EMERGING TRENDS THAT WILL SHAPE THE MARKET?

Since I started, I think the economy, and for that matter, many businesses, have never really gotten out of crisis mode. There was the dotcom bubble bursting, followed by 9/11, and then later the big 昀椀nancial crisis that dominated the conversation. Digitisation, too, has led to a constant need to adapt business models.

A big topic that has changed companies was the corporate governance discussions.

Now I really see companies adapting to a more sustainable way of production. Going green is not just an option anymore – even more so after the COVID-19 crisis.

BY CANCELLING EVENTS LIKE BASELWORLD AND THE GENEVA MOTOR SHOW, THE PANDEMIC IS PROVING DIFFICULT FOR ALL KINDS OF BRANDS. WHAT KIND OF IMPACT DO YOU THINK IT WILL HAVE ON LUXURY BRANDS IN THE LONG TERM? HAVE YOU SEEN ANY STRATEGIES FOR SURVIVAL THAT IMPRESSED YOU?

I believe that luxury brands are here to stay. The rise of the middle class across the globe will continue and this will be the main driver moving forward. I don’t see it picking up after the crisis quickly but you already see signs coming from Asia, especially from mainland China.

Will Baselworld remain the same?

Probably not. Will the Geneva Motor Show remain the same? Probably not. Events will need to be more agile, digital, and much more global than they used to be. Just waiting for the big luxury community to travel to Switzerland once a year is not a business case as such. Banks have shown that they learned this lesson the hard way.

DO YOU SEE THE MEDIA LANDSCAPE BEING CHANGED IN THE LONG TERM AS A RESULT OF THIS PANDEMIC?

Yes, we have seen a dramatic shift already. Less spending on advertising is a fact that has impacted larger media companies across Europe, and this will have huge signi昀椀cance. At the same time, news consumption has reached new records and the need for trusted sources is higher than ever. And yes, linear TV has made a comeback. Like in all crises, there are many chances, too. Smaller, agile players like us at CNNMoney Switzerland can adapt their business models quicker.

A truly smart city, Durban, KZN, South Africa seamlessly combines an innovative business environment with an exciting, contemporary lifestyle.

Connecting continents, here you will find Africa’s busiest port, the top ranking conferencing city and the home to the continent’s very first Aerotropolis. Boasting world-class infrastructure, manufacturing and industrial concentration that is constantly evolving, isn’t it time to join this progressive society rich in investment opportunities?

…We can help you make it happen, now. web: invest.durban

Tel: +27 31 311 4227 Email: invest@durban.gov.za

CONTINUING SUCCESSFUL TRADE AFTER COVID-19

by Graham Bright, Head of Compliance and Operations at Euro Exim Bank

The COVID-19 pandemic continues to have global repercussions, and our lives will be changed irreparably, affecting the goods we want, the goods we need, and what constitutes luxuries and essentials.

We have seen how COVID-19 does not respect borders, resulting in appalling mortality rates, crashes and rebounds of stock markets, the general population isolated, with unclear ever-changing guidance, uncertainty and fear.

Whilst governments, health authorities and essential services tackle the e昀昀ect domestically, ultimately, global trade must continue.

International trade generates trillions of dollars per year, supporting economies and huge workforces 昀椀lling insatiable demand for garments, metals, foodstuffs, pharma, electronics and plastics across the globe. Now that demand has changed to include PPE - masks, testing kits, surgical gowns and medical equipment

such as ventilators, and soon, hopefully, life-saving vaccines.

Whilst many companies have switched to PPE production, these are short-term strategies. When COVID-19 is beaten, we will need to re-tool original production processes, rebuilding supply sources and re-starting import of materials and export processes for 昀椀nished goods. With a new world dynamic – will the world still want or need those goods?

THE OUTLOOK

The economic forecast remains grim, with US Federal Reserve Bank predictions of unemployment rates higher than the Great Depression (30%) and GDP falls of 50%. Unprecedented times indeed.

Few foresaw the sustained falls across international markets, triggering trade circuit-breakers designed to prevent panic-trading four times in 20 days. With no time to hedge, billions were wiped off company values with investors 昀氀eeing to safer market sectors.

Net effect? Car sales falling 97% from the same time last year, travel industry stagnation, air passenger and 昀氀ight volumes down 90%, with fuel demand and oil prices at historic lows.

EXPOSING VULNERABILITIES

The pandemic has shown vulnerabilities in contingency planning, especially with disrupted supply chains, short-term exposure, rise in liquidity demand, ravaged

cash 昀氀ow, loss of workforce and potential long-term bankruptcy.

Unfortunately, it may be too late for some companies, as the digital world will grab a larger market share, rede昀椀ning how we shop in future with household names consigned to history.

But there are always positive seeds of optimism that come from every adversity.

THE GOOD NEWS

Despite market 昀氀uctuations, those with active wealth management strategies will be best positioned to minimise the effects of this outbreak and bene昀椀t from the long-term recovery. Indeed, global markets have recovered some of their losses, with the MSCI World Index ending April up 26.5% from its lowest point in March.

Manufacturers will look more locally and may radically change their supply, logistics and production strategies, by cutting ties

and costs of using far-distant networks of suppliers and factories.

Meanwhile, the potential of Africa has not gone unnoticed. With the availability of specialist raw materials not currently as heavily impacted by COVID-19, the region offers proximity and replacement supply source for companies seeking to distance themselves from Chinese market dominance.

We’ll have to see how effective this alternative proves, as few countries are yet able to match China’s size and availability of workforce, ef昀椀cient suppliers and highly developed infrastructure.

THE FACTORS THAT WILL ASSIST THE FUTURE OF TRADE

1. APPLYING APPROPRIATE COLLATERAL REQUIREMENTS

Key elements in all trades are trust, identity, means and intent to pay. Buyers need collateral and funding options but are constantly hampered with unreasonable 昀椀nancial demands.

Many large 昀椀nancial institutions are charging buyers punitive rates for instruments, requiring locking of funds of up to 110% of the face value of trades for up to one year. Good for banks, but this cripples cash 昀氀ow, especially with smaller values, leaving companies disadvantaged and non-competitive.

At, Euro Exim Bank, we take a pragmatic approach, looking at appropriate collateral, enabling clients where possible to transact multiple deals and therefore to trade competitively and pro昀椀tably.

2. RESOLVING PAYMENT AND LIQUIDITY ISSUES

Access to exchange-traded currency such as US dollars can be expensive or restrictive in emerging markets. Euro Exim Bank was one of the 昀椀rst regulated banks to embrace new payments technology through participation with RippleNet. Using xCurrent delivery of real-time, frictionless payments, cross-border transactions are guaranteed without multiple routing hops or the necessity for traditional correspondent bank relationships.

With innovative ODL (On-Demand liquidity) services, clients bene昀椀t from low-cost liquidity underpinned by Ripple XRP digital assets. This gives settlement with certainty, guaranteed exchange rates and immutability in terms of transfer and settlement allowing bilateral cross-border transactions in a local currency, without switching between expensive mainstream currencies.

3. APPLICATION OF INNOVATIVE TECHNOLOGY

The complexity of cross-border trade 昀氀ows and industry initiatives in the standardisation of processes led us early on to build a bespoke trade platform, incorporating blockchain and AI technologies. This has future-proofed our operations and enabled us to pass on bene昀椀ts of speed, trust, ef昀椀ciency and immutability to our clients.

4. DIGITISING DOCUMENTS

Remote working, coupled with video conferencing, have altered work dynamics and re-ignited the move towards more digital services, allowing trusted creation and distribution of electronic complex documents. We expect greater use of veri昀椀ed, trusted delivery in preference to current ‘wet ink’ bills of lading as physical papers in multiple copies. And who will need bricks and mortar of昀椀ces?

5. FREE TRADE AGREEMENTS (FTAS)

As threats of a renewed trade war between the US and China loom, agreements in Africa (AfCFTA) and the Far East (RCEP) could hold the key to minimising a longterm recession. Designed to eliminate protectionism and isolation, FTAs allow freer movement, unencumbered by tariffs, excessive complex process or currency restrictions, encouraging trade with neighbouring partners, i.e. promoting faster, cheaper supply, where pro昀椀t or economic supremacy cease to be the sole trade drivers.

To survive in these uncertain times, 昀椀rms must be realistic in pro昀椀t and investment outlook, exercise pragmatic management, hire professionals, listen to peers and competition. They must understand value and contribution, not just expenditure, and ultimately keep producing and delivering what customers need.

As a facilitator of global trade, Euro Exim Bank remains well-positioned and ready to work with corporates and SMes 昀椀nding innovative trade initiation solutions, enabling them to deal safely and competitively in the wider international arena.

We look forward to a fast economic recovery, to a better, more charitable healthy humane world, with all citizens having access to the goods they need, at prices they can afford, as soon and as safely as possible.

GLOBAL VISION, LOCAL IMPACT

Established in 1952, Banque du Caire (BDC) has been effectively adopting a wide range of prominent Corporate Social Responsibility (CSR) initiatives, providing a dedicated approach that drives signi昀椀cant impacts on community development in various 昀椀elds.

Banque du Caire’s strategy takes into consideration the social and environmental consequences of business activities, not only across the country but also up to the most innovative global standards. We guarantee that the work昀氀ow demonstrates a full dedication to implementing effective governance.

THE THREE PILLARS OF BDC’S VALUES

In line with the Sustainable Development Goals (SDGs) and Egypt’s vision for 2030, BDC’s strategy focuses on economic, social and environmental development. With a global vision and local impact, the CSR team based our model on three main pillars: the economic empowerment of women and youth, sustainable communities, and the environment. Each of the three pillars works in tandem to transform our communities and empower people to lift themselves out of poverty and into developed social mobility.

Our de昀椀nition of success is an impact that sustains for decades and empowerment of tomorrow’s young leaders.

Additionally, Banque du Caire’s 5-year strategy supports the governmental endeavours pertinent to SDG10 that strive to reduce inequality and promotes social inclusion by ESG.

As a pioneer in micro-昀椀nance, BDC fosters partnerships with local and youth-led nongovernmental organisations (NGOs) with the overall objective of creating new job

opportunities for the youth by providing vocational training and adequate support to persons with disabilities while assuring gender equality in all its activities.

As for the second pillar related to sustainable cities and communities, we have a wide range of support including the transformation of selected rural villages in upper Egypt. This support means providing the inhabitants with access to clean water and sanitation, renovating schools and enhancing the curriculum, refurbishing and equipping medical centres. Women are also supported as self-suf昀椀cient earners.

As for the third pillar, we believe in leading by example. In 2020, we launched the bGreen initiative with a special focus on advocacy and awareness-raising among our clients, suppliers, staff and community, addressing numerous identi昀椀ed areas such as:

• Climate change

• Recycling projects in 150 schools

• Cleaning 10 beaches across the country and helping clean the River Nile

• Planting roofs

• Being a green bank

The bank has been adhering to the United Nations’ Global Compact principles since 2016; supporting precautionary approaches to environmental challenges, encouraging initiatives to promote greater environmental responsibility and ecofriendly technologies.

THE BCR EDUCATIONAL VALUES IN THE COMMUNITY

Leveraging on our commitment to sustain the economic and educational pillars, we launched vocational training initiatives, in which we bring workers from underprivileged areas and provide them with vocational training to develop their skills. We help them sustain and expand their small businesses by opening up their sales opportunities. The training is available for both men and women, who can be the breadwinners of their families.

With the training, they can start their own projects, generating income for their families, and, most importantly, become independent business owners. The project will continue on an annual basis and expand targeting sustainable development of the less privileged areas across Egypt.

FROM ORIGIN TO DISTINCTION

In February, we launched the bGreen initiative, engaging all of our stakeholders to follow sustainable practices in their daily businesses. Under the umbrella of bGreen, we are implementing green roo昀椀ng in our headquarters as well as launching the initiative to be the 昀椀rst bank to plant trees in some neighbourhoods across the country.

The bank takes the necessary measures to ensure its branches are designed in line with both national and international standards by rebranding old branches. We implemented the use of LED lighting along with the renovated 昀氀oors of the headquarters - replacing traditional 昀氀uorescent lighting. This helps save energy and increase air conditioners’ ef昀椀ciency as it decreases the heat emissions coming from lighting. Ecofriendly plumbing systems are used in the bank’s buildings to save water and energy, provide clean water, and decrease chemical pollution. The bank’s main building is equipped with double-glazing to absorb heat before it can negatively affect the central air conditioning system. Additionally, the branches’ facades are designed with thermal control to save energy consumed by air conditioners. Highlighting our environmental conservation initiatives, the bank also designed and developed a fully ecofriendly branch in Siwa where all materials used are environmentally friendly and in line with international standards.

To highlight our focus on sustainability within our community, we provided both public and private high schools with recycling bins to reduce waste. This served as a medium to provide educational awareness for the students, where we closely monitored workshops focused on environmental challenges. This programme makes students more aware

of their waste and can help them develop better living habits at an early age.

SUPPORTING HEALTH IN THE COMMUNITY

In line with our core values, the bank has supported the local health units to better serve residents. BDC has provided the necessary medical devices used for treating diseases widely spread in the community. The bank provides consistent technical support visits for one year for the units’ doctors, and bi-annual medical convoys to stipulate support through free medical examinations, medicines and operational surgeries when needed. We also delivered free treatment of animals in the villages, who provide a big portion of income to families, in terms of both food and textiles. The bank partners with numerous hospitals, providing them with not only 昀椀nancial support but also psychological support where employees visit those in need on a regular basis.

ENGAGING THE STAFF

As part of our CSR & Sustainability strategy to keep employees engaged by giving them a sense of contributing to society, we launched our internal volunteering programme, designed for nine thousand employees. The programme targets all bank staff across Egypt, engaging employees with monthly planned activities that revolve around giving back to the community. As a promotion and motivation for more engagement and loyalty to the programme, we reward the champions with a paid overseas trek to volunteer with one of the international NGOs that we partner with. Additionally, the programme holds an annual summit at the end of each year, where all our CSR partners and volunteers are invited to recognise the champions and announce new targets and trek destinations for the following year.

Banque du Caire follows its path to achieving the ultimate goals of creating environmental, social and governance values.

DEVELOPING CUSTOM STRATEGIES FOR INTERNATIONAL GROWTH

ARC Capital is a mid-market investment bank with an international presence, and of昀椀ces in China, Singapore, the united States, Indonesia and Mexico. Our 昀椀nancial team specialises in public listings, mergers & acquisitions (M&A), 昀椀nancial advisory services, and wealth management. ARC provides a customised and personal approach to our clients.

ACCESS TO NEW MARKETS

We founded the company in 2015 with the aim of helping Chinese companies to 昀椀nd alternative sources of 昀椀nancing, taking advantage of our knowledge and experience in the US stock markets. We were fortunate to start with a client who gave us the opportunity to work with him and prove our worth.

ARC Capital started its business offering focusing on the capital markets area, mostly with IPOs in the NASDAQ from companies from China, as well as other companies in Asia. However, over the past few years, we have also paid particular attention to special purpose acquisition

companies (SPAC) This is a type of investment fund that allows public stock market investors to invest in private equity-type transactions, particularly leveraged buyouts.

In addition, we offer M&A services for companies, as well as providing the best corporate 昀椀nance solutions and different types of investments to ensure the best returns for our clients. Also, some M&A transactions we have performed in the past have had an important cross-border component, particularly between Western countries and China, as much on the buy side as the sell side.

STRATEGIES FOR INTERNATIONAL EXPANSION

ARC Capital’s main focus has been mainly in small and medium companies across different industries. We have helped our clients to gain international exposure, 昀椀nding the best strategy according to their expansion goals, including offshore services to provide them the best strategic location for their expansion purposes.

Sectors that we have focused on in Asia include high-tech, e-commerce, retail, luxury, food and beverage, chemicals, pharmaceutical, automotive, aerospace, agriculture, hospitality, infrastructure, among many others.

ARC Capital has seen increased deal 昀氀ow over the past few months. We have advised multiple companies on IPOs such as Indonesia energy Corporation, the 昀椀rst Indonesian company to ever list directly on the New York Stock Exchange and the 昀椀rst family of昀椀ce-backed SPAC out of Singapore called Yunhong International. ARC Capital was also the lead advisor on a recent M&A transaction involving a publicly-traded company called CTI Industries, and, in just the past six months, we have closed four private capital raises in excess of $70 million, just in Asia! Our multiple of昀椀ces around the globe enable us to provide invaluable advice to our clients and work around the clock on fastmoving transactions.

We leverage our deep experience in Asia to provide our clients with services and guidance in other countries. Most of our clients hire us to guide them through complicated transactions in foreign countries.

ARC Capital is also an advisor for private companies in con昀椀dential transactions. We have been working with an important real estate developer in Peru that is currently in the 昀椀nal stages of raising capital for their most recent project. We are the exclusive advisors on this deal.

ARC Capital continues to grow its SPAC practice, we now take companies from the IPO process through the merger process, offering a complete range of services. We have also been in talks with multiples companies looking to raise money through a merger with a SPAC.

Raising money through a SPAC merger is a great alternative for companies that operate in countries where credit markets have frozen due to the COVID-19 crisis.

LOOKING BEYOND CONVENTIONAL FINANCING

The T Bridge mantra is “We back the innovative, the courageous, the risk-takers and the boundary pushers”.

T Bridge Venture Partners is a dynamic and impactful venture company investing in companies. The company was started on the premise of seeking innovative and ground-breaking 昀椀rms across a number of sectors: renewable energy, proptech, 昀椀ntech, consumer retail, TMT and agritech.

Started in 2017 by award-winning serial entrepreneur Fope Oluleye who has been building successful companies since he was 21 years old and runs multiple operations through his group of companies across Europe, USA and Africa that sit under the parent umbrella, Zenith Guild Group. Since 2011, he has built up a collective set of organisations involved in

property, renewable energy and telecoms and he is part of several entrepreneurial communities and associations.

Innovation, ambition and dynamism have been the key actors through Oluleye’s endeavours with the underlying theme to excel and build leading and de昀椀ning companies.

THE ORIGINS OF T BRIDGE

While building his own companies, Oluleye realised the gap in funding for new-age companies that 昀椀tted outside conventional 昀椀nancing due to their business models and positioning to disrupt the status quo. Partnering with family of昀椀ces, wealth management and climate funds and attracting institutions

into co-investing into our chosen sectors that share our enthusiasm for positive change, he believes T Bridge is the radical solution that can bridge the gap.

T Bridge’s mission to invest capital into innovative and creative companies has seen them form a partnership with Brightstar Solar Global to focus on tackling the shortage of electricity infrastructure in sub-Saharan Africa through renewable energy. Renewable energy is a key sector for them as it is still at a nascent stage in terms of potential applications and wideranging uses.

THE T BRIDGE APPROACH

T Bridge realises that building successful 昀椀rms means infusing them through both active collaboration and investment that will ultimately steer them onwards to growth and success. We want to create an ecosystem where our companies can thrive. Fope Oluleye describes a three-step process for identifying businesses that 昀椀t T Bridge VP’s investment pro昀椀le.

1.

Potential for viable high transformative growth through tackling a key problem in our chosen sectors.

2.

Founder team with knowledge and understanding of the addressable market to execute its vision.

3.

The company has a clear identity of where they sit within their sector and how they can impact it.

Most importantly, he recognises that those founders with boundless energy, untiring commitment to reaching their goals, and a deep desire to win as ones most likely to succeed. Through co-creating and fostering an environment that allows portfolio companies to shape their brand identity along with best-in-class resources, T bridge believes they can further accelerate their growth.

THE INDUSTRY

The venture capital industry remains, 昀椀rst and foremost, an essential source of capital and resources for a great number of burgeoning industry startups seeking to address a number of problems through a variety of sectors and provide active solutions. T Bridge aims to further add value to the industry by focusing on earlystage companies and founders that have enormous potential to disrupt current inef昀椀cient norms or create new innovative pathways and create lasting value for potential users and society as a whole.

T BRIDGE RENEWABLE ENERGY FUND – THE OPPORTUNITY

T Bridge takes its vocation seriously, having established the partnership with Brightstar Solar Global for a £500m fund, setting its sights on renewable energy as a medium to help address and positively increase the electricity production to increase productivity and impacting economic growth. The T Bridge renewable energy fund, with its £500m fund, will target Brightstar Solar Global’s mandate of 1000MW of renewable energy projects by 2022. With a 30MW solar farm already underway in Nigeria, we have signed with the Nigerian Government to supply electricity and are looking at potentially another 300 MW of projects in the country.

The company has also signed an MOU with a major 昀椀rst-tier banking institution to complement its rooftop strategy for home installations. In addition to home solar systems, utility-scale solar farms, commercial and industrial systems are targets. Energy solutions on a commercial basis would cater to agribusiness, mining, healthcare and commercial premises. Whether it is integrated solar systems or stand-alone systems, we aim to use these solutions to positively in昀氀uence the electricity and energy market in the region.

2020 AND BEYOND

With the present situation of the current adverse 昀氀uctuation in the oil market, T Bridge aims to further draw attention to renewable energy as a reliable source of energy production through Brightstar Solar Global to the region and provide much needed electrical production to hospitals, homes and commercial premises.

We have initiated a series of options to implement and create a pipeline of opportunities to attract further investment from investors that are looking for alternatives to oil.

The current marketplace provides an opportunity for T Bridge and Brightstar as the 昀椀nancial incentive of investing in renewable energy becomes as attractive as the oil market.

Over the coming years, we will deliver our goal of 1000MW across our four main operational systems of large-scale utility solar farms, commercial solar systems, distributed mini energy grid systems and rooftop solar systems with a key emphasis on technological innovation and longterm sustainability.

To 昀椀nd out more about the T Bridge Venture partners, visit www.tbridgevp.com.

Fope Oluleye

LEAVING NO ONE BEHIND IN THE DIGITAL ERA

Our vision is to promote digital economies that leave no one behind.

Our goal is to equip millions of people by 2024 to use innovative digital services in their daily lives that will empower them and contribute to achieving the Sustainable Development Goals.

The United Nations Capital Development Fund (UNCDF) has announced partnerships with digital services providers to increase access to and usage of digital services in the North and West Nile regions of Uganda.

Through these partnerships, the UNCDF is supporting private sector players to develop and scale digital solutions for communities that are often marginalised and denied digital innovation and technology due to social norms, societal status, and limited revenue and capacity.

The partnership is part of the ‘Leaving No One Behind in the Digital Era’ strategy, funded by the Swedish International Development Cooperation Agency (Sida), which aims to build an inclusive digital economy in Uganda. The programme focuses on empowering rural communities to use digital services in their daily lives for development impact in agriculture, health, education, and 昀椀nance.

“In line with our strategy, the partnerships aim at breaking the obstacles that limit the reach of digital services in rural communities,” said Jenifer Bukokhe Wakhugu, Deputy Head of Of昀椀ce at UNCDF Uganda.

“Our goal is to enable at least one million people in rural communities of Uganda to use digital services that will empower them to lead productive and healthy lives while at the same time contributing to the achievement of the Sustainable Development Goals.”

THE DIGITAL GAP

While the overall number of people accessing digital products and services in Uganda continues to grow, the digital access gap is widening, negatively impacting routinely excluded populations: rural communities, smallholder farmers, women, youth, MSMEs & refugees. Over the last four years, the Ugandan digital 昀椀nancial market has grown from 26% of the adult population actively using digital 昀椀nancial services in 2014 to roughly 56% in 2019. However, in rural communities, such as the Northern and West Nile Regions of uganda, access to mobile digital 昀椀nancial services lags behind at dismal levels of less than 30%.

BRIDGING THE GAP

To bridge this gap, the UNCDF is partnering with mobile network operators (MNOs), Airtel Uganda and MTN Uganda, to increase mobile phone penetration, strengthen the rural agent network, improve liquidity, optimise connectivity across the target areas, and develop relevant and affordable products for rural communities.

The UNCDF is also partnering with agri-techs, Ensibuuko Tech Limited and MobiPay Agrosys Limited, to create a network of digital community entrepreneurs (lead farmers) aimed at increasing last-mile distribution of digital inclusion related services and products such as phones, off-grid energy solutions, bank accounts, farming inputs, and electronic airtime. Additionally, these partnerships will also be leveraged to teach 昀椀nancial and digital literacy skills to build and foster an open payment ecosystem that empowers these communities.

“Through these partnerships, we aim at building the digital infrastructure in the rural communities to pave the way for digital technologies that will remove the major market constraints in agriculture, education and health, while at the same time creating impact in entire market systems,” Ms Bukokhe added.

CHINA’S ROAD TO RECOVERY

While much of the world was still in the throes of the coronavirus that originated in the city of Wuhan, China declared itself open for business. Chinese factories began roaring back to life, even though serious concerns about the virus coming back continued.

Transportation in and around Beijing has been strictly limited. The movement of foreigners has been restricted due to fears of additional cases being imported back in. In the Hubei province itself, even though there are no new cases, of昀椀cials seem to be taking the risk seriously. The province continues to maintain the strictest emergency response measures.

Railway stations have escalated their protocols for disinfection and inspection across the entire county, as it is expected that many of those who have been trapped in Hubei will begin to venture outside to the rest of China. Other cities have said that these people will have to self-quarantine and endure regular rounds of testing to prevent the possible spread of the virus.

In the city of Wuhan, those residents who have been tested for the virus are assigned QR codes through a government app. For those who have been tested and found free of symptoms, their QR code will show up as green, giving them permission to leave their homes. Those residents without a green QR code continue to be limited in their movement. Despite these measures and the fact that residents are often checked for temperature when arriving or leaving a business, the knowledge that people can be contagious without being symptomatic leads to persistent suspicion.

CHALLENGES OF RE-OPENING THE ECONOMY

Since the virus originated in China and cases 昀椀rst appeared here months before they did elsewhere, the timeline of the virus puts China ahead of much of the world. China, therefore, offers a glimpse into the future for countries still suffering from the pandemic at what restarting their economies could look like.

U.S. President Donald Trump continues to push for the reopening of the economy sooner rather than later, despite the advice of public health of昀椀cials who have offered timetables as late as November for returning to any semblance of normal life. Such impatience with the lockdown was also seen in members of the Chinese Politburo as early as late February. Perhaps, China’s plan is a compromise between these two approaches and shows how to reopen an economy before the virus has completely disappeared.

The world was much impressed by the management of the virus by countries like Singapore, Hong Kong, Taiwan, and South Korea. Just as these countries had 昀氀attened the curve and began to resume their normal lives, the number of cases began to rise again. It was discovered that the coronavirus was being reimported back to Asia from the U.S. and Europe. Whether a second wave of coronavirus is spreading through China is hard to tell, especially since much of the world already questions the of昀椀cial government numbers of the 昀椀rst wave.

One of the challenges of returning to normal production levels is that much of the country returned home for the spring festival just before the lockdown began. This meant that they were trapped at home and were unable to come to work. The production centres on the coast then chartered transportation to bring these workers back from the inland on trains and buses. It is dif昀椀cult to say exactly how ef昀椀cient the operations of the factories are. There are reports that of昀椀cials were told to embellish their 昀椀rms’ performance. When an analysis of the electricity usage of factories by government of昀椀cials was done, some of these factories were told to power up idle equipment in order to make the electricity usage 昀椀t the narrative that all is well.

Various strategies are being employed to prevent workers from potentially spreading the virus. One factory in Jiangsu is dividing employees into separate units to keep the workers separated from each other. These units eat, work and sleep in separate areas. As the facilities are not designed for this level of separation, this arrangement is understandably hard to manage.

The Chinese central bank has so far avoided the massive stimulus plans proposed in the EU and the U.S. But large parts of these stimulus plans were to prop up industries like the airlines. The Chinese government owns so much of the economy that such measures are simply not necessary.

WAITING FOR THE WEST TO RECOVER?

The demand for Chinese exports has been greatly decreased due to the global pandemic. However, things are better off for China than they were during the global 昀椀nancial crisis that occurred from 2007 through 2009. This is because domestic consumption now plays a far more signi昀椀cant role than exports do. But domestic demand is also low because of the lockdown. And even with the lockdown ending, many continue to avoid large gatherings of people. Furthermore, the lockdown has also prevented people from going to work and their income has been affected.

Many provinces have 昀椀nally reduced their alert levels and even Hubei province is allowing people outside the capital city to travel. It will take time for the population to build up enough con昀椀dence in the economy to begin spending again. Once the West has overcome the pandemic, its demand for Chinese manufacturing goods should return. However, factories that produce goods for the West are facing order cancellations, which will also negatively impact the income of Chinese citizens and reduce their ability to spend.

THE FUTURE AFTER COVID-19 COVID-19 began in Wuhan and while China appears to have overcome the virus as a country, it has yet to overcome it as an economy. It must act decisively to ramp up its production without sparking a second wave of coronavirus due to workers being in close contact and through the import of the virus back from the rest of the world. The Chinese domestic market is now a major force in the Chinese economy, but the decreased demand from the West is causing orders to be cancelled. It will be interesting to see if the recovery of the Chinese domestic market can keep China going long enough for Western demand to come back.

Union Bank of the Philippines (UnionBank) has been named as one of the 20 best banks in the Asia-Pacific region in 2020 by IDC Financial Insights. It is also the only Philippine bank on the list that includes DBS Bank, Shinhan Bank, and Maybank, among other prestigious brands.

IDC Financial Insights is part of the International Data Corporation - the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. IDC Financial insights provides accurate, timely and insightful fact-based research and consulting services.

“The 20 best banks are chosen because of the select unique capabilities that each of them has that was discovered by IDC in a series of interviews with C-suite leaders. We will develop continuous research such as case studies and executive briefings with these institutions,” said Michael Araneta, head of research and advisory at IDC Financial Insights Asia - Pacific. “One important intention of this program is to

show that despite the threat of disruption by fintechs and challengers, traditional banks are in fact thriving more than ever.”

This award from IDC Financial Insights, which was based on the success of UnionBank to transform itself over the years to be ready for a new decade of financial services, validates the bank’s digital transformation with no one left behind promise, as well as dovetails with the numerous recognitions of the bank as the country’s leading digital bank.

From the top 20 list, IDC Financial Insights will select winners for the Financial Insights Innovation Awards 2020 scheduled later this year.

This is not the first time that IDC Financial Insights recognized UnionBank for its banking innovation. In 2018, the organization named the Bank as “Asia’s Leader in Omnichannel Engagement” at the Financial Insights Innovation Awards (FIIA) that was part of the Asian Financial Services Congress for that year.

THE BOND WATCH IS REVEALED

OMEGA is delighted to unveil 007’s newest timepiece that will feature in the 25th James Bond 昀椀lm, No Time To Die.

Appearing on-screen will be a thrilling new Seamaster Diver 300M 007 Edition.

has built its legacy with real-life divers and quintessential wrist-wear of James Bond.

OMEGA has worked closely on the development of the Bond watch with Daniel of James Bond has brought invaluable insight toOMEGA’swatchdevelopersanddesigners.

Daniel Craig’s own experience as 007 has the Seamaster models that James Bond has thewatchthatwillbeseenin NoTimeToDie.

THE SEAMASTER DIVER 300M EDITION

watch will appear on screen. The Seamaster Diver 300M 007 Edition has been purposefully built with military needs in mind

non-limited watch will be placed in OMEGA’s iconic current collection from February - available to customers either on a

which is used for the case and bracelet with its innovative adjustable buckle. This special material is particularly strong

Special new doming of the sapphire-crystal glass has also created a slightly slimmer watch than the standard Seamaster Diver 300M models.

colour that replicates the aged brown hue that certain vintage dials turn over time. This colour tone is referred to by collectors as “tropical”. The aluminium bezel ring of this watch also features the same colour shade.

the format for genuine military-issue watches. “0552” is a

close contact with Daniel Craig and the filmmakers. Daniel Craig’s “When working with OMEGA, we decided that a lightweight watch would be key for a military man like 007. I also suggested some vintage touches and colours to give the watch a unique edge. The final piece looks incredible.” which keeps all of the engravings in correct alignment. which has achieved the industry’s highest standards of resistance.

For adventurous customers who choose this Seamaster

an exclusive brown fabric pouch. The watch is waterresistant to 30 bar (300 m / 1000 ft) and comes with OMEGA’s full 5-year warranty.

B.I.C. MARKETS EXPANDS INTO ASIA WITH A STRONG IB PROGRAMME

WHO IS BIC MARKETS?

BIC Markets is the Forex and CFD division of B.I.C. Banking Group. Our objective is to provide traders across the globe with cutting-edge technology to trade on the world’s markets. We are driven to offer traders incredibly low-cost pricing across all FX, CFDs and Commodities with the added security of strict 昀椀nancial regulation and industry-leading customer support. BIC Markets offers a range of online trading platforms including MetaTrader 4, WebTrader and mobile apps for iPhone, Android and tablets.

WHY IS THE BIC MARKETS IB PROGRAMME SO SUCCESSFUL?

At BIC Markets, we understand the importance of the introducing broker and we offer one of the leading programmes in the industry, featuring competitive commissions, marketing tools and excellent support. Furthermore, all of our introducing brokers have access to an online portal where they can view their referred clients’ every trade and rebate.

HOW FREQUENTLY DOES BIC MARKETS PAY THE IB COMMISSION?

The introducing broker is paid in real-time to their secure online Partner Portal. The introducing broker can then withdraw the rebates by submitting an online request or they can transfer internally to their trading account.

WHY DON’T CLIENTS PAY MORE WHEN THEY GO THROUGH AN IB?

The introducing broker refers clients to BIC Markets, the referral commission is their reward for advertising and referring the client. It’s important to BIC Markets that these clients have the same pricing as if they came directly to our 昀椀rm. This ensures that every BIC Markets client has the same trading and customer support experience.

IF THE CLIENT DOESN’T PAY EXTRA, HOW DOES A BROKER COMPENSATE THE IB?

At BIC Markets, we rebate the introducing broker a percentage of the spread. The spread is the maximum a straight through processing (STP) broker can make. This means that all of the trades are passed onto a liquidity provider and the broker earns the difference in the spread between the transaction with the client and that with the liquidity provider.

WHAT MAKES A SUCCESSFUL IB?

The best way for the introducing broker to increase their revenue is to use social media to promote their referral link. Some of our best performing introducing brokers manage their own trading blogs and websites. Facebook adverts are a valuable tool for the introducing brokers as they can choose the audience and generate a lot of traf昀椀c to their blog or directly to the broker’s website.

WHAT ARE SOME OF THE BENEFITS OF TRADING THE FOREX MARKET?

There are several reasons investors might choose to trade currencies instead of other products. Below are 昀椀ve main points as to why many people choose to trade forex over equities.

Accessibility: Forex trading takes place on many different exchanges across the world, and as a result, investors can make currency trades 24 hours a day during weekdays. The forex market is also the largest capital market in the world, involving more than US$5 trillion in notional value worth of transactions per day.

Liquidity: As there is so much activity, the global forex markets provide substantial liquidity to traders. While certain assets may be more dif昀椀cult to buy and sell, traders interested in currencies will likely 昀椀nd substantial opportunities. liquidity risk can occur around major news events if liquidity providers seek to limit their exposure to market volatility.

Leverage: Investors can potentially access far more leverage when trading currencies than they can when trading other assets. However, it is important to keep in mind that risk is inherent to investment. While using leverage to make larger trades can amplify returns, it can also amplify the size of losses.

Global Exposure: Forex trading provides investors with an opportunity to obtain exposure to economies across the world. By taking a more international approach, traders might diversify more successfully or potentially achieve higher returns by putting their money to work in areas that have greater potential. Once again, risk is inherent to investment, so no returns are guaranteed and investors must conduct their due diligence on regions.

Low Trading Expenses: Because there are so many buyers and sellers, spreads are low and trading costs are modest.

IS IT RISKY TO TRADE FOREX?

Like any form of investment, forex trading involves risk. The currency markets can experience sharp 昀氀uctuations, just like the stock, bond or commodity markets. Therefore, investors interested in forex trading are encouraged to conduct their due diligence and/or consult an independent 昀椀nancial advisor before making any transactions.

In terms of speci昀椀c risks, the forex market can present investors with less liquidity risk because of this particular market’s highly liquid nature. In other words, there is less risk that an investor will 昀椀nd himself unable to buy or sell a currency pair because he doesn’t have another market participant to take part in a transaction. Liquidity risk can increase around major news events.

HOW CAN I OPEN AN ACCOUNT AND TRADE FOREX?

You can easily open an account online with BIC Markets, we accept clients from most countries, however, there are certain jurisdictions we cannot accept.

THE RACE FOR A VIABLE VACCINE

by Sam Morgan

Coronavirus has shed new light on the pharmaceutical sector and healthcare in general. The industry is scrambling to 昀椀nd a vaccine for the pathogen, but despite big investments in a cure, the outbreak is wreaking havoc on supply chains.

According to a number of virus decon昀椀nement plans drafted by countries around the world, certain aspects of everyday life will only be able to resume as normal once a viable vaccine is identi昀椀ed and rolled out en masse.

Large gatherings of people at sporting events or music concerts, as well as full-scale tourism, are likely only to be possible without risk factors once a coronavirus inoculation is available. Given the economic value involved, it is no surprise that big investments into virus research have come thick and fast since the pandemic 昀椀rst hit. One of them, made by the EU, was a response to US President Donald Trump’s courting of a german 昀椀rm working on a vaccine.

Trump was reportedly interested in brokering an exclusive deal with CureVac, prompting the European Commission to intervene with funding worth €80 million. The institution’s President, Ursula von der Leyen, said the cash would help scale up ongoing research, adding that “CureVac’s home is here”.

The European Investment Bank, the bloc’s triple-A rated lender, backed the investment after it too saw the potential in the german 昀椀rm’s approach, which could drastically slash the costs of vaccines if successful.

On 29 April, the EIB - whose mandate explicitly instructs the Luxembourg-based bank to only pursue strong investment options - signed a landmark deal with a global organisation that specialises in developing vaccines for emerging diseases. Under the terms of the agreement with the Coalition for Epidemic Preparedness Innovations, the EIB will provide the group’s members, which are made up of private and public companies, with 昀椀nancial advice and support.

“The bank offers numerous options for companies looking for funding to develop the next generation of vaccines in the search for solutions to global disease outbreaks,” said the EIB’s Vice-President, Ambroise Fayolle.

Donald Trump is not the only American showing an interest in vaccine development, singer-songwriter Dolly Parton has funded work on identifying antibodies at a university in Tennessee, which has attracted the attention of global pharma giant AstraZeneca.

NEVER BREAK THE CHAIN

Virus lockdown measures have interfered greatly with global supply chains for medicine. Border closures and mandatory quarantines are obvious causes but the complete fall-off in demand for commercial 昀氀ights has also made an unexpected dent in supply.

Most airlines supplement their already razor-thin pro昀椀t margins by 昀椀lling their aircraft with high-value cargo, much of which is often perishable goods and medicine. Europe’s trade volumes are admittedly small, just 2.6% of commerce, but in value terms, 21% of cargo is shifted by air.

Planes are still by-and-large grounded, although plans are afoot to get the industry back in the air. For now though, there is a gaping hole in the logistics side of the pharma trade.

But it is the situation in China and India, two of the world’s largest drug exporters, that is proving to be most damaging to medicine supply chains.

Many countries still remain dependent on China for medical gear like masks and test kits, which its government has taken advantage of as part of its ‘mask diplomacy’ efforts, but it is India, the globe’s number one exporter of generic medicines, where the pinch could be truly felt.

Europe is hugely reliant on India for medicines that are as ubiquitous as paracetamol, after the region’s last factory

closed down way back in 2008, due to being squeezed out by cheaper Asian alternatives.

The subcontinent is still wrestling with its own coronavirus outbreak, which prompted Prime Minister Narendra Modi in March to put restrictions on the exports of drugs like simple painkillers and antimalaria treatment, hydroxychloroquine. Although that policy was later relaxed after pressure from Washington, the temporary cut-off has already prompted European policymakers and its drug industry into a rethink over how medicine supply chains are structured.

“The crisis has revealed our morbid dependency on China and India as regards pharmaceuticals,” said the Commission’s Vice-President, Věra Jourová, on 19 April. “This is something that makes us vulnerable and we have to make a radical change there.”

According to the Czech of昀椀cial, the eu will reassess the delicate situation so as to boost drug production in Europe. Its action plan will be submitted to national governments and MEPs later this year.

But the supply chains issue is not one where all European countries are on the same page. Despite emergency virus guidelines asking capitals to make sure cross-border medicine trade continues unhindered, restrictions remain in place in Belgium and Hungary.

“The consequence of export bans are directly detrimental to the availability of medicines for patients across the EU and globally, as well as risking retaliatory measures from other regions,” warned the European Federation of Pharmaceutical Industries and Associations. The group also urged the EU to make sure that no state takes unilateral action that would block vaccine development or treatments, adding that “no one country can meet all its pharmaceutical needs on its own”.

The EU insists that its policies will not stray into isolationist or populist territory but the impact of coronavirus suggests that the post-outbreak recovery period will put that pledge to the test.

The pandemic has shaken an already wobbly rules-based multilateral order, as Trump’s attacks on the World Health Organisation clearly demonstrate, as well as the signi昀椀cant lack of coordination between countries.

Coronavirus prompted the EU to relax state aid laws to help the economy, unlocking billions in government aid, and although the bloc’s mighty competition chief, Margrethe Vestager, insists the status quo will be restored after the outbreak passes, political sentiment at the moment indicates that any policies that strengthen Europe’s hand will remain in place for the long-run.

That could usher in a new era of domestic pharma growth or prove to be misguided faith in an industry that will always be undercut by more economical options elsewhere. Time will tell.

AI-POWERED INNOVATION IN MOBILE BANKING

As a bank with an entirely online presence, au Jibun Bank provides a wide array of smartphone banking services including deposits, loans, payments and currency exchanges with a full banking license obtained in early 2008. The au Jibun Bank was founded as a joint venture between KDDI, the second-largest telecom carrier who runs their business under the brand name ‘au’ in Japan, and MUFG Bank, the largest commercial bank in Japan.

A MOBILE BANKING PIONEER

The au Jibun Bank has been a pioneer in the mobile banking 昀椀eld, by providing customers with a useful smartphone app that is both easy and fun to use. It’s a onestop app that is home to all the company’s most recent innovations.

Some of the most innovative services of au Jibun Bank are the ones using arti昀椀cial intelligence (AI) technology for foreign currency savings. These AI services support Japanese customers who want to deposit foreign currencies into their au Jibun Bank accounts. They can currently choose from 5 different currencies: US dollar, Euro, Australian dollar, South African rand and New Zealand dollar.

‘AI Prediction of Foreign Currency Rate’ (released in June 2017) is a service that predicts the future rate of foreign currencies in order to support customers’ investment activities. It predicts the rateto-come within an hour, within a business day or within 5 business days, then shows the results using emoticons on the customers’ smartphone apps. This service adapted machine learning and image feature extraction technologies to analyse huge datasets of historical exchange rates to provide forecasts that were as up to date and accurate as possible.

Another service is the ‘AI Automatic Savings of Foreign Currency’ (released in March 2018), which allows AI to execute automatic deposit transaction for foreign currency savings at the best single moment of that month.

The accuracy of AI deposit execution is constantly being improved through deep learning of all the latest market data.

These unique AI-powered services have won au Jibun Bank several awards and accolades from around the world, proving the value of investing in technology, as well as recognising the company’s skills, commitment, creativity and execution. These services were developed in collaboration with AlpacaJapan Co. Ltd., a start-up company with advanced AI expertise.

WITHDRAWING CASH WITH A PHONE

Another advanced service of au Jibun Bank is ‘Smartphone ATM’ (released in March 2017) which allows customers to withdraw or to deposit money at a Seven Bank’s ATM, by simply scanning a QR-code displayed on their smartphone screen – no need to carry a traditional cash card! People could 昀椀nd its ATM at various places, such as at Seven-Eleven, Ito-Yokado (one of the Japanese general merchandising stores, under the Seven & i Group), as well as airports, stations, and branches of 昀椀nancial institutions – the total number of its ATMs exceeded 25 000 in 2019 and is only expected to increase.

As cash is still a king with a strong reputation for being reliable in Japan, it is quite common among people to withdraw money from ATMs located at convenience stores, which they would be able to 昀椀nd almost anywhere nationwide. With its high accessibility and friendly usability, the number of users has exceeded 100 000, and it was the 昀椀rst of its kind in Japan to allow customers to withdraw or to deposit money using smartphones at a nationwide level.

SUPPORTING PEOPLE’S MONEY MANAGEMENT

In April 2019, au Jibun Bank became a consolidated subsidiary of au Financial Holdings, a 100% owned subsidiary of KDDI.

As a member of the au Financial Group, au Jibun Bank aims to enhance their services more to support people’s life design from 昀椀nancial aspects, including their asset management.

As a part of this strategy, au Jibun Bank partnered with IHS Markit in July 2019 by sponsoring Japan PMI (Purchasing Managers’ Index) surveys.

The au Jibun Bank Japan PMI is compiled by IHS Markit, based on data collected monthly from around 800 purchasing or other senior managers in Japan and covers both manufacturing and service sectors.

The panel is strati昀椀ed by detailed sector and company workforce size, based on contributions to GDP. The au Jibun Bank Japan PMI would provide an early insight into the health of the economy. In order to support and to expand individual customers’ investment activities, au Jibun Bank also has a plan to develop app options that share content related to its PMI in the very near future.

Within the banking industry, where opening up the banking system

Application Programming Interfaces (APIs) is becoming crucial, au Jibun Bank has been proactive in collaborating with other market participants, not only with other au Financial Group companies but also with other players who provide 昀椀nancial services.

Further down the road, the au Jibun bank will not limit itself to act as a service builder but will expand their services by bridging the transactions with others, in order to accompany each of its customers on a lifelong journey.

CHAMPIONING THE VALUES OF ETHICAL FINANCE

Etica Funds has won Italian Responsible Investor of the Year. We spoke with Luca Mattiazzi, the Director-General, to understand what’s behind their success.

PERHAPS YOU CAN START BY TELLING US ABOUT ETICA FUNDS.

Etica Funds is the only Italian asset management company that exclusively offers sustainable and responsible mutual funds to private and institutional investors, representing the values of ethical 昀椀nance in 昀椀nancial markets.

The distinctive character of Etica’s funds is the rigorous selection of securities issued by businesses and countries that show a special commitment to environmental protection, human rights and good corporate governance.

Etica is in constant dialogue with the management of the companies we invest in. Etica fully exercises its voting rights in the shareholders’ meetings to urge companies towards more responsible behaviour and help them achieve this goal.

By embracing Environmental, Social and governance (eSg) criteria, codi昀椀ed in a transparent methodology, we can manage risk more effectively and seize interesting investment opportunities.

For us, the goal of achieving positive 昀椀nancial returns goes hand in hand with generating positive e昀昀ects for the environment and society.

As the last phase of the sustainable and responsible investment process, we measure the impact of our funds’ equity investments, using social, environmental and governance indicators linked to the United Nations’ SDGs (Sustainable Development Goals).

Etica is an integral part of a network of excellence in ethical 昀椀nance: besides

being a member of the Forum per la Finanza Sostenibile and the EUROSIF (European Sustainable Investment Forum), Etica is part of the ICCR (Interfaith Center on Corporate Responsibility) and a signatory of PRI (Principles for Responsible Investment) and CDP (formerly the Carbon Disclosure Project).

In 2015, the company was the 昀椀rst Italian asset manager to sign the Montréal Carbon Pledge and commit to measuring and reporting the carbon footprint of its investments.

HOW HAS THE MARKET CHANGED AS SUSTAINABILITY BECAME MORE MAINSTREAM?

When Etica was established in 2000, it was de昀椀nitely more of a niche market. Today sustainability and responsibility are keywords in the 昀椀nancial sector, exceeding $30 trillion of assets under management worldwide, with 34% growth in only two years and Europe sits at the top of the rankings, according to the Global Sustainable Investment Alliance.

This strong focus on sustainability and responsibility in the 昀椀nancial world is no accident. According to the World Economic Forum, in only a decade, global risks have shifted from being mainly economic in nature to environmental and social. Not only have these risks become more frequent, but they have also become more signi昀椀cant given the extent of the economic and 昀椀nancial damage they can cause.

What have we brought to the world of investment? First of all, the very possibility of sustainable, responsible 昀椀nance, which, in 2000, seemed like an oxymoron. Etica has legitimised a new and different way of investing that, as well as the purely 昀椀nancial aspect, takes into account other important variables: the environment, human rights, and good corporate governance.

WHAT IS THE DRIVING FORCE BEHIND ETICA’S SUCCESS?

Our strength lies in our belief that sustainable, responsible investment can deliver competitive performance versus the market and, in periods of high volatility, allows 昀椀nancial risk to be mitigated more effectively than traditional investments.

Our mission is “to champion the values of ethical 昀椀nance in the 昀椀nancial markets, raising awareness of socially responsible investments and corporate social responsibility among the general public and 昀椀nancial operators”.

In other words, to think about investing from a long-term perspective, which takes society and the planet into consideration.

All the 昀椀nancial instruments that make up the funds of Etica are selected based on careful issuer screening. Our selection process involves both excluding controversial sectors (e.g. oil, arms, nuclear power and gambling) and targeting the best ESG issuers.

Etica was created out of Banca Etica’s desire to make the 昀椀nance and credit sectors more sustainable and responsible. At the start of our journey, it was very hard to get investors to see that sustainable, responsible investment products were a different way of investing their savings, and not charity. We can now say that investing in our future and the future of the planet is possible.

Now, everyone is talking about it. We welcome this, but we believe in the importance of demonstrating the effectiveness of our strategy through numbers, data and reporting.

HOW DO YOU SELECT SECURITIES?

CAN YOU TELL US MORE ABOUT THE PROCESS?

The careful selection of the securities that make up our mutual funds is a de昀椀ning feature of our concept of sustainable, responsible investment. Our proprietary methodology, which has a long track record, only accepts issuers that demonstrate that they are both 昀椀nancially attractive and, of course, sustainable from an ESG perspective.

Our ESG Analysis and Research Team, made up of expert analysts of environmental, social and governance issues, carries out a double screening process on countries and companies, to identify the countries that best align with social and environmental objectives and the companies most sensitive to sustainability issues and collective wellbeing, creating the “Investable Universe” of issuers.

One welcome piece of news is that, since 2019, Etica’s funds have been able to invest in South Korean corporate securities.

We base our assessment of issuers on a range of sources: specialised databases containing reliable and up-to-date information; af昀椀liated partners such as the ICCR, PRI, CDP, EUROSIF and SfC (Shareholders for Change); and NGOs such as Amnesty International and Legambiente. We also examine research in the specialist press and corporate publications (e.g. 昀椀nancial statements and sustainability reports) and assess information gleaned from direct dialogue with companies.

We really seek to look at companies from all angles before deciding whether or not to invest in them. Our assessment of issuers is based exclusively on information from authoritative sources, and all news is duly checked to protect us from the risk of fake news.

AND WHAT DOES SHAREHOLDER ACTIVISM MEAN TO YOU?

For us, shareholder activism, along with the dialogue we cultivate with companies, is part of engagement, one of the most direct strategies for sustainable, responsible investment, and one that we regard as fundamentally important.

We have previously decided to link engagement activities to the SDGs, the action plan signed by the governments of the 193 UN Member States to promote sustainable economic, social, and environmental development. Etica decided to focus in particular on climate change, water resource management, biodiversity, respect for human rights, and tax fairness.

To act more effectively, Etica teamed up with other responsible investors by joining international networks to boost engagement activities at the European level and to coordinate initiatives. Since some of your country’s companies are potential investments, who knows? Maybe in the future, we will be able to tell a story about South Korean shareholder activism.

WHAT ARE SOME OF THE PROJECTS YOU’RE EXCITED ABOUT?

All results of the dialogue with companies and shareholder activism are presented annually in our Engagement Report, available online in both Italian and English. Etica Funds, along with around 80 other major investors, joined the Access To Medicine Index initiative because, as investors, we want guarantees that the managers of the companies in which our funds invest have considered risks and opportunities related to drug access and pursued policies and processes to manage these challenges.

In 2018, our company supported the motions of shareholders of two American companies on the subject of risks relating to the price of medicines. The aim is to help, as far as we can, to recognise the universal right to receive the highest possible level of health care.

Another key issue is climate change. Etica has always been at the forefront of tackling environmental issues. It is a fundamental part of our way of thinking, however, that the environmental approach should always be assessed alongside the social and governance dimension.

We embarked on this journey about 20 years ago and our three-dimensional approach is now meeting with growing global recognition, as borne out by the transition to a resilient, low-carbon economy. We believe that divestment is the way forward, but its implications for employment and the wider community should always be evaluated.

Etica, therefore, intends to pursue a just transition, in line with the 2015 Paris Agreement on climate change, to accelerate climate action and meet the ambitious SDGs. To this end, we have signed up to the “Statement of Investor Commitment to Support a Just Transition on Climate Change” campaign.

In the context of reducing inequality and promoting peace and justice, Etica has been focused on tax responsibility, given that for a company it is strategically important to reconcile economic growth with the correct distribution of resources, adopt transparent 昀椀scal management, adequately remunerate all stakeholders and report on its business activities. We also joined the “Collaborative engagement on corporate tax responsibility” campaign, aimed in particular at companies in the healthcare and ICT sectors, to improve disclosure on taxes paid and encourage the development of responsible strategies in this area.

TAPPING THE SEAS FOR POWER

By Sam Morgan

The energy produced at sea could satisfy most of Europe’s power needs. Although the blue economy has come on in dribs and drabs lately, the coronavirus outbreak risks turning the taps off altogether. For now, at least.

Ocean, tidal, and offshore wind power all have a monumental potential to provide clean energy to our societies, as some studies estimate that there is capacity to generate anything between 100% and 400% of the planet’s power needs.

OBSTACLES TO RENEWABLE ENERGY

The prospect of ditching fossil fuels in favour of turbines is a tantalising one but the sector has faced severe obstacles over the years, such as high investment costs,

unpro昀椀table energy prices and negative public opinion.

As a result, the power generated by the seas themselves barely registers in the energy mixes of most European countries, while offshore wind has struggled to establish itself as strongly as onshore has managed.

The European Union had planned to debut new rules to help offshore wind later this year but the coronavirus outbreak’s impact on the work昀氀ow of its executive branch, the Commission, means there will be a delay.

Details about the strategy are still thin on the ground but it will reportedly suggest legislative tweaks to make it easier for

developers to build wind farms. Ideas on the table include relaxed spatial planning rules and stronger incentive schemes.

DELAYED BY COVID-19

The industry group, WindEurope, is con昀椀dent that the energy source’s potential will be enough to see it through, estimating that most countries will aim to eventually get around a quarter of their power from offshore.

However, the association’s CEO, Giles Dickson, did concede that “with COVID-19 we are likely to see delays in the development of new wind farm projects which could cause developers to miss the deployment deadlines in countries’ auction systems and face 昀椀nancial penalties.”

Coronavirus delays are not exclusive to the energy sector but blue economy-linked power projects can at least count on long-term strategies drawn up by Europe’s governments for the coming decade.

CLIMATE COMMITMENTS

The Paris Agreement on climate change obligates countries to cut emissions and limit global warming. Part of that process includes meeting stricter green targets in 2030 by switching to renewable energies, one of the main weapons in the environmental arsenal.

Spain was the latest major country to submit its 昀椀nalised plan and it has received widespread accolades from the ecological community for the scope of its ambition. Solar power capacity is set to

quadruple and wind power double over the next ten years.

“Spain has long been a leader in renewables: wind is 20% of their electricity and they create more export revenues from wind energy than from wine,” Giles Dickson said in praise of the government’s plan.

Spain was able to commit to such a green agenda largely because renewable energy prices are falling at a consistent rate. Clean energy is rapidly becoming economically competitive with nuclear, coal and natural gas, a fact that Madrid has recognised.

In its strategy, it also acknowledges the “huge potential” of ocean and tidal technologies but insists they are not at

an advanced enough stage to roll out en masse. Speci昀椀c auctions are suggested as an avenue to build interest and bring demo projects to maturity.

Energy experts have suggested that blue economy energy tech is a perfect 昀椀t for outlying communities in Spain - as well as other parts of Europe - which cannot be connected to the Iberian peninsula’s main power grid.

Interest in the clean energy potential of our seas is not an exclusive domain of the environmentally-minded either, as the fossil fuel industry is also making bolder and more e昀昀ective forays into the sector.

Norwegian gas and oil giant Equinor - formerly Statoil - has made a name for itself in the offshore wind sector by pioneering massive 昀氀oating turbines, the largest examples of which are taller than Big Ben. Its Hywind wind farm off the coast of Scotland was the world’s 昀椀rst major 昀氀oating installation and has peaked interest in building turbines in deep water, where conventional technology simply cannot operate.

This is signi昀椀cant for countries like France and those located in the Mediterranean, which has so far been off-limits to wind a昀椀cionados.

The French government, in particular, is interested in ramping up its insigni昀椀cant wind capacity and tagging turbines with tidal power generators where possible. President Emmanuel Macron has pledged to scale back his country’s reliance on nuclear energy and cheap wind is a candidate to 昀椀ll the gap left by atomsmashing.

equinor’s 昀氀oating behemoths are not purely a force for green good though, as the energy major was granted permission earlier in April to build another farm far off the Norwegian coast. But that installation - due to come online in 2022 - will not power Scottish homes, it will fuel Equinor’s fossil fuel exploration efforts.

It is touted as a world 昀椀rst and the project’s architects claim it will reduce the 昀椀rm’s carbon footprint by 200,000 tonnes of carbon dioxide every year. Industry rivals Shell and Total are also forging ahead with their own greening efforts.

Given the volatile nature of oil markets, which have only just been placated by an OPEC agreement on cutting output, fossil fuel producers and other investments see the low return but low-risk nature of o昀昀shore as being increasingly attractive.

The virus outbreak’s huge impact on the world economy could end up funnelling more money into mature clean energy sources for that very reason.

I’M IN! HELPING CENTRAL AMERICAN NON-PROFITS GROW

Since the launch of the Yo me uno initiative in Costa Rica in 2014, more than 185 organisations have joined the programme, which is now established throughout Central America.

Yo me uno (meaning “I’m in”) is one of BAC Credomatic’s initiatives focused on the development of Central America. The objective of the platform is to help non-governmental and nonpro昀椀t organisations grow, through the fundraising platform, as well as through training programmes designed to improve the organisations’ managerial capacity.

“We set out to provide a space where NGOs would make known the work they do and receive support from people and companies that identify with their cause,” said Monica Nagel, Regional Director of Corporate Relations and Sustainability at BAC Credomatic.

Yo me uno is the only regional e-commerce site designed speci昀椀cally for NgOs and non-pro昀椀ts. Over the past 昀椀ve years, Yo me uno has raised more than $2 million in donations for the different causes registered on the platform. This is in addition to the non-cash donations (think physical goods and volunteer time), which are also donation options that the platform offers.

As part of the Yo me uno programme, BAC Credomatic regularly hosts events and trainings, to enable networking opportunities and promote the exchange of best practices between NGOs and non-pro昀椀ts. Thus, the programme aims to improve the administrative capacity, 昀椀nancial governance, and marketing muscle of these organisations, to allow them to grow sustainably and continue making a positive impact in the countries where they operate.

“During 2019, we had different events in Costa Rica, Honduras, Panama, and El Salvador, where we shared experiences and practical tools such as best practices in digital marketing, and provided more information about our regional donation portal. This is an investment

we do to support the organisations and their causes, so that they can continue contributing to the growth of our countries,” Nagel said.

If you are an NgO or non-pro昀椀t organisation, or if you want to get involved, please visit www.yomeuno.com, look for your cause of choice, and contribute with just one click!

FIVE-STAR LUXURY IN THE CANYAMEL VALLEY

As part of Cap Vermell Group, the Park Hyatt Mallorca has been designed as a traditional Majorcan hilltop village, drawing inspiration from local art and cultural heritage. It features 142 spacious guest rooms and 16 exquisitely designed suites, all enriched by private terraces overlooking the verdant valley or the Mediterranean Sea.

INNOVATIVE FLAVOURS WITH REGIONAL FLARE

The resort offers exceptional dining options, fusing innovative 昀氀avours with authentic regional 昀氀are. guests can taste specialities from Mallorca, Catalonia and mainland Spain in the chic and convivial atmosphere of the Balearic restaurant. Guests can also experience the famous Spanish ritual of tapas. For more adventurous palates, the Asian restaurant offers a menu of both traditional and

innovative Asian dishes. VORO, the Michelin Star-awarded restaurant at Park Hyatt Mallorca, offers a bold gastronomic proposal, designed by chef Álvaro Salazar. Two tasting menus (Voro and Devoro) and a wine list with 200 national and international references. The kitchen uses seasonal products, mostly from the Balearic Islands, for dishes that change with the seasons.

THE IDEAL VENUE

Planning a dream wedding or an elegant event? A resort with a plethora of activities, look no further than Park Hyatt Mallorca. The hotel offers the Park Ballroom, an ideal indoors venue for large events, which boasts a vast terrace overlooking the valley and the Mediterranean Sea. It also features Cap Vermell Residences, a unique venue of over 1,000 square metres, featuring

eight elegant and versatile conference and event rooms. The meeting spaces are equipped with the latest technology, including one spacious room, Ca Nostra, with a show kitchen to make sure your events are unique and unforgettable.

The Serenitas Spa is an oasis where guests can 昀椀nd serenity and balance. Seven treatment rooms, including two couple rooms, house therapies inspired by local minerals and locally harvested, organically grown fruit, vegetables, herbs and seaweeds.

Making the most of the warm temperatures from April to November, Park Hyatt Mallorca offers a wide range of recreational facilities for wellness fans and thrill-seekers alike. The landscaped poolside terrace features three swimming pools, two of which are heated, and a separate children’s pool.

The Cap Vermell Country Club, adjacent to the resort, has the latest technology for indoor sports, offering a comprehensive programme of guided courses and personal training and boasts a 25-metre covered semi-Olympic pool.

IN THE HEART OF THE MALLORCAN COUNTRYSIDE

Those looking to explore the beautiful, rugged countryside in this undiscovered corner of eastern Mallorca will be able to enjoy Alpine walking, horseback riding, as well as on and off-road cycling. On the warm waters of the Balearic Sea, guests will have the option of trying their hand at sea 昀椀shing and a range of active water sports, such as sailing, kayaking and paddleboarding. Within 15 minutes of the hotel, guests will have a choice of four superb golf courses, including a full 18hole course, adjacent to the resort.

MORE THAN TRADING: BDSWISS ON BECOMING A THOUGHT LEADER IN THE FOREX INDUSTRY

In a rapidly evolving forex arena, brokers seeking to remain competitive need to not only keep up with the latest innovations but also lead the 昀椀eld with a unique offering that cements their market presence. As more and more brokers jump on the bandwagon of low spreads and multilingual support, true innovation requires solid infrastructure, excellence in operations, proper funding and the right resources. Always seeking to offer its clients more than trading, BDSwiss af昀椀rms its position as a thought leader through expert education, multilingual support and world-leading market research.

Anticipating its traders’ need to make sense of the 昀椀nancial markets, BDSwiss has established itself as a reliable go-to source of market commentary, complete with daily market briefs, weekly and yearly outlooks, expert reports and projections, live webinars and expertly-hosted educational seminars.

BDSwiss understands that the main objective of every trader is to be able to con昀椀dently trade the markets. This requires 昀椀nding reliable and up-to-the-minute sources of market analysis which are easy to follow and can help them anticipate the next big price trend to trade. BDSwiss addresses this need for constant access to expert commentary and live analysis as well as 昀椀ntech innovation that allows for trend recognition and trade automation.

EXPERT COMMENTARY

Exemplifying the importance of a highquality educational offering, BDSwiss’ Investment Research is headed by veteran fundamental analyst, Marshall Gittler, who provides daily, weekly and quarterly market briefs along with exclusive projections on the markets. Marshall’s extensive commentary offers BDSwiss traders an expert’s view into the current state of the markets and how its possible impact on the forex markets.

Marshall’s analysis is regularly referenced and quoted by world-renowned business and 昀椀nancial news networks including Reuters, Nasdaq and Marketwatch amongst others; while he also appeared on CNN, BBC and Bloomberg News. Recognised by the global 昀椀nancial community, Marshall’s 30-year career spans high-pro昀椀le positions in elite banks including UBS, Merrill Lynch, Bank of America, BoC and Deutsche Bank, where he headed the FX Committee for Deutsche Bank Private Wealth Management. As Head of BDSwiss’ Investment Research, Marshall was able to bolster BDSwiss’ Research & Analysis section and establish it as a reliable and unique source of market commentary.

TIMELY ANALYSIS

As a perfect complement to its fundamental offering, BDSwiss also caters to the needs of technical traders looking for reliable trend and pattern analysis. In his daily webinar sessions and technical briefs, leading BDSwiss market analyst and professional trader, Frank Walbaum, dissects charts and sentiment to provide actionable trading opportunities and technical setups across different asset classes in both English and German.

With markets constantly on the move, time is of essence when it comes to providing any form of analysis, which is why BDSwiss maintains multiple distribution channels; from articles to emails, dashboard plugins, real-time Trading Alerts and live webinars, BDSwiss gives clients a wide array of avenues through which to get they can get their daily scoop on the markets. Giving traders direct access to true industry experts in real-time, BDSwiss also hosts multiple

daily live webinars in more than 昀椀ve different languages. Addressing the needs of traders of all levels, the webinars allow BDSwiss clients to interact with the broker’s team of analysts and vary from introductions to basic trading concepts to tutorials, morning briefs, special strategy webinars and even live trading sessions during key market events such as the NFP (nonfarm payrolls).

TRUE AUTOMATION

While offering true market insight is a really powerful advantage for any 昀椀nancial institution, in a rapidly evolving 昀椀nancial arena, it is also essential to equip clients with the latest platforms and tools; which is why BDSwiss has invested in integrating world-leading platforms including MetaTrader 4 and MetaTrader 5. Constantly seeking to improve user experience through easy-to-navigate dashboards and user-friendly apps, the broker also features a natively-developed WebTrader platform and a multi-awarded app. Focusing on offering clients a truly superior service, BDSwiss allows for trade automation through stop and pending orders, EA integration, and automated analysis through its complimentary market scanning tool, Autochartist.

EXPANDING IN NEW REGIONS

Bringing its educational offering full circle, BDSwiss also hosts a large number of seminars on a global scale, from Berlin to London, to Colombia and Kuala Lumpur. BDSwiss hosts and sponsors local educational events featuring key industry 昀椀gures, expert trading coaches and guest speakers in every corner of the world. Staying true to its mission of giving its traders and partners more, BDSwiss supports its local partners by helping them expand their network but also educates traders through multilevel trading seminars presented by true industry professionals.

BDSwiss seeks to disrupt the 昀椀nancial services industry by maintaining a forward-thinking approach and investing in continuous innovation and 昀椀ntech solutions that rede昀椀ne the world of online trading. Creating a holistic educational approach has been no easy feat for BDSwiss as it requires cross-team

coordination, innovation and considerable investment but it has been well-received by both clients and partners who consider this a unique advantage for traders who wish to stay ahead of the markets. Tuning in to the client’s needs and supporting them throughout their trading journey is what lays at the foundation of BDSwiss’ pledge to give its clients more than trading.

ABOUT BDSWISS GROUP:

BDSwiss group is a leading 昀椀nancial group, offering forex and CFD investment services to more than a million clients worldwide. BDSwiss as a brand was established back in 2012 and has been providing top-class products, a wide range of platforms, competitive pricing and fast execution on more than 250 underlying CFD ever since. BDSwiss complies with a strict regulatory framework and operates its services on a global scale under different entities. With over 200 personnel, BDSwiss Group’s holding company is located in Zug, Switzerland and maintains its operating of昀椀ces in Berlin, germany and Limassol, Cyprus.

TOYOTA TO BUILD PROTOTYPE CITY OF THE FUTURE

Toyota has revealed plans to build a prototype city of the future on a 175acre site at the base of Mount Fuji in Japan. Called the Woven City, it will be a fully-connected ecosystem powered by hydrogen fuel cells. The groundbreaking for the site is planned for early 2021.

Envisioned as a living laboratory, the Woven City will serve as a home to fulltime residents and researchers who will be able to test and develop new and emerging technologies such as autonomy, robotics, personal mobility, smart homes

and arti昀椀cial intelligence in a real-world environment.

TESTING FUTURE TECHNOLOGIES

“Building a complete city from the ground up, even on a small scale like this, is a unique opportunity to develop future technologies, including a digital operating system for the city’s infrastructure. With people, buildings, and vehicles all connected and communicating with each other through data and sensors, we will be able to test connected arti昀椀cial

intelligence (AI) technology... in both the virtual and the physical realms... maximising its potential,” said Akio Toyoda, President of the Toyota Motor Corporation.

Toyota is extending an open invitation to collaborate with other commercial and academic partners and invite interested scientists and researchers from around the world to come work on their very own projects in this one-of-a-kind, real-world incubator.

“We welcome all those inspired to improve the way we live in the future, to take advantage of this unique research ecosystem and join us in our quest to create an ever-better way of life and mobility for all,” said Akio Toyoda, president, Toyota Motor Corporation.

For the design of Woven City, Toyota has commissioned Danish architect, Bjarke Ingels, Founder and Creative Director, Bjarke Ingels Group (BIG). His team at BIG have previously designed many highpro昀椀le projects: from 2 World Trade Center in New York and Lego House in Denmark, to Google’s Mountain View and London headquarters.

“A swarm of different technologies are beginning to radically change how we inhabit and navigate our cities. Connected, autonomous, emission-free and shared mobility solutions are bound to unleash a world of opportunities for new forms of urban life. With the breadth of technologies and industries that we have been able to access and collaborate with from the Toyota ecosystem of companies, we believe we have a unique opportunity to explore new forms of urbanity with the Woven City that could pave new paths for other cities to explore.” Bjarke Ingels, Founder and Creative Director, BIG.

DESIGNING THE CITY

The masterplan of the city includes the designations for street usage into three types: for faster vehicles only, for a mix of lower speed, personal mobility and pedestrians, and a park-like promenade for pedestrians only. These three street types weave together to form an organic grid pattern to help accelerate the testing of autonomy.

The city is planned to be fully sustainable, with buildings made mostly of wood to minimise the carbon footprint, using traditional Japanese wood joinery, combined with robotic production methods. The rooftops will be covered in photovoltaic panels to generate solar power in addition to power generated by hydrogen fuel cells. Toyota plans to weave in the outdoors throughout the city, with native vegetation and hydroponics.

Residences will be equipped with the latest in human support technologies, such as in-home robotics to assist with daily living. The homes will use sensorbased AI to check occupants’ health, take care of basic needs and enhance daily life, creating an opportunity to deploy connected technology with integrity and trust, securely and positively.

To move residents through the city, only fully-autonomous, zero-emission vehicles will be allowed on the main thoroughfares. In and throughout Woven City, autonomous Toyota e-Palettes will be used for transportation and deliveries, as well as for changeable mobile retail.

Both neighborhood parks and a large central park for recreation, as well as a central plaza for social gatherings, are designed to bring the community together.

Encouraging human connection will be an equally important aspect of this experience.

Toyota plans to populate Woven City with Toyota Motor Corporation employees and their families, retired couples, retailers, visiting scientists, and industry partners.

To begin with, the plan is based on an initial population of 2000, with room for growth as the project evolves.

small, established or start-up, provided they display first rate

ALPHA GLOBAL WEALTH

Alpha Global Wealth provides exceptional independent 昀椀nancial advice to international professionals in Switzerland and around the globe.

We pride ourselves on offering 昀椀rst-class 昀椀nancial advice to our clients and building lasting relationships. We achieve the very best for our clients and offer 24/7 access to our services. Our reputation speaks for itself as over 80% of our business is generated from our existing clients’ recommendations.

We provide tailored wealth advisory, investment services, pension services, cross-border tax solutions, insurance and lifestyle solutions.

As an international expatriate or localised foreigner, you have speci昀椀c 昀椀nancial opportunities and challenges to manage. We tailor our 昀椀nancial advice and tax solutions to you and your family. You will have access to your own dedicated Wealth Manager as well as our whole team of 昀椀nancial experts who will consider your individual situation in depth. We are a Swiss-registered limited company with our head of昀椀ces in geneva.

ARC CAPITAL

ARC Capital is a mid-market investment bank with international presence, and of昀椀ces in the u.S., China and Mexico. Our 昀椀nancial team specialises in public listings, M&A advisory and wealth management services.

Our team brings years of specialised industry expertise, to ensure our clients receive the bene昀椀ts of a team of leading experts (昀椀nanciers, attorneys, CPAs and insurance professionals among others) to achieve their goals.

We pride ourselves on always providing:

• Cutting-edge, creative solutions: We provide our clients with a multitude of 昀椀nancial solutions and products delivered in the most cost-ef昀椀cient way.

• Partnerships with world-class service providers: We work with the best auditors, lawyers, underwriters and brokers to help you reach your company’s growth goals.

• A world-class team: Our aim is to create a diverse and global workforce who feel inspired to deliver brilliant results.

Our local expertise and global reach allow us to offer customised solutions to our clients.

ARM INVESTMENT MANAGERS

ARM Investment Managers provides professional global asset management services across a wide range of traditional and alternative investment options, including equities, 昀椀xed income securities, cash and real estate. We offer optimum investment opportunities to a substantial and diversi昀椀ed client base that includes corporations, high net-worth individuals, and small savers.

With over 20 years of investment management expertise, we have consistently distinguished ourselves through our superior research quality, asset management track record and value-adding 昀椀nancial advisory services.

Our activities are divided into two distinct parts. We offer traditional asset management, providing a wide range of services to diverse client groups through pension plans, wealth management, discretionary savings plans, trust services and stockbroking execution.

Our investment philosophy explains the way we manage investments.

This philosophy focuses on delivering consistent returns to our clients and is shaped by two overarching principles: value investing and risk management.

AWARD

WARD WINNERS

AU JIBUN BANK

au Jibun Bank was founded in 2008 as a joint venture between Japanese communications company KDDI Corporation and The Bank of TokyoMitsubishi UFJ. From the very start, the bank decided on a mobile approach and became a pioneer when deploying the 昀椀rst banking application for smartphones in Japan.

As a mobile-only bank, it provides various banking services fully available via its mobile application, such as account opening, balance inquiries, money transfers, foreign currency deposits as well as Japanese yen deposits. au Jibun Bank distinguishes itself with its mobile offering: around 80% of its services can be accessed from a smartphone.

One of its most popular services is the Smartphone Debit Card, which has attracted Japanese people with its high usability; 10,000 accounts were opened within eight days of launch in April 2019. It offers a virtual debit service for customers that is usable both online and of昀氀ine, making payments via the app without the usual plastic card – the 昀椀rst of its kind in Japan.

BAC Credomatic

BAC Credomatic Group evolved from Banco de América Central, which began in 1952 in Managua, Nicaragua. Headquartered today in San José, Costa Rica, this dynamic banking group is now present in many countries across Central America, including Costa Rica, Guatemala, El Salvador, Honduras, Panama and Nicaragua.

To meet the needs of its customers, BAC Credomatic operates under a united regional approach, promoting a culture of organisational alignment, measured by the standards of world-class 昀椀nancial institutions.

The group has now implemented online and mobile banking in Panama, Costa Rica, El Salvador, Guatemala, Honduras and at home in Nicaragua. While such cross-border strategy is not without 昀椀nancial and legal hurdles, BAC Credomatic has adapted accordingly as it became the 昀椀rst Central American local bank with a mobile banking app.

Banque du Caire

Founded in 1952, Banque du Caire is an avid contributor to the Egyptian economy, as one of Egypt’s top banks. Banque du Caire has played an instrumental role in effectively and ef昀椀ciently supporting the national economy across all sectors.

Banque du Caire offers its clients a full range of value-added products and services and ensuring an outstanding level of customer service. The bank has been keen on offering a diverse range of stand-alone and packages of products and services that satisfy all segments of customers’ evolving needs, while contributing to the revitalisation of the economic cycle and development.

Within the retail sector, Banque du Caire offers various innovative and competitive products and services. On the corporate front, the bank plays an effective role in 昀椀nancing the vital sectors of the national economy through participating in the syndicated loans serving different sectors, besides its vital role in 昀椀nancing the SMes and micro昀椀nance projects.

B.I.C. MARKETS

Founded in Phnom Penh in 2017, B.I.C. Markets is an award-winning derivative broker offering clients access to forex, metals and commodities via metaTrader 4. The trading services and facilities are open to both retail and institutional clients.

Our policy is to provide the best possible trading conditions to clients and allow both scalpers and traders using expert advisors unrestricted access to our interbank liquidity. B.I.C. Markets is positioning itself as the forex broker of choice for traders worldwide who want more security than trading with a traditional broker.

B.I.C. Markets offers various accounts types, trading software and tools to facilitate individuals and institutional customers to trade online. B.I.C. Markets provides an unparalleled variety of account options that clients can select to enjoy a tailored trading experience that perfectly suits their needs.

CURRENCY.COM

Currency.com is the world’s 昀椀rst regulated tokenised securities platform. It’s a one-stop place to trade over 1,300 tokenised assets including stocks, indices, commodities and FX pairs with crypto and 昀椀at at competitive prices.

We offer the tightest spreads and up to 1:500 leverage. We ensure deep liquidity and split-second order execution (50 M/ sec). We enable cutting-edge trading on charts and 75 accurate technical indicators to spot the best trading opportunities.

Currency.com’s award-winning platform is fully regulated and compliant with the best-in-class security standards.

DELTAMARK

Deltamark Fund Management Ltd. is a pioneering AIFM 昀椀rm, managing numerous Alternative Investment Funds with multidisciplinary strategies covering private equity, real estate, hedge funds, 昀椀xed income, and multi-strategy funds in other categories. This diverse market positioning and exposure has allowed them to build an infrastructure and solid network, including major global credit institutions and 昀椀nance houses. This provides immense access to knowledge, solutions, and economies of scale to the funds under their management; adding unprecedented value to funds of different sizes.

Operating out of Cyprus since 2014, the company’s strength lies in its expert multilingual team who are handpicked from diverse backgrounds within the 昀椀nancial services industry. This team has realised multiple projects for entrepreneurs, family of昀椀ces, and medium to large-sized management houses, as a holistic solution provider.

With a problem-solving approach, Deltamark adeptly nurtures Funds from start-ups to matured projects requiring growth and expansion.

ETICA SGR

Founded in 2000, Etica Sgr is an asset management company that exclusively offers sustainable and responsible mutual funds designed to represent the values of ethical 昀椀nance in 昀椀nancial markets and focus the attention of the public on socially responsible investment and corporate social responsibility.

The company has signed up to the United Nations Principles for Responsible Investment (PRI) and was the 昀椀rst Italian asset manager to make concrete a commitment on climate change by signing the Montréal Carbon Pledge beginning in 2015.

In the pursuit of its statutory mission and in its relationships with all stakeholders, Etica Sgr sets out to be as economically effective and ef昀椀cient as possible, while at the same time attentive to governance, social and environmental issues.

EURO EXIM BANK

Euro Exim Bank Limited is an innovative global 昀椀nancial institution with its head of昀椀ce in St. lucia and a representative of昀椀ce in london.

We hold a “Class A” international banking license from Financial Services Regulatory Authority (FSRA) of St. Lucia so we can conduct business with third parties across industries and geographies worldwide, exercising strong due diligence, full compliance and operational excellence in our processes.

We cater to a range of trade 昀椀nance instruments such as instant letters of credit, corporate bank accounts, letters of credit, stand-by letters of credit, international wire transfers, bank guarantees, and trade credit lines.

There is a supervised practice of strong Anti-Money Laundering compliance policy and a comprehensive Know-YourCustomer process and our competent team of specialist are highly trained to detect, deter and prevent the use of Euro Exim Bank as a conduit for illegal activities.

We deploy the latest technology to ensure uninterrupted payment processing and issuance of trade 昀椀nance instruments from a single point within a shorter period of time.

IBH INVESTMENT BANK

IBH Investment Bank Limited was incorporated on 9th July 2009 and is wholly-owned by its bank holding company.

IBH Investment Bank is licensed to operate conventional banking, corporate or personal fund management, consulting and advisory services relating to corporate and investment matters, loans and credit facilities, risk management and investment activities, forex transactions, interest rate swaps, dealings in derivative instruments or derivative 昀椀nancial instruments.

Headquartered in Labuan International Business and Financial Centre, IBH is strategically located in the heart of the Asia Paci昀椀c region. Rapid development of the business has pushed IBH Investment Bank to set up two business marketing of昀椀ces in Malaysia’s capital city to provide better opportunities for Asian economic integration.

Through its international investment banking af昀椀liations, IBH Investment Bank has access to more than 915 correspondent banks in over 80 countries. The bank is capable of handling all major global currencies, with a strategic alliance network of overseas 昀椀nancial corporations. Currently, the bank’s market covers Europe, Middle East, United States, Southeast Asia and China.

INSTAFOREX

InstaForex was established in 2007 by the InstaForex Group for providing top-quality brokerage services to clients worldwide, particularly those from the CIS countries, Southeast Asia, and Eastern Europe. Nowadays, the companies operating under the InstaForex brand offer innovative trading services to a vast clientele including more than seven million traders.

InstaForex offers its customers vast opportunities for effective work on the international forex market, providing a variety of investment services from registering a new account to pro昀椀t withdrawal as well as on-time technical and client support.

From the very start, InstaForex has tailored its services to the customers’ needs. Streamlining our products, services, and continuously improving technologies to maintain our leading position, InstaForex’s priority is providing superior trading services to its clients.

INVEST DURBAN

Invest Durban acts as a partnership between the Metro City Council and the private business sector, offering a free investor advisory service, plus key promotion, facilitation, aftercare services between all investment stakeholders.

Invest Durban delivers a world-class Metro based investor support service, encompassing our four-part business mandate, namely investment promotion and marketing; foreign investment identi昀椀cation, attraction and facilitation; FDI aftercare and expansion, plus investment advocacy.

Invest Durban works closely with the Department of Trade & Industry including Invest SA, Trade and Investment KZN (TIKZN), the Durban Chamber of Commerce and Industry, the KZN Growth Coalition, and state-owned enterprises such as Dube Trade Port, the DBSA, IDC, Eskom & others. Key partners include the largest banks, audit and advisory 昀椀rms, plus sector-based organised business bodies working in concert to promote investment in Durban.

PANTHERA SOLUTIONS

Panthera Solutions Sarl is an Applied Behavioral Finance specialist, based in the Principality of Monaco. Our Intuitive Behavioral Design solutions empower asset managers and asset owners to signi昀椀cantly, lastingly and measurably improve their investment decision quality.

Panthera Solutions Sarl is more than a company. It is a think tank, an agent to facilitate directed change. Panthera Solutions embodies the idea that market complexities can be mastered most effectively with empowered market participants that are supported by aligned teams and a robust choice architecture. This combination put in action transpires professional investment management into a crafted, skilful art.

Our academic and commercial success has proven our intervention framework to signi昀椀cantly improve the investment decision quality of our clients.

Over the years, a diverse range of asset managers and asset owners across different cultures, sizes and levels of sophistication trusted our service. Clients of our coaching, consulting and behaviour-tech solutions aggregate to more than €100 billion in assets under consultancy since inception.

SDB BANK

SDB bank is a licensed specialised bank regulated by the Central Bank of Sri Lanka & listed on the Main Board of Colombo Stock Exchange with a Fitch rating of BB + (Stable). It offers a wide range of 昀椀nancial services for a clientele of all walks of life. The bank’s main focus is to provide groundbreaking 昀椀nancial solutions to the SME & Cooperative sector. The bank is proud of its 94-branch network & over 5000 ATM points which brings SDB that much closer to the end consumer.

SDB bank was also able to secure three awards at the Asian Banking & Finance Awards 2019 for the Financial Inclusion Initiative of the year, the Advertising Campaign of the year, as well as Rural/ Cooperative Bank of the year. The direct connection SDB bank has to over 8500 Cooperatives is a key factor in making an internationally recognised mark in this sector.

The bank also has secured the attention of few international investors which includes International Finance Corporation (IFC) & attracting signi昀椀cant investments in the bank.

T BRIDGE

T Bridge Venture Partners is a dynamic and focused venture capital 昀椀rm investing in companies. We are a team focused on bridging the gap for investment in startup 昀椀rms and driving them onwards across the bridge to success and growth. We understand the needs of startups to grow in a fostering and encouraging environment. Backing 昀椀rms that are dynamic, creative and impactful in nature across the following sectors globally across the following regions UK, Europe, Africa, Americas, Asia.

We strongly believe in co-creative collaboration. that’s why we bring in a set of professionals that are experienced in their sectors when we invest in 昀椀rms, to help them grow, succeed and prosper.

Startups that have creative solutions to existing problems, entrepreneurs that have a strong sense of will to unfold their vision and teams that have the tenacity and drive to execute them. We consider them to be as much our clients as our investee companies, we are here to serve and grow with our companies and ultimately to help them 昀氀ourish.

TURNKEY TRADING PARTNERS

Turnkey Trading Partners is an awardwinning derivatives consulting 昀椀rm. We offer customised support to the brokerage and trading industry. Since the company’s formation in 2008, Turnkey has grown into a leading provider of operational, compliance, and accounting solutions around the globe. Our customers are located on 昀椀ve continents and hail from dozens of countries.

The Turnkey team is made up of former regulatory examiners, career CPAs, and other highly specialised industry professionals. We are knowledgeable in virtually all trading and brokerage industry matters related to commodity futures, options, swaps, forex, digital currency, cash and physical trading, as well as several other specialized 昀椀nancial markets transaction types.

Our central of昀椀ces are located in downtown Chicago, the alternatives trading capital of the United States. We also have an of昀椀ce servicing international customers conveniently located for yearround travel within the greater Miami area.

UNIONBANK

Union Bank of the Philippines (UnionBank) is a publicly-listed universal bank. UnionBank’s superior technology allows the delivery of online, realtime business solutions to meet the customers’ changing and diverse needs through innovative and customised cash management products and service offerings.

The bank offers a range of products and services, such as deposit and related services; corporate and middle-market lending, and consumer 昀椀nance loans, such as mortgages, auto loans and credit card; investment, treasury and capital market; trust and fund management; remittance, cash management and electronic banking, and preneed insurance.

Its unique branch culture ensures ef昀椀cient and quality service as well as mitigates operational risk. Centralised operations enable the bank to provide responsive, scalable, and secure transaction processing.

UnionBank has always been among the 昀椀rst to embrace technological innovations to empower its customers. With this, it has consistently been recognised as one of Asia’s leading companies, ranking among the country’s top universal banks in terms of pro昀椀tability and ef昀椀ciency.

WHITESTAR

Founded in 2007, Whitestar Asset Solutions, S.A. is the leading servicer in Portugal managing credit portfolios. Our expertise covers performing, subperforming and non-performing loans, complemented by a range of related services such as advisory, real estate management, securitisation and structuring, analytics and related loan portfolio investment services.

In 2015, Whitestar was acquired by Arrow Global Group PLC (U.K.) and is now integrated into one of Europe’s largest and fastest-growing providers of debt purchase and receivables management solutions.

Being part of Arrow Global Group and following the group’s strategy, we aim to provide a full range of asset management services where our interests are aligned with the ones of our partners.

The company has roughly 500 employees, in of昀椀ces in lisbon and Porto.