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IN CONVERSATION WITH…AREEJ MOHSIN DARWISH
THE IMPACT OF THE UPCOMING US ELECTION ON THE AMERICAN INVESTMENT SCENE
CHRONOMAT
The Cinema Squad Charlize Theron Brad Pitt Adam Driver
EDITOR’S NOTE The build-up to the 2020 US election has been like nothing we have witnessed before. More than 75 million Americans have voted early and nearly 50 million of them by post, in a surge driven by the covid-19 pandemic. With deep-running divisions between the two presidential “rivals” and their supporters, as well as Amy Coney Barrett’s appointment to the supreme court, the polarisation of US politics has rarely been more stark. As the world waits with bated breath to see who will emerge victorious, can anyone answer how this election will impact the US investment scene (p.12). This year has seen many businesses forced to adjust to a “new normal” imposed by a deadly virus. In our f inal edition of 2020, a number of our interviewees detail their response to the challenges they have faced this year but what of the future? We examine how Islamic Finance could be the way forward in helping navigate the ever-increasing economic turbulence (p.48). From one crisis to another, almost daily a new report describes the perilous extent of why the climate crisis cannot be ignored. We look at the role that climate risk reporting has to play in this crucial matter (p.20) and whether a circular economy could be the answer to a new, more prosperous future (p.8). The f inancial industry is also beginning to wake up to the importance (and benef its) of gender inclusion. Anastasia Soloveva, CEO of Athena Bank, reveals the value of f inancial education for women (p.18) and we profile the ‘Making Finance Work for Women Virtual Summit’ (p.32). In addition, we speak to Areej Mohsin Darwish, Oman’s Businesswoman of the Year, about the challenges of leadership and her rise to the top (p.66). And what better way to end the year than recognising the hard work and perseverance of organisations across the globe. My sincere congratulations to all individuals and companies that have bagged International Investor awards (p.69). Raj Kaur Editor
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Con te n ts
CONTENTS
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34
08
20
34
How history has forged the path to a circular economy
Climate’s risky business
Investing in Cannabis
Adapting business practices to challenges posed by climate change
The potential investment in weed as more nations legalise cannabis
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38
Investing in young companies
Taking the FX industry by storm
Chief Strategy Officer at FX Primus, Manmohan.S shares his story to being awarded most trusted broker in his region
How Tomasz Wisniewski from Axiory Intelligence has risen the ranks
Looking back at how the global economy has evolved from the prescience age to post-digital
12 The impact of the US election on the American investment scene How will the result affect policies and international relations?
16 Perfecting the art of service The Okkami digital solution to efficiency whilst maintaining customer satisfaction
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32 Making Finance Work for Women The annual summit explores how to help women recover from the current economic and health crises
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40 Invest in Sharjah Driving the continued transformation of this Arab emirate
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66
The changing landscape of trading
In conversation with... Areej Mohsin Darwish
How the pandemic and traders from different backgrounds are transforming the trade scene
The Outstanding Businesswoman of the Year winner reveals what it takes for a woman to succeed
INTERNATIONAL INVESTOR MAGAZINE
44 Postal voting in the US election What is the controversy and will it affect the outcome?
48 Islamic Finance in tackling Covid-19 Could Sharia-compliant finance be the answer to economic challenges posed by the pandemic?
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Behind the scenes of an award-winning platform We ask Bybit what’s their secret to success in such a competitive industry
58 Scaling financial reporting accuracy Private Wealth Systems’ CEO, Craig Pearson, explains how data accuracy can cost a firm
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HOW HISTORY HAS FORGED THE PATH TO A CIRCULAR ECONOMY By Harrison Wavell, Schools & Colleges Programme Manager, Ellen MacArthur Foundation
Put simply, the circular economy is a way of designing, making,
This was a period marked by radical changes in perspective
and using things within the limits of the planet. And yet for
and ideals, culminating in a fervent belief in the power of the
anyone truly engaged in the topic there is something intriguing
rational mind to transform humanity. The result was a number
about it, a sense that, behind this simple idea, there is a far richer
of important inventions, books, essays, discoveries, laws, and two
story.
significant revolutions: The American Revolution (1775–1783) and the French Revolution (1789–1799).
For the sake of simplicity, we can split this story into three parts: the pre science worldview, the scientific worldview of the enlightenment, and the emerging worldview of the digital age.
One of the era’s most significant breakthroughs was Isaac Newton’s ‘Philosophiae Naturalis Principia Mathematica’ (Mathematical Principles of Natural Philosophy) published in 1687. In it, Newton set down the three laws of motion and the law of universal gravity that would become the building blocks of modern physics.
PRE-SCIENCE WORLDVIEW In the pre-science worldview, our understanding of the universe
During this time of discovery, science took centre stage leading
HOW HISTORY HAS FORGED THE A CIRCULAR ECONOMY
came about primarily through observation of our natural
surroundings coupled with intuition and religious precepts.
We had no reliable f rameworks or theories for guidance. The
constants that guided life were the divine entities embodied in
the sun, moon, stars, and seasons. Religion not science explained how the world worked: in essence, that humanity was at the
mercy of the Gods whose heavenly will was reflected on Earth. The best we could do was to be in accord with these powerful
forces and hope that through‘correct’ action the Gods would look favourably upon us. This conception of the world can be seen in the myriad elements of ritual and sacrifice common to early polytheistic cultures. Human sacrifice, as a means of appeasing the Gods in the hope of a good harvest or good hunting, for example, was common to the ancient Egyptians and the Aztecs. The spiritual world was all important because it was seen as indivisible f rom the physical world; even to the point that man’s creative inspiration came f rom Gods or muses. The word ‘inspiration’ stems f rom the latin ‘inspirare’ (‘to breathe or blow into’) which came to be used in early forms of written English in the figurative sense of being ‘moved by divine guidance’.
SCIENTIFIC WORLDVIEW OF THE ENLIGHTENMENT Between the 14th and 17th Centuries, the cultural movements of the Renaissance and Humanism gathered momentum, laying the seeds of a new worldview that would grow to maturity around the time of the Enlightenment (17th and 18th Century Europe). German philosopher, Immanuel Kant, summed up this era in the following terms: “Dare to know! Have courage to use your own reason!”
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to a new worldview that would eclipse the old. Humanity was no longer positioned at the fringes of the universe, helpless and at
the mercy of the Gods, but instead placed at the centre of it, able to measure and quantify the physical world and understand its laws through careful analysis.
Ultimately, this gave rise to the three pillars of the scientific
worldview that continues to dominate our thinking to this day:
understand, predict, and control. The underlying metaphor in this worldview is the universe as machine or mechanism. From this perspective, the universe is a clockwork system of interlocking parts that follow a basic set of laws. It is logical, measurable, and predictable because it operates on mathematical principles of cause and effect. Pierre Simon Laplace (1749-1827) captured this notion clearly in his work A Philosophical Essay on Probabilities when he wrote: “We may regard the present state of the universe as the effect of the past and the cause of the future. An intellect which at any given moment knew all of the forces that animate nature and the mutual positions of the beings that compose it, if this intellect were vast enough to submit the data to analysis, could condense into a single formula the movement of the greatest bodies of the universe and that of the lightest atom; for such an intellect nothing could be uncertain and the future just like the past would be present before its eyes.”
E PATH TO
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How history has forged the path to a circular econ omy
Interestingly, faith in God was still very much alive (Newton wrote
In her book, Complexity: A Guided Tour, Melanie Mitchell writes
more about alchemy and the Bible than he did about science) but
of complex systems: “No-one knows exactly how any community
the physical and spiritual worlds became separated where once
of social organisms - ants, termites, humans - come together
they had been indivisible.
to collectively build the elaborate structures that increase the survival probability of the community as a whole. Similarly
In western civilisation, this underlying assumption about the
mysterious is how the intricate machinery of the immune system
universe (as a machine) has permeated all spheres of life
fights disease; how a group of cells organises itself to be an eye
- social, cultural, and scientific. And it has, of course, furnished us
or a brain; how independent members of an economy, each
with the scientific method of reductionism: understanding the
working chiefly for its own gain, produce complex but structured
whole through analysis of the parts.
global markets; or, most mysteriously, how phenomena we call ‘intelligence’ and ‘consciousness’ emerge from non-intelligent,
The Father of Modern Philosophy, Rene Descartes, described the
nonconscious material substrates.”
reductionist method perfectly in his 1637 publication A Discourse on the Method: “To divide all the difficulties under examination
So what is the universe like if not like a machine? Science is now
into as many parts as possible, and as many as were required to
showing us that a better metaphor is one more rooted in living
solve them in the best way... to conduct my thoughts in a given
systems: as something alive, in flux rather than stasis, adapting
order, beginning with the simplest and most easily understood
and evolving in response to feedback in infinite, unpredictable
objects, and gradually ascending, as it were step by step, to the
ways; more akin to a murmuration of starlings than a series of
knowledge of the most complex.”
cogs whirring in a clock. This is important. As cognitive linguist George Lakoff reminds us: “metaphors are capable of creating
We have become so adept at using this method, which is now so
new understandings and, therefore, new realities.” Of course, we
ingrained in western thinking and education, that we now use
don’t all share the same reality: indigenous peoples the world
it unconsciously in our approach to all manner of problems. This
over have long identified with this conception of the universe as a
is useful for dealing with problems rooted in linear cause and
living, breathing entity.
effect such as how to fix an engine, but potentially harmful when applied to highly complex and dynamic problems such as how to
Where the western mind sees a world of inert things, the
tackle climate change.
indigenous mind sees a world of process and relationship.
THE EMERGING WORLDVIEW OF THE DIGITAL AGE
While this shift, her alded by new scientific discoveries, might
“Science has explored the microcosmos and the
be underway, we should be careful not to do away with the
macrocosmos; we have a good sense of the lay of the land. The great unexplored frontier is complexity.” Heinz Pagel, The Dreams of Reason (1988)
mechanistic mindset altogether - it has, after all, helped humanity enormously. The Industrial Revolution was built on such principles and helped lift millions out of poverty into prosperity. The great thinkers of the future are likely to be those that can pick and choose perspectives and approaches (reductionist and systems)
With the arrival of the digital age and the power to compute unprecedented amounts of data, came new insights that cast doubt on the certainties of a deterministic scientific worldview. Progressively, the scientific pillars of understanding, prediction, and control began to erode. New discoveries would prove that the universe is dynamic and nonlinear, full of interdependence and feedback. We can observe and come to recognise certain patterns, but we cannot predict or control the outcomes. Human beings have understood this intuitively for Millennia. After all, it was Aristotle who said: “The whole is greater than the sum of its parts.” But until very recently we have lacked the tools to make sense of this complexity. Now that we have those tools, we are witnessing the emergence of a new type of science known as Complexity Science (the study of complex systems). Complexity examines the nature of the relationships that exist in complex phenomena, how elements combine to produce an effect on the whole that is supremely greater than the capabilities of those individual elements. In order to have any kind of grasp on complex systems, proponents argue that we need to break out of the confines of linear reductionist thinking and start thinking in systems.
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and apply them in their correct context, skilfully weaving the two, able to adopt a systems approach as intuitively as we now use the reductionist.
The below graphic captures the shifting focus from an educational standpoint as we approach a new way of understanding more fitting for the 21st Century.
The circular economy, as an idea, is indicative of this greater shift at play. Inspired by the principles of nature, it is entirely consistent with notions of process and relationship, of flux and flow rather than stasis. With 4.6 billion years of evolutionary tinkering behind it, why would we look anywhere else for inspiration? As circular economy pioneer Ken Webster points out in The Circular Economy: A Wealth of Flows, the circular economy is “about the possibilities of abundance, of meeting people’s needs by designing out waste, and recreating the kind of elegant abundance so evident in living systems.” In many ways we are coming full-circle, with a new scientific understanding beginning to illuminate and reinforce aspects of our pre-science worldview, which, hopefully, will set us on a more harmonious path of living. Seen in this context, the circular economy represents a lot more than just a clever way of using resources. The growing interest in the concept may be the outward sign of a deeper shift marking the beginning of a new and more prosperous future.
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THE IMPACT OF THE UPCOMING US ELECTION ON THE AMERICAN INVESTMENT SCENE This autumn, the world will witness one of the most awaited presidential election in US history. On 3rd November, Americans will vote to elect the leader of the world’s biggest economy and one of the largest military structures. Understandably, the election’ outcome will significantly impact reforms, policies, and international relations. According to a survey f rom the asset manager Hartford Funds, 93% of investors believe the presidential race will affect the stock market, while 84% admit they expect to change their investing habits as a result. But should they? Let’s pull the curtain and find out what history can say about it…
THE IMPACT OF THE UPCOMING US ELECTIONS ON THE AMERICAN INVESTMENT SCENE
MARKETS AROUND ELECTIONS Historical data reveals that markets’ behavior depends on whether we are looking at the midterm election years, the pre-, or post-election period. A review of market data of the S&P 500 for the last 90 years suggests that equity and bond markets tend to behave more calmly in the 12-month run-up period prior to the presidential elections. Compared to non-election years, they have produced between 1.00% and 2.5% fewer gains (6.00% vs. 8.5% for the stock markets, and 6.5% vs. 7.5% for bond markets). Data about DJIA indicates that, since 1833, the index has averaged 10.4% in the pre-election 12-month period, compared to 6% during the election year. According to JP Morgan Asset Management, the S&P 500’s historical volatility had been higher in election years. The reason is that investors try to “price” the probability of the candidates’ ideas. On the other hand, the post-election period is marked with
The thing that can affect the market more notably is whether there is a shift in power. According to some reports, when a new party comes, stock market gains usually average 5.00%. On the other hand, when the president is re-elected, or the same party retains control, the returns average 6.5%. The reason for markets to react more positively to the latter is that they already know what to expect, and the uncertainty is lower. However, all this could turn out wrong if the candidates give investors a major reason to start a selloff. When it comes to the Fed, the common narrative is that it is “election neutral” as it tries to maintain a more quite policy in election years to avoid destabilizing the situation. The historical records reveal that since 1948, the US economy performs slightly better in election years. GDP growth is higher with 0.3% on average, while potential growth outperforms by 0.4%. The reason is the expansionary fiscal policy of the cabinet in charge ahead of elections.
relatively lower stock market returns, with an affinity for bonds to outperform slightly. U.S. Bank Wealth Management division’s reports reveal that the stock market consistently beats projections in the year after the midterms. When it comes to the effect of the winner’s political party affiliation, conventional wisdom reveals that markets should react more positively when a Republican president is elected as the ideas are considered more market-f riendly. Looking back to data collected since 1900, however, Democrat-elected presidents have been more favorable for stocks, with the DJIA averaging 9% compared to 6% for Republican presidents. According to Russ Koesterich, chief investment strategist at BlackRock, normal variations in annual stock market returns will mitigate the difference. That is why, today, most analysts suggest that there is no difference in which party takes control over the White House. In the end, the market retains its long-term growth either way.
An important remark is that, since 1932, an incumbent US president has never failed to win re-election, unless a recession unfolded during his time at the office.
TODAY’S CIRCUMSTANCES MAKE IT DIFFERENT If we are to analyze the presidential race at any other point in time, we would usually consider common factors like the state of the economy, the candidates’ ideas about fiscal and monetary policy, views on international relations, proposed reforms, etc. However, the equation in 2020 has a unique variable - the COVID pandemic. President Trump’s handling of the health crisis was a total disaster. The US was hit the hardest, with close to 200 000 deaths. In comparison, the EU lost approximately 15 000 fewer lives, despite its significantly bigger population. The pandemic has brought uncertainty to the markets and further distorted investors’ perspective. And markets hate uncertainty. According to a 2019 Dimensional Funds report, for
Source: Capital Group
the period 1928 – 2016, negative market returns arose only four times, all of which accompanied by geopolitical events leading to global instabilities and market uncertainty.
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T he impact of the upcoming U S election s on the American investmen t scen e
All this in addition to the looming economic recession, and
According to Link, a small selloff between 2% to 4% might be
we have the reason why Mr. Trump went f rom a favorite to an
plausible, creating “buy-the-dip” opportunities for investors
underdog in the span of six months. Survey data f rom the Pew
in pharmaceutical and tech stocks. On the other hand,
Foundation revealed that over 67% of the Biden voters are more
infrastructure, clean energy, and healthcare services companies
like “anti-Trump” votes.
are projected to do well. Link also believes a scenario where Biden wins, and the Congress remains split between both parties will
At the start of this year, the consensus was that Donald Trump
lead to a market rally.
would be re-elected easily, due to the resilient US economy and his favorite metric – the performance of the S&P 500. Fast forward
Lizz Ann, Charles Schwab’s chief investment strategist, shares
to a month before the elections, and polls and betting markets
similar ideas, admitting that a Biden presidency won’t be “a
indicate a convincing victory for Joe Biden. Even the Nasdaq index
guaranteed disaster for the stock market”. According to JP
that moved in line with Trump’s positive re-election prospects,
Morgan’s analysts, such a scenario can even have a neutral-to-
now keeps climbing, despite his diminishing chances.
slight-positive effect on markets. Their conclusions lay on Biden’s proposed policies, including infrastructure spending, softening on tariffs, higher wages, and a generally more diplomatic approach, which should lower the volatility levels and increase the aggregate demand. According to JP Morgan’s forecasts, even a partial reversal of Trump’s Tax Cuts and Jobs Act (TCJA) benefits will send rates back up to 28%, leading to a hit on S&P 500 of up to $9 per share. However, they also conclude that, in COVID times, the more likely scenario is a prioritization of job growth over policies that threaten economic growth. According to the bank’s analysis, the potential outperformers in such circumstances are expected to be companies like Tesla, Johnson & Johnson, and Boeing. Similar views are also shared by the UBS Chief Investment Office, which projects a mounting pressure on heavy industries and carmakers due to Biden’s greener agenda. Such a scenario will also lead to benefits for Asian solar and biotech companies.
Source: FT
UBS Wealth Management suggests that after the elections, some
THE POTENTIAL ELECTIONS OUTCOMES AND THEIR EFFECT ON THE MARKET Trump’s international policy and the trade war were at the core of the global manufacturing slowdown, which indicates that a potential second term will further increase the risk of escalation. In such a scenario, the most affected will be international stocks like European carmakers, for example. U.S. equities are expected
initial volatility might be expected, but the good thing is it would be short-lived until investors learn to manage the uncertainty surrounding proposed policies. However, the volatility might be higher if the result is inconclusive. Still, according to Thomas McLoughlin, Head of the Americas Fixed Income division at UBS Global Wealth Management, even then, it will weaken over time and won’t justify shifts to safe-haven assets.
to continue their rise thanks to Trump’s pressure on the Fed, the tax cuts, and the deregulation. However, according to Stephanie Link, chief investment strategist and portfolio manager at Hightower, the market would favor a scenario where Trump is re-elected, and the Congress is split between both parties. She adds that small companies and sectors like financials, technology, and traditional energy might rally on the news. For quite some time, the Democrats couldn’t come up with a clear campaign candidate. While Elizabeth Warren and Bernie Sanders advocated for radical policy changes, including going against the big banks and tech firms, banning f racking, imposing wealth taxes, and increasing the corporate taxes, Joe Biden’s policy is more moderate. Although he still plans to reverse tax cuts, markets are likely to take a Biden win as mildly positive news.
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The jump in the VIX around the Brexit vote and the 2016 US Presidential Elections
Morgan Stanley predicts that, in a situation with a Republican
the potential to benefit from all election outcomes. Examples
President and Senate and a Democratic House, we might witness
include domestically-oriented niches like utilities or stable sectors
short-lived recession and continuing deregulation that benefits
like consumer staples. There are also investment opportunities,
the energy, telecom, and asset management sectors. In a scenario
projected to do well in either outcome, including sectors exposed
with a Democratic President and House and a Republican Senate,
to infrastructure and technology investments.
the bank predicts pressure on the financial, energy, telecom, I.T., and pharmaceutical sectors, accompanied by better handling of
All analysts are united by the idea that a Biden presidency will
the pandemic. Considering that the five FAANG stocks (Facebook,
favor emerging markets and foreign equities. According to
Amazon, Apple, Netflix, and Google) are 20% of the U.S. stock
JPMorgan, equity returns in emerging markets are projected to
market and are currently pushing it up, the whole market might
surpass those of other markets in the upcoming years, which
suffer if they come under scrutiny.
means they should be prioritized when building or rebalancing a long-term portfolio.
In case Republicans win all three, the bank expects a V-shaped recovery, with an extension on the expiring tax provisions and
CONCLUSION
a massive anti-China policy. This would lead to a strong dollar
In a nutshell, the cream of the crop on Wall Street doesn’t see
and potentially weakened T-bonds. Again, U.S. energy, telecom,
the need for any drastic changes in well-diversified and balanced
and asset management shares are expected to benefit. In
long-term portfolios. And there is sound reasoning behind this.
an all-democratic leadership, Morgan Stanley projects high infrastructure spending and expansion in the healthcare sector,
As the Nobel-laureate Paul Krugman states in his New York Times
accompanied by higher interest rates and inflation. The likely
opinion pieces, nowadays, the economy and the stock market
winners f rom such a scenario are healthcare, international oil and
can’t be further away from each other. The Federal Reserve Bank
natural gas, transportation, and large-cap banks, with potential
of New York’s weekly economic index indicates that the economy
dips in pharmaceuticals.
is still more depressed than it was at any point during the post-
HOW TO PLAY THE MARKET
2008 recession. There are 11.5m fewer jobs in the US economy than February this year.
The consensus among experts is that, although investors might be tempted to make bold moves and capitalize on the political uncertainty, it is better to retain their long-term approach. The reasoning is that economic cycles last much longer than presidential terms.
There is an old economists’ joke that the market has predicted nine of the last five recessions. Yet, despite the economic doom and gloom and the deepening implications of the pandemic, the market is soaring. At the start
Instead of focusing on capturing the short-term volatility,
of September, the S&P 500 hit an all-time high, while Apple
investors should be aiming at portfolio evaluation that takes into
surpassed the $2 trillion valuation mark.
account new policies with the potential to impact their long-term performance.
A partial reason for the dissonance is that over 50% of all stocks are currently owned by 1% of Americans. The rest 50% own just
According to Tony DeSpirito, Co-manager of BlackRock North
0.7% of the market. The rumor on Wall Street is that we should
American Income Trust, investors should be looking at high-
brace ourselves for a “K-shaped recovery” that will materialize in
quality sectors such as technology and healthcare that can offer
rising stock valuations and individual wealth for the richest, and
long-term growth in either scenario. Jonathan Simon, Manager
falling incomes for the poorest.
of JPMorgan American Investment Trust, suggests looking for companies that have proven to be adaptable and capable of
What all this comes to show is that despite what the theory says,
overcoming unexpected crises. On the value side of the portfolio,
presidential elections might not have a significant effect on your
he provides Booking.com as an example of a business that should
portfolio if it is well-diversified. Economic policies, investments,
be highly affected by the pandemic but manages to adjust its
geopolitical ideas – all these factors will most likely affect your
cost structure and come out even stronger.
investments in the short-term, but they don’t have a major role in long-term planning.
The UBS Chief Investment Office’s advice for investors is to adhere to a strategic portfolio allocation with long-term goals in mind.
This article does not constitute investment advice. It is a general
This includes anything f rom automation, biotechnology, and
communication being provided for informational purposes only.
renewable energy, to sectors that will benefit f rom global trends
It is not designed to be taken as advice or a recommendation for
like globalization.
any specific investment product, strategy, plan feature or other purpose in any jurisdiction.
If investors want to hedge against the uncertainty of presidential elections, they should consider sectors and companies with no US exposure. This translates to a global, multi-asset portfolio that is resilient to industry- and regional-specific risks and with
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PERFECTING THE ART OF SERVICE As the hospitality industry shifts to a “new normal”, digital
directly. By supporting menus in various languages, OKKAMI will
services and technology are needed more than ever to facilitate a
help SHA approved hotels cater to guests from all corners of the
more efficient yet personalised customer engagement solution.
globe.
OKKAMI is an all-in-one hospitality platform that allows hotels to focus on their core business. The OKKAMI digital solution
THE OKKAMI LIVECHAT UNIFIED MESSAGING SOFTWARE
enables hotels to increase revenue centres, streamline operations,
The OKKAMI LiveChat Unified Messaging module combines
connect with customers, and improve guest satisfaction. OKKAMI
the ease-of-use of guests’ preferred messaging tools with
specialises in a touch-free experience such as contactless express
the personal touch of the property’s concierge. With OKKAMI
check-in/out with digital signature, QR code menus, digital
messaging you can also offer website chat support as well as
compendium, and more. The OKKAMI solution supports safety &
messaging support through popular Apps such as WhatsApp
hygiene programmes from established brands like Chatrium, Six
and Facebook Messenger with the added benefit of supporting
Senses, Anantara, Avani, and Akaryn.
in-chat payments. The currently supported applications are
PLEDGING THB 10.8 MILLION TO ASQ (ALTERNATIVE STATE QUARANTINE) HOTELS IN THAILAND
WhatsApp, Facebook Messenger, Telegram, Viber and WeChat. All of the applications directly feed into the OKKAMI Unified Message Manager Dashboard.
OKKAMI’s main centre of operations is located in Bangkok Thailand. Operating out of Bangkok which is the heart of
The OKKAMI LiveChat Manager Dashboard includes the OKKAMI
travel in Southeast Asia has provided OKKAMI keen insight on
payment gateway, which allows hotels to capture payments for
trends which have affected the local economy. Every country in
services such as early check-in, airport pickup and other special
Southeast Asia is preparing steps on how to kickstart their local
packages before guests arrive. The payment gateway feature
tourism industry safely. Thailand has successfully achieved a low
helps properties capture lost revenue even before the guest
infection and mortality rate during the pandemic, but since the
arrives.
local economy depends on tourism, hotel owners are struggling to generate revenue. Staying open means jobs for locals and
OKKAMI understands that for today’s’ travellers time is limited
expatriates that work at the hotels and related companies. The
and that smart technologies help improve the guest relationship
Thai government has been instrumental in helping promote
services which hotel brands are built on. This is why OKKAMI
domestic tourism by providing extra approved government
has developed an all-round cost-effective and seamless
holidays to simulate local travel.
communication solution between hotel team members and the guests.
As Thailand opens for tourism, incoming guests will be required to stay at Government Approved Hotels which have strict
The advantage of the OKKAMI Unified Messaging software is that
protocols in place to isolate and safely manage any potentially
the guest can communicate with the property before, during or
infected guest. As such OKKAMI has pledged to provide SHA
after each stay. Guests simply send their query and receive an
(Safety and Health Administration) approved hotels in Thailand
immediate reply from the respective hotel. The Message Manager
complimentary services for six months. Key features found in the
Dashboard also displays the guest profile and the response can
complimentary package will include the OKKAMI live chat unified
be customised to each guest’s personal preference.
messaging software and QR code digital menus. Each QR Code Digital eMenu also supports multiple languages and automatic
The OKKAMI LiveChat module also makes it very convenient for
translations when customers use the chat function.
guests to easily make a restaurant booking or schedule an inproperty spa appointment. With the added benefit of the hotel
By doing so OKKAMI hopes to address safety & hygiene concerns
being able to request and capture immediate payments results in
that hotels are currently facing. Addressing these issues will
an increased revenue stream for the property.
allow hotels to stay open, prepare for re-opening, and provide assistance for new hotel openings. These features are designed
SIX SENSES PRODUCT BOOKING API TO MANAGE AND
to help minimise physical interaction between staff and guests
FULFILL NON-ROOM INVENTORY (NRI)
while allowing staff to continue to offer personalised services.
Six Senses has partnered with OKKAMI to create a unified
Guests can now order in-room dining menus from the comfort of
inventory management platform for all of their properties. This
their rooms by scanning the QR code or chatting with hotel staff
will enable the Six Senses group to manage the life-cycle of their
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products, services, customers, and resources. Aside from the
Inventory and add-on products are managed from a
advantage of being cloud-native and highly flexible, the platform
comprehensive store builder. Each product will support manual
is also available across all property classes and geographic
updates of basic data fields and image uploading. Moreover, the
regions. OKKAMI will provide an API to allow Six Senses website
products support the ability to be flagged for online ordering
to present room inventory from IHG’s booking engine while offering add-on products stored on the newly created API. An added benefit of the API is the ability for guests to view available inventory of experiences based on selected dates online. The goal of this integration is to maintain the existing booking flow while configuring a direct workflow to route add-on products to the assignment department after guests have completed their bookings. Once the request arrives at the property, OKKAMI’s workflow module will map the request to the correct department for fulfilment and follow up. This would allow, for example, spa add-ons to go directly to spa staff onsite to follow up with guests before arrival.
through the API. OKKAMI’s user-friendly store builder allows staff to update the information once from a single dashboard and it will automatically update on all platforms. Essentially, the unified inventory management platform is about managing connectivity, transferring information to and from devices and locations, and enhancing guest engagement. OKKAMI expects this unified inventory management system to help Six Senses better personalise their hospitality approach and cater to their esteemed travellers. Both companies share a vision to create personalised travel relying on world-class technology strategy and bold investments for the future.
The booking flow begins with guests accessing room inventory based on availability pulled f rom IHG’s booking engine vs SynXis Central Reservation. Based on the guests’ selected property, available product inventory will be displayed accordingly. Products that are dependent on dates and inventory available will be able to be filtered based on dates entered during the booking process. For example, a one-way transfer can have inventory allotments based on the arrival date. In the last step of the booking process, total booking rate and total add-on cost will be displayed. Guests’ data collected during booking will be sent back via the API to route add-on requests to the property’s departments. Once an order is posted via the API, the department lead and relevant staff will be alerted. Alerts are sent to emails, Six Senses app push notification, and OKKAMI’s dashboard popup notification. Once staff have reviewed the add-on request, it can be moved to “Scheduled”. As soon as an order is marked as “Scheduled”, it will automatically move to the top of the list on the day of the guests’ arrival. This acts as a reminder for staff to fulfil the request before the guests arrive. To assist staff with the follow-up process, OKKAMI has built an escalation feature into the fulfilment dashboard. The escalation feature ensures no requests are left unattended by escalating the request to the next available team member if the request has not been marked “Done” after a specific time. The escalation will continue to occur until the request status has been changed. Once the order has been posted, guests will receive a notification on the Six Senses app and details will also be displayed in the chat message. From the chat, staff and guests can communicate directly. Moreover, guests can review their add-on requests by browsing through the “My Request” panel or “Profile History” inside the app. All requests are collected in a guests’ profile and are connected to OKKAMI’s powerful CRM system. Guests data and preferences are shared among all Six Senses properties, allowing staff to offer personalised services and anticipate guests’ needs no matter which property they visit.
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PROVIDING FINANCIAL EDUCATION FOR WOMEN
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It seems like new banks are continually popping up, offering the
The lack of financial education in women goes back to societal
same services, and failing to stand out. Nevertheless, are banks
gender roles. For the first half of the 20th Century, most of the
looking forward to who their future customers are? Who is going
labour force was male. This has built up the widespread bias that
to hold assets soon, and how prepared are they?
men are more suited to handle finances. There is also the longstanding presumption that women are meant to focus on raising
Studies show that women will control two-thirds of the consumer
children, not managing money. These stereotypes have helped
wealth in the USA over the next decade, yet only 18% can pass a
feed into the gender pay gap. Working women receive 20%
financial literacy test. In general, are banks appealing to female
less income than their male counterparts, and those who try to
customers? If so, why is it that banks lose $700bn in profits from
negotiate for a bigger salary are seen as overly aggressive.
underserved female customers? This disadvantage creates a problem for the future. Women are But once in a while, a different kind of bank comes along, not
living at least five years longer than men, and many are going
simply offering monetary wealth but also a wealth of knowledge.
through a divorce. One way or another, most women will find
Athena is a financial education platform with a specific target:
themselves at a point where they cannot rely on men to take care
young women starting their financial independence journey.
of their finances.
THE WOMAN BEHIND IT ALL
There have been a number of financial service companies
Anastasia Soloveva, the CEO of Athena, has worked in finance for
popping up with women as their target audience. However, most
two well-known institutions in the past 15 years - Citibank and Credit Suisse. A graduate of Harvard Business School, Anastasia has worked as a wealth manager. During her time in the financial industry, she noticed a pattern; the people who were having the most difficulty managing their finances were women.
of them focus more on acting as financial advisors rather than giving women the knowledge and resources to be financially independent. That is where Athena Bank comes in.
WOMEN’S INVESTMENT NEEDS Interviews with their customers gave Athena Bank a better understanding of what females are actually looking for on their platform: • How to plan and take care of the future of their kids or grandchildren. That’s probably the number one financial goal they usually highlight. • Personal goal: purchase a house, travelling around the world, or opening their own business - that’s another kind of financial goal we see. • Education - many women worldwide are willing to get a master’s or MBA to push their careers further.
WOMEN ON A MISSION What the Athena platform offers are educational courses for women to learn the basics of handling their finances. These
MORE THAN A PAY GAP When most people think of finance and gender, they think of the pay gap between men and women. However, that is only the tip
courses cover many issues such as investing and budgeting. Athena have gone out of their way to put together a primarily female team to assist with content, marketing, and fundraising.
of the iceberg. Women are living longer, but most of them have no long-term financial plan for their future. More than 80% of women cannot even pass a financial literacy test. In short, women are the largest group that is being underserved in the financial industry today. I N T ER N AT I ON AL I NVESTOR MAGAZ INE | 019
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RE-SHAPING THE FUTURE AFTER COVID-19 CLIMATE’S RISKY BUSINESS BY ANDIA RISPAH Climate-linked natural disasters and
Some sectors and businesses are more
Aside from the business side of matters,
increasingly gloomy scientific outlooks
exposed to climate breakdown than
regulators want climate risks declared
are pushing the international business
others: European companies that rely
so that global and regional emissions-
community to think more about climate
on inland shipping are at risk because
cutting targets can be met. Without the
risk, as governments start to factor it into
of drought, while gas and nuclear power
involvement of companies in that process,
their policies.
stations cannot run at full capacity when
vulnerabilities in economic systems could
the mercury rises too quickly.
fly under the radar.
include extreme weather events and
That is why there is now a trend of
The next 12 months will be a hot-bed of
higher temperatures - are becoming more
businesses being asked to disclose their
climate policy-making as administrations
pronounced and more worrying, leading
climate risks, so that investors can build
on both sides of the Atlantic potentially
to growing concerns about their human
long-term trust in projects without fear
gear up to pursue new green agendas. In
and economic impact.
that they are, for example, funding soon-
Brussels, EU heads will decide whether
to-be stranded assets.
to ratchet up all the legislation linked to
The effects of climate change - which
curbing greenhouse gas output - from
According to the World Economic Forum’s 2020 Global Risks Report, environmental factors top the list, although the virus outbreak has to some extent replaced those concerns in the most recent rankings.
“Scientific advances mean that climate risks can now be modeled with greater accuracy and incorporated
car CO2 standards to renewable energy benchmarks - with tough talks scheduled for the next 10 months or so.
into risk management and business plans,” said John Drzik, Chairman of Marsh & McLennan Insights.
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Re- shaping the future after COVI D -19
Lawmakers have already agreed on a
“We want scenario analysis, including
New Zealand is on course to go a step
‘sustainable taxonomy’ that is designed
a two-degree scenario analysis, and we
further and make climate risk reporting
to put a label on what is and what is not
want the company to be open about
mandatory. If the plans come to light,
a green investment, while a €750 billion
the assumptions for the analysis,” Carine
it would make the Antipodean country
virus recovery fund will give priority
Smith Ihenacho, the fund’s corporate
the first in the world to make it a legal
to countries that submit risk-proofed
governance officer, said in August.
requirement.
applications. She added that the fund, which counts
Under a proposal that was praised by
Depending on who wins the US
around 9000 companies in its portfolio,
Nobel Laureate Joseph Stiglitz, any New
presidential race in November, a Joe Biden
wants to be sure that they “can survive in a
Zealand financial institution with more
White House is also on track to implement
low-carbon society and to understand how
than $1 billion in assets would be obliged
environmental policies that are much
they will address that”.
to report on climate change risks every year and detail how they are being
more ambitious than previously seen in Washington.
The fund’s drive for transparency is
managed.
part of Norway’s attempts to polish its
In several countries around the world, climate risk is already enjoying spells in the limelight, to varying degrees. OSLO DISCLOSURES Norway, which boasts a €1 trillion sovereign wealth fund, is now asking the companies on its books to start disclosing
international image as a green champion,
“Many large businesses in New Zealand do
because although it counts on massive
not currently have a good understanding
clean energy reserves and is the world’s
of how climate change will impact on
biggest user of electric cars, its oil and
what they do,” said Minister for Climate
gas assets are problematic. In fact, the
Change James Shaw, a Green Party
sovereign fund - set up to channel the
member who announced the proposal.
proceeds of the country’s fossil fuel resources - has a carbon footprint that is
Prime Minister Jacinda Ardern won a
double that of Norway’s.
second term with a landslide victory
more climate-related data, especially those firms that are known to have an emissions-heavy output.
in New Zealand’s general election in October. She has agreed on a governing “cooperation agreement” with the Green Party to help achieve her net zero emissions target for 2050.
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BUSINESS PIONEERS
WORLDWIDE PUSH
Companies themselves are also leading
Australia, Canada, EU countries and the
the charge. Swedish electric-carmaker
United Kingdom are all at various stages
Polestar is urging the automotive industry
of enacting their own risk reporting
to get serious about disclosing risks and
initiatives. The UK government in August
emissions, especially when it comes to life-
announced that pension schemes with £5
cycle assessments (LCAs).
billion or more could be required by 2022
“Corporates, asset owners, including
to publish climate assessments. The idea is LCAs show how resource-intensive a car or
currently in consultation until October.
pension schemes, and asset managers should use the Taskforce on Climaterelated Financial Disclosures (TCFD) framework to disclose climate-related risks and opportunities,” said former Bank of England governor, now UN special envoy, Mark Carney. UN leaders meet in September but the
other product is f rom the very beginning of manufacturing up until it is disposed
Secretary of State for Work and Pensions,
or recycled. In the auto sector, it is a huge
Thérèse Coffey, said that “these measures
point of contention between firms that
will ensure pension schemes are in
build electric cars and those that produce
an ideal position to drive change to a
petrol or diesel-powered vehicles.
sustainable, low carbon economy which
acid test is expected next year at the delayed COP26 climate summit, where the debate will shift from what needs to be done to halt climate breakdown to how it
will benefit everyone.”
can be curbed, especially from a business standpoint.
“Car manufacturers have not been clear in the past with consumers on the
The consultation period will also look into
environmental impact of their products,”
whether pension schemes should disclose
Polestar boss Thomas Ingenlath said.
how closely they are aligned with the
“That’s not good enough. We need to be
targets of the Paris Agreement on climate
honest, even if it makes for uncomfortable
change.
reading.”
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Investin g in youn g compan ies
INVESTING IN YOUNG COMPANIES An interview with Manmohan S., Chief Strategy Officer at FXPRIMUS.
“Sometimes the entrepreneurial journey starts with jumping off a cliff and trying to figure out how to put a plane together on your way down. The key is to have the right team jumping off the cliff with you to increase your chance of putting that plane together.” FXPRIMUS’ Chief Strategy Officer is well known for his unorthodox approaches, innovative ideas and leading by example. So how did he become a recognised figure in the business and fintech world?
TELL US ABOUT YOURSELF AND YOUR JOURNEY I certainly did not follow the conventional way of becoming a businessman. After dropping out of high school, I started as a street vendor and hustled my way f rom there. That is actually where I acquired my sales skills from. I then moved on to selling life insurance and, by the age of 20, I started my own software development company. Fast-forward a few years after, we expanded into a telecommunications company and were established in seven different countries across south-east Asia within a year. From there, I expanded into many different business areas. At the moment, my main focus is on investing in new companies and tech start-ups. At the same time, a lot of my businesses are still operational and running by hand-picked teams, but in essence, I have adopted an active investor role rather than actively running the businesses myself. Having said that, FXPRIMUS is something very close to my heart and that’s why I chose to step into the Chief Strategy Officer role; to be actively involved in the
YOU’VE BEEN AROUND PRIVATE INVESTMENT FIRMS, HEDGE FUNDS AND FINTECH OVERALL FOR OVER A DECADE, AS BOTH AN INVESTOR AND A FOUNDER; HOW HAS THAT INFLUENCED YOU AND YOUR APPROACH WHEN PUTTING NEW STRATEGIES IN PLACE? Being on both sides of the table, as both an operator and an investor, has given me a fresh and unique perspective on how to strategise a business, depending on the role of the business itself. I now understand how people perceive a business. Sometimes as a businessman, you are so focused on your business and love it so much, that you often become incapable of recognising its flaws; ultimately this becomes a destructive force. Therefore, even though I own and run businesses and they are all close to my heart, being in the fintech world has kept me objective and not blind to the flaws any business might have.
BEARING THAT IN MIND, HOW DID FXPRIMUS BECOME THE POWERHOUSE IT IS TODAY OVER THE PAST DECADE? What has shaped FXPRIMUS into what it is today is not just me. In any business, there is always a single person who leads the company but it takes a team to build and grow the business into what it can become. The same way I recognise the influence I had in the company, so do all the other partners and employees. My past experiences have taught me that if you want to build a successful business you need to make sure that you have the right team next to you and you need to keep them motivated and properly supported. As a result, our customers can experience this through the day-to-day services that they receive.
sector. On a personal level, I am planning to continue working
IT’S APPARENT FROM YOUR PREVIOUS AND CURRENT VENTURES THAT YOU ARE AN ADVOCATE FOR A HEALTHY AND INCLUSIVE WORKING ENVIRONMENT. HOW MUCH OF THAT GOES INTO SHAPING THE CULTURE OF YOUR WORKSPACE AND THE RELATIONSHIP BETWEEN EMPLOYER AND EMPLOYEE?
on early-stage companies and investing in tech start-ups as
I firmly believe that people do not leave their jobs, they leave toxic
well as working for other causes that are close to my heart, like
environments. If you have an environment within the company
supporting different charity foundations.
that is not conducive for people to perform really well, then you
company’s future. I plan to expand FXPRIMUS into a multi-service broker, as I believe there are many upcoming opportunities in the financial services
WHAT DOES YOUR ROLE ENTAIL AS FXPRIMUS’ CHIEF STRATEGY OFFICER?
will eventually lose valuable team members. Therefore, having an open communication channel with everyone and making sure that people are genuinely happy coming to work every day is key.
As the Chief Strategy Officer at FXPRIMUS, my job is to work with the management team to build, implement, and execute the
As a business owner, I want everyone to take ownership of the
strategy of the company. In a nutshell, I make sure the strategies
business but that can only be achieved if people feel that they
are put in place and followed on with proper execution across
are appreciated and they are part of a team which values them.
departments. That includes exploring new markets that we can
Happy people are always productive and this is what we are
expand our reach and services to.
working towards every day.
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WHAT ARE SOME OF THE ACHIEVEMENTS YOU ARE MOST PROUD OF? There’s certainly a lot to be proud of at FXPRIMUS! One thing
LASTLY, YOU WERE JUST AWARDED MOST TRUSTED BROKER - SOUTH EAST ASIA & AFRICA 2020. HOW DOES IT FEEL?
that stands out the most is our ability to thrive with our partners
We are extremely proud to be receiving this award. It is a
while watching them and their businesses grow through the
great honour to be recognised for what we do as we truly feel
years. Being able to support them and see them thrive is truly
that we are the safest broker in the industry. Such third-party
rewarding. Small businesses are now bigger and their owners
endorsements help us build robust relationships with our clients
have what other people dream of.
and partners and strengthen our credibility.
On a personal level, coming f rom humble beginnings and being blessed with a successful career, I don’t really think about notable achievements. Rather, I like to think that every day I wake up and do something, that is an achievement by itself. I feel blessed that I am in a place where I am able to work with other people and help them achieve their dreams, which is exactly the reason why I love working with tech start-ups and young companies. And because I know how hard it is when you start, to me, this is my way of giving back. Hence, it is not about achievements, it is all about fulfilment.
HOW HAVE YOU WATCHED THE INDUSTRY CHANGE OVER THE COURSE OF YOUR CAREER? There have been some major changes in the industry in the last decade. Particularly, the high barrier to entry has lowered significantly. Traders grew and so did their skillsets. We see more and more sophisticated traders coming up, with a different mentality and a higher educational level and this is definitely a challenge for new companies if they are not able to provide the right kind of services.
AS A SERIAL ENTREPRENEUR, YOU HAVE BEEN INVOLVED IN MANY DIFFERENT PROJECTS AND STARTUPS. WHAT DOES THE FUTURE HOLD FOR MANMOHAN THE ENTREPRENEUR? Ah, I wish I had a crystal ball! Having come where I am in my life right now, I am still very active and there is still a lot more I want to do. I am glad to have found my passion; investing in young companies. This is my driving force and I cannot imagine myself ever retiring. Furthermore, I am really excited about what FXPRIMUS is today and where it is heading. I would say that 75% of my time is dedicated solely on working towards achieving the goals of the company.
WITH THE ABOVE IN MIND, HOW DOES THAT TIE INTO YOUR PLANS FOR FXPRIMUS’ FUTURE? We have a lot of exciting updates and new products coming up in 2021. We recently updated our internal technology and infrastructure to better enhance our clients’ and partners’ experiences. We will be adding several new products and assets to our existing FX and CFD. ETFs, stocks, and many other instruments will be available as underlying assets, which will bring the total available instruments to trade to over 4000. We aim to transform into a fullservice broker with our upcoming launches and grow as a group.
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THE DIVER THAT MAKES A DIFFERENCE In line with its pledge to make time for the planet, luxury Swiss watch brand, Omega, is a proud partner of Nekton, a not-forprofit research foundation committed to protecting our oceans. The partnership was first announced in 2018 and a series of missions to explore and conserve the Indian Ocean, known as ‘First Descent’, kicked off in 2019 and will resume next year.
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Investin g in youn g compan ies
FIRST DESCENT Each mission combines state of the art technology with inspirational public engagement. An approach greatly admired by Omega’s President and CEO Mr. Raynald Aeschlimann, who sees clear parallels with Nekton and the watch company he leads.
“Our friends at Nekton are protecting the ocean with the global goal of 30% protection by 2030. As a pioneering
Omega’s Diver 300M is the most
Driving the Nekton Edition is the Master
appropriate watch to represent the
Chronometer Calibre 8806 with special
partnership. The famous Seamaster has
luxury finish, Geneva waves in arabesque
played a key role in Omega’s ocean story.
and rhodium-plated rotor and bridges.
A legacy acknowledged by the team
Certified by METAS it can resist magnetic
at Nekton, who dubbed their research
fields of 15,000 gauss.
submersible Seamaster 2, in tribute to the boat skippered by the late Sir. Peter
Two models are available: The first with
Blake. The legendary round-the-world
an integrated black rubber strap and
yachtsman was a passionate advocate of
polished-brushed buckle to complement
ocean conservation and a close friend of
the black ceramic dial, the second with a
Omega.
stainless steel bracelet to give the Diver a dressier look.
brand with a long history of pushing
THE NEKTON EDITION
at the boundaries of what is possible,
The Nekton Edition features a laser
To purchase this watch is to play a
we have the utmost respect for this
ablated black ceramic [ZrO2] dial, matt
part in the protection of the world’s
bold, confident vision and we’re thrilled to help make the goal a reality“, said Aeschlimann.
finished with polished waves in positive relief, and unidirectional rotating bezel in grade 5 titanium with laser ablated diving scale in positive relief. As a tribute to the hard-working foundation, the oriented caseback features an embossed Nekton submarine medallion and is engraved with NAIADLOCK, DIVER 300M and the watch’s water resistance.
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oceans.
Making Fin an ce Work for Women
MAKING FINANCE WORK FOR WOMEN On 20-21 October, 2020, Women’s World Banking and industry
During the summit, the four finalists of the second annual Making
experts met for the annual Making Finance Work for Women
Finance Work for Women Fintech Innovation Challenge were
Virtual Summit to discuss how to help women recover f rom the
announced. The finalists, chosen from a record-breaking pool of
current economic and health crises, and build resilience against
competitive and diverse applicants, represent an exciting new
the next.
wave of innovative solutions designed to support low-income women’s economic empowerment and financial inclusion. This
The two-day virtual summit gathered industry leaders and
year’s finalists were: Boost Capital, Mujer Financiera, myAgro, and
practitioners as they looked at how to take action towards
Tyme.
financial inclusion and improve financial resilience for women. The Summit consisted of interactive sessions, plenary panels, and global research on topics ranging from the widening gender gap, crisis recovery, wage digitisation, leadership and diversity, gender lens investing, G2P payments, and more. In attendance were over 300 thought leaders f rom the financial services, regulatory, policymaking and technology communities.
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The judges selected two Grand Prize Winners: Tyme and myAgro.
“I was inspired by the quality and sheer number of applications
They will compete as finalists in the Monetary Authority of
this year,” noted Mary Ellen Iskenderian, President and CEO
Singapore’s (MAS) Global FinTech Hackcelerator (powered by
of Women’s World Banking. “Low-income women have been
KPMG Digital Village) during the Singapore FinTech Festival in
disproportionately impacted by the COVID crisis, facing higher
December 2020. They will also be fast-tracked to receive a MAS
rates of unemployment, bearing an outsized burden of child
Proof-of-Concept Grant worth up to S$200,000 and compete for
care and other household responsibilities, and even confronting
a S$50,000 cash prize. The Grand Prize Winners will also receive
unprecedented levels of domestic violence. This year’s applicants
tuition coverage for two participants in Women’s World Banking’s
– of which 62% (74 solutions) were co-founded and/or had women
next Leadership and Diversity for Innovation Program, which
in a C-suite position – left me full of hope for the future of the
equips senior executives in emerging markets with the skills
role that fintech can play in women’s financial inclusion and,
to successfully serve low-income women and advance women
ultimately, their economic empowerment.”
leaders within their institutions.
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INVESTING IN CANNABIS Until very recently, big fund managers generally ignored cannabis investments. Earlier this year, investment bank Jefferies said institutions accounted for a meagre 5% of the ownership of cannabis companies, compared to 50% in the technology sector. The weed market is still relatively young, and therefore highly volatile. Cannabis stocks have lost about a quarter of their value in the first half of 2020, compounding a 50% drop in 2019. But as an increasing number of countries and states move to legalise and regulate the purchase, production and cultivation of cannabis, the market shows clear potential. Experts predict that by 2022, the marijuana market will reach $32 billion. COVID-19 may have knocked legalisation off the agenda temporarily but the recent market surge in cannabis and its derivatives are promising. In 2018, the global medical cannabis market was worth $13.4 billion and there are more companies entering national and international stock exchanges all the time.
THE MARKETS There are two primary cannabis markets. Firstly, medical cannabis is for patients who use cannabis or its derivatives to treat health conditions. Meanwhile, recreational cannabis is for customers who use marijuana or cannabis extracts for enjoyment. Medical cannabis is far more commonly legalised than recreational cannabis. For example, in the U.S., cannabis remains illegal at the federal level but a growing number of states have legalised both.
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Investin g in Can n abis
A company’s geographical location is key in determining its growth prospects. THE PIONEER Canada’s pioneering cannabis legalisation may have helped kickstart a financial revolution in the stock market with the launch of a diverse portfolio of marijuana stocks but investors now fear modest returns thanks to excessive regulation and supply chain bottlenecks. But the outlook remains positive - in July, sales at Canada’s pot shops increased 15% f rom June, according to government data released in September.
THE POWERHOUSE There are at least 10 cannabis companies in North America with billion-dollar market capitalisations. With cannabis dispensaries designated as essential businesses, the cannabis market has reported strong sales throughout the pandemic. According to the Oregon Liquor Control Commission, $84.5 million of marijuana products were sold in Oregon in March alone! As states like Arizona and South Dakota potentially move to legalise, the U.S. cannabis market will provide new opportunities for investors and serious competition to its Canadian counterpart.
THE POTENTIAL In November 2018, the UK government legalised cannabis for medical use, requiring a prescription from specialist practitioners in what seemed like a move towards further f reeing up regulations in the future. However, due to restrictions put in place around the reforms, less than 200 people have been able to access CBD treatment but that is set to change. According to the Centre for Medicinal Cannabis, the UK medicinal cannabis market is predicted to be worth £1.03billion, servicing nearly 340 000 patients. From Sativa to Greencare Capital, the UK has nevertheless seen a handful of companies listing on its public markets with cannabis as their core business. But in early 2020, the London Stock Exchange announced that a new thematic exchange-traded fund (ETF) had been launched, focusing on medicinal cannabis. This new ETF tracks the Medical Cannabis and Wellness Equity Index (CBDX), provided by Solactive, a Germany-based company that designs, calculates, and licenses financial indices. The CBDX ETF consists of publicly listed companies conducting legal business activities in the medical cannabis, hemp and CBD industry, including producers and suppliers of medical cannabis, CBD-focused biotech companies, and companies leasing property to medical cannabis growers, and software solutions for medical cannabis producers.
PICKING UP AFTER THE PANDEMIC The development of funds such as the ETF and record sales even during the lockdown suggest that the global medical cannabis sector may be in for a rebound after a slump over the past few months.
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Taking the FX in dustry by storm
TAKING THE FX INDUSTRY BY STORM An interview with Tomasz Wisniewski, the Newly Appointed CEO and Director of Axiory Intelligence. Axiory Intelligence is the newest market news and analysis
Over the years, Wisniewski has taught thousands of traders
provider to take the FX industry by storm. Launched by global
through more than 400 webinars, seminars, lectures, and training
fintech company, Axiory, the news portal aims to inform and
courses across the globe. But for the last year, he’s been focused
educate the next generation of traders through a seamless
on expanding Axiory’s vision to help the trading community by
stream of trader-centric content.
introducing a new, independent and dedicated news and market analysis portal. His history in trading was and continues to be
At the helm of the project from start to launch, is expert trader
integral for his new role, because Axiory Intelligence was designed
Tomasz Wisniewski, who’s been appointed the CEO and Director
for traders, by traders.
of Axiory Intelligence. Wisniewski is not new to the Axiory group, having served as Head of Education at their dedicated broker,
“Every aspect of Axiory Intelligence was designed with the
Axiory Global for close to a year. A savvy and successful trader
trader in mind. Topics are sectioned off and grouped for easier
himself, he’s been in the industry for over a decade, as a market
navigation, filters allow every trader to monitor only news that’s
analyst, trader, and a well-known educator.
relevant to their trades, we’ve included both brief overviews and lengthy in-depth market analysis and we plan to continue developing the interface based on the feedback we get from our traders and viewers” said, Wisniewski in a statement on the company’s website.
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We sat down with the newly appointed CEO, to discuss his new role and why he believes there’s never been a more important time to provide traders with accurate and reliable information.
FIRST, GIVE US A BIT OF BACKGROUND ON AXIORY INTELLIGENCE.
WHAT’S NEXT FOR AXIORY INTELLIGENCE? Our plan is to take education and support to another level by personalising the experience. Today, there is no shortage of trading information, analysis, and educational material online.
Axiory Intelligence is an independent news portal where traders and investors can access news and analysis on global financial
Type ‘Traders Education’ into Google and you’ll see the
markets. We provide real-time global market coverage and
overwhelming number of choices you have; videos, webinars,
intelligent analysis across a wide range of financial assets
courses, newsletters, articles, and educational resources of all
including Currencies, Commodities, Energies, Metals, Indices,
kinds. At Axiory Intelligence, we provide carefully-picked and
Stocks, and ETFs, as well as economic events and indicators.
focused news and education that’s for traders, we also offer oneon-one support and mentorship.
Our teams of dedicated financial analysts watch the markets twenty hours a day, seven days a week, to deliver essential market
Our plan is to continue to grow our local analyst teams across
news and insight to our traders and investors around the world.
every Axiory location. We believe that having experienced traders with empathy and knowledge, available to answer any questions a
Most importantly Axiory Intelligence was built in-line with our
trader or investor may have, is a great way to synthesize and apply
core values at all Axiory companies, including our dedicated
the information they learn.
broker, Axiory Global, to bring value for traders and always put them first. Knowledge being the most important element in
Our on-the-ground analysts provide us with deep local market
trading, Axiory Intelligence caters to that need, by bringing both
insights, and they are also there to provide our clients with expert
relative market news pieces to keep traders informed, as well as
one-on-one support. We’ve found this to be a more effective way
education that’ll set them in the right direction.
of accessing market insight, as well as developing your trading skills.
WHAT’S YOUR NEW ROLE AS AXIORY INTELLIGENCE’S DIRECTOR BEEN LIKE SO FAR, AND WHAT ARE YOUR FUTURE GOALS FOR THE COMPANY?
As a trader myself, I know that this type of support is a keystone to
It’s been an incredible year so far, and the culmination of a long
being a leader in providing it.
becoming a better trader, and I look forward to Axiory Intelligence
year of planning and hard work. Axiory Intelligence, as an independent source of market analysis I’m a trader myself, and I know first hand how important it
and education, is accessible to global viewers without any
is to have trustworthy new sources providing accurate, real-
subscription or fees. You can head to intelligence.axiory.com and
time information on the financial markets. As traders, we’ve all
get your dose of daily content, that’ll keep you informed and up-
experienced how valuable it is to have access to that kind of
to-date so you can make better trading decisions.
information. I think the value of this information has recently increased dramatically with all the volatility in the global markets. COVID has had an unprecedented impact on our lives. We’ve noticed that it has also been a catalyst for traders to look for better, more reliable market news and information resources. In many cases, it’s also given us the time to up-level our market knowledge and skill-set through a wide variety of online training and educational resources. I believe that Axiory Intelligence is uniquely poised to be an essential resource for traders and investors looking for education, verified market information, and intelligent analysis about the future. My role is to make that happen.
I N T ER N AT I ON AL I NVESTOR MAGAZ INE | 03 9
INVEST IN SHARJAH: FUELLING LOCAL ECONOMY BY MAXIMISING INVESTOR EXPERIENCE Sharjah’s investment promotion arm
directorship at WAIPA for a two-year term,
profit repatriation, simplified licensing
is building on the emirate’s vision of
until 2021. The entity also made waves in
procedures and fast-tracked business
the international press, with International
registration processes. An additional
Finance, a premium UK-based business
61,200 entities registered with the Sharjah
and finance magazine naming it the ‘Best
Economic Development Department
FDI Agency 2019 – UAE’.
(SEDD), have contributed to the overall
inspiring sustainable development by identifying and facilitating opportunities for investors across various sectors Sharjah FDI Office (Invest in Sharjah) is the investment promotion agency of the Emirate of Sharjah, launched by the Sharjah Investment and Development Authority (Shurooq) in 2016. Driving the continued transformation and economic diversification of the emirate by attracting diverse, long-term and high-yielding investments from across the world, Invest in Sharjah has done a tremendous job of ramping up national and regional FDI performance and growth. These efforts have been hailed by reputed global institutions such as the World Association of Investment Promotion Agencies, which nominated Invest in Sharjah to assume MENA’s regional
industrial development of the UAE, Naturally, Mohamed Juma Al Musharrkh,
generating job opportunities not just here
CEO of Invest in Sharjah, is very upbeat
but also in their countries of origin,” he
about Invest in Sharjah’s prospects.
added.
He said: “Sharjah is booming with
transport, real estate, healthcare, IT,
ECONOMIC DIVERSIFICATION ‘IN ACTION’ ACROSS SHARJAH’S SIX SPECIALISED FREE ZONES
education, publishing and R&D, that are of
Sharjah’s vision to attract diverse and
interest to global investors.”
responsible FDI includes being realised
opportunities across several sectors like manufacturing and logistics, road and
by six specialised free zones, where every “Through our strategic networking efforts
business belonging to almost any market
and global road shows over the past
sector will have an opportunity to grow
four years, we have increased investor
not just locally, but also pursue regional
awareness about the competitive business
expansion from Sharjah. In Sharjah Media
advantages and economic benefits
City, enterprises in the media, creative and
investors can avail right off the bat as they
innovation industries, will flourish; while
enter our markets. The emirate’s robust
in Sharjah Publishing City, a sprawling
network of free zones - home to 12,675
40,000 sqm business town, publishing,
companies - all offer tax exemptions, full
printing and allied businesses will have
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exclusive rights to operate. Then there is
of utility services as well as payment
Vision 2021 initiative aiming to attract
the Sharjah Healthcare City which hosts
of bills; to issuance and renewal of
10 million visitors by 2021. The strategy,
not only hospitals, clinics and wellness
commercial licenses, entry permits.
launched in 2015, seeks to build the
centres, but also healthcare-related
Additionally, all services under the Federal
emirate into a top regional destination for
warehousing, equipment, light assembly
Authority for Identity & Citizenship; issuing
family tourism by investing in a range of
plants, and retail and accommodation
and renewal of all types of trade licenses;
ecotourism and cultural attractions.
facilities across 2.4 million square-metres;
legal and tax consultancy services,
and Sharjah Research, Technology and
including maintenance of records related
The initiative has contributed to a rise in
Innovation Park (STRIP), a unique meeting
to tax transactions and preparing and
both public and private investment in
point for government, industry and
submitting VAT returns are also on offer
the sector with a portfolio of completed
academia mandated to manage Sharjah’s
under one roof at Saeed.
and ongoing projects worth US $ 2.06 billion. Sharjah aims to achieve the perfect
innovation and R&D ecosystem.
harmony between luxury and culture in
These relatively new free zones
PROMOTING GREEN ECONOMY CULTURE
complement the Hamriyah Free Zone
Sharjah has made it a strategic goal
and eco-tourism projects which offer
and Sharjah Airport International Free
to build an innovative, inclusive and
unique investment opportunities.
Zone, established in 1995 with a focus on
resilient economy by attracting foreign
industry.
investments that promote the emirate’s
GIVING INVESTORS A CLEAR EDGE
green growth principles, which aim to
“Sharjah’s economic programme is
raise standards of living while ensuring
focused on developing into a vibrantly
environmental sustainability.
diversified ‘knowledge economy’,” said Mr
60-MINUTE BUSINESS SETUP WITH INVEST IN SHARJAH’S ONE-WINDOW SERVICE, SAEED
developing current and upcoming cultural
Al Musharrkh. “We have been investing
Since Invest in Sharjah announced the
Projects like the US $544m Sharjah
consistently in education, research, and
launch of the Sharjah Investors Services
Sustainable City, the emirate’s first-
healthcare sectors to boost local human
Centre (Saeed) last November. This
ever net zero energy mega project in
capital and offer the kind of infrastructure
one-window consultative and business
partnership with Diamond Developers
international businesses will need to
licencing service has already benefited
have opened brand new FDI avenues,
continue developing in the long term.
1,500 clients, mostly in real estate and
and reflects Sharjah’s commitment
Sharjah’s comprehensive strategy is
e-commerce.
to the establishment of world-
also opening out new and emerging
class inf rastructure that promotes
markets such as ecotourism or net zero
The single-window facility offers every
environment-friendly and sustainable
energy communities as viable options for
service a new-comer in the UAE market
living.
investors. In short, we have what it takes,
requires – all in 60 minutes. From
and would like to reiterate, Sharjah is open
attestation of commercial and residential
Sustainable tourism is another key
tenancy contracts; membership
element of Sharjah’s diversification
registration at Sharjah Chamber of
programme, with the Sharjah Commerce
Commerce and Industry (SCCI); facilitation
and Tourism Development Authority’s
for business!,” he added.
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The changin g lan dscape of tradi n g
THE CHANGING LANDSCAPE OF TRADING By Lean Fisher, AudaCity Capital PR
As the trading industry changes; traders
However, traders still faced one major
The company began just a few years after
are becoming more and more skilled.
problem: being undercapitalised. Traders
the recession of 2008. With many Prop-
However, they are facing the problem
lacked the funds they needed to trade
trading Firms closing; AudaCity Capital
of being under-capitalised as they are
successfully and achieve maximum
went against the trend as they were
emerging f rom retail backgrounds instead
success in the industry. Even today,
determined to keep the industry alive.
of traditional university and banking
economic uncertainty means the market
routes. With the COVID-19 pandemic,
is becoming more and more sparse due to
trading has become – for some – a skill or
this issue.
hobby to earn extra money, but for others – trading is the beginning of a new career.
This is where AudaCity Capital steps in. AudaCity Capital, a world-renowned
Previously, it was difficult to participate in
trading firm for backing and funding
the trading and FX market due to the high
profitable traders, has changed the way
transaction costs and governments were
traders are able to achieve success and
strict on keeping control of exchanges.
funding. Founded in 2012 in London, the
This was until CFTC (Commodity Futures
company has over 500 traders in over 40
Trading Commission) passing two
countries, providing them with capital
important bills that opened doors for
and a platform to begin showcasing their
the trading industry. The Commodity
talent as traders and drawing out the new,
Exchange Act and Commodity Futures
retail-based, era of the FX industry.
Modernisation Act allowed traders to take advantage of the new, densely populated FX industry.
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“The idea behind AudaCity Capital and the service we wanted to offer was something I needed personally” states Karim Yousfi, CEO and Chief Global Strategist. He struggled to raise capital for himself, a problem for a lot of traders in the industry and decided to change this with AudaCity Capital.
“I truly believe that the next
The Funded Trader Program is
The Hidden Talents program provides new
generation of superstars in this
highlighting a new way of trading that
opportunities to people all over the world.
is becoming increasingly more popular,
The program allows trainees to change
with many other companies following in
their lives and form their career path,
AudaCity Capital’s footsteps. Their website
providing new blood in the pool of FX
He pushes for the industry to begin to
features daily interviews with their traders
traders. AudaCity Capital is helping shape
populate, especially in London city. He
who share their journey into the industry
the new generation of traders by
continues by saying “we invest in people.
and the benefit of trading with funding.
valuing their traders, new or experienced,
field will come from the retail environment”, he adds.
to achieve their full potential and become
We are looking for like-minded, talented
successful.
individuals, seeking to grow their skills and
If you are a successful trader with a proven
enhance our trading performance with
trading strategy who is looking to move to
our proven team of professionals.”
the next level, then AudaCity Capital can
Both the Funded Trader Program and
provide you with a range of benefits with
the Hidden Talents Program provide the
their exceptional program.
city of London with opportunity to grow
AudaCity Capital then created the Funded
within the trading and FX industry. As
Trader Program to combat the issues of raising capital in the trading industry and
If you have little to no experience in
more people begin to work remotely in
to populate the industry once again. The
trading or the FX industry, AudaCity
the midst of COVID-19, AudaCity Capital
Funded Trader Program is designed for
Capital also offers a training program
provides a unique opportunity to advance
experienced traders who lack funding
named The Hidden Talents Program,
your career or begin a new journey.
to be able to reach their full potential. If
which provides intensive training to
you apply, you’ll need to go through an
provide you with the skills to become a
The future vision of the company is to
interview process in which a member of
successful trader. You do not need any
bring even more traders into the industry,
AudaCity Capital’s team will assess your
experience or academic qualifications to
from all over the world and from every
skills and experience on an individual
join the Hidden Talents Program. They
background, to populate an industry that
basis.
accept people purely based on natural
was once suffering.
intellect and the psychology needed to be If accepted onto the program, AudaCity Capital provides you with a starting
a profitable trader.
More details can be found at: www.audacitycapital.co.uk
account of $15,000 of company funds for you to begin trading the FX market. They do not use a retail broker, instead, using an institutional liquidity provider that allows the trader to benefit f rom deep liquidity in the market with no commissions or swaps on trades and tight spreads.
I N T ER N AT I ON AL I NVESTOR MAGAZ INE | 043
THE BAHAMAS: THE JURISDICTION OF CHOICE POSTAL VOTING IN THE US ELECTION: WHAT IS THE CONTROVERSY AND WILL IT AFFECT THE OUTCOME? By Jason Ward, freelance writer
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In the 2016 United States presidential election around a quarter of votes cast were done by post. In 2020 that number is expected to be a lot higher due to health concerns relating to the coronavirus. However, President Donald Trump has publicly criticised plans to expand postal voting saying: “Mail-in ballots are very dangerous – there’s tremendous fraud involved”. This accusation subsequently prompted Ellen Weintraub, commissioner of the Federal Election Commission, to state: “There’s simply no basis for the conspiracy theory that voting by mail causes fraud.” Not everyone can vote by post and the rules vary from state to state. Some, such as Hawaii, Utah, California, Oregon and Washington automatically send out postal ballots to all voters. Additionally, about half of the states allow postal voting on request. The remainder require a valid reason such as illness, being over 65, or being away from the state where the voter is registered.
DOES POSTAL VOTING LEAD TO INCREASED LEVELS OF FRAUD? There have been cases of fraud but they are rare. For example, the 2018 primary in North Carolina had to be re-run when it was discovered that a Republican consultant had tampered with the ballots. Another case earlier this year involved two Democratic councillors who were caught and charged with fraud after having stuffed hundreds of ballots in a post box. But these are largely isolated cases and voting fraud is not common. In fact, a study in 2017 by the Brennan Center for Justice found that fraud during US elections overall was between 0.00004% - 0.0009%. When it comes to postal fraud the figures are incredibly low. A database of voter fraud compiled by Arizona State University showed that between 2000 and 2012 there were only 491 cases of postal ballot fraud from hundreds of millions of votes. A review by the Washington Post of postal votes in the 2016 election revealed just one proven case of fraud. The state of Oregon is one of those that holds postal elections and since 2000 has only found 14 cases of fraud.
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To prevent postal voting problems
the plans as being done for improved
authorities have various checks in
efficiency he has since put the plans on
place, such as checking and comparing
pause. Even so, some cities have reported
signatures and ensuring that the post
service cuts.
comes f rom voters’ registered addresses. In August, House of Representatives Even members of Trump’s own
speaker, Nancy Pelosi, and House
Republican party are disagreeing with
Democrats grew alarmed when the post
the president. In August this year, in an
office reported that it might not be able to
interview with the Sutherland Institute,
cope with the increased number of postal
Senator Mitt Romney said: “I don’t know
ballots. Pelosi recalled the Democrat-
of any evidence that voting by mail would
controlled House from recess and passed
increase voter fraud.”
a $25 billion package to help USPS. In response to the postal service controversy,
IF THERE IS NO EVIDENCE OF INCREASED LEVELS OF FRAUD, WHAT IS THE ISSUE?
Trump tweeted that it was a “hoax” and
President Trump has repeatedly claimed
but more than two dozen refused and it
that illegal voting lost him the 2016
passed by 257-150.
the money wasn’t needed. He urged Republican lawmakers to reject the bill
popular vote. In July this year, he tweeted: courts, will lead to the most CORRUPT
WILL THIS HAVE ANY EFFECT ON THE ELECTION OUTCOME?
ELECTION in our Nation’s History!” It
Hopefully not. Even if there are delays to
is argued that postal voting benefits
postal voting it is unlikely to be enough
Democrats over Republicans but this
to overcome Biden’s lead, according to
seems more due to voter preference than
polls. In the lead-up to the election; Biden
f raud.
is riding high in the polls. Pew Research
“Mail-In Voting, unless changed by the
Center has him 10 points ahead at 52-42, A study by Pew Research found that in
while Ipsos calculates a 12 point lead of
the states where all votes are done by
53-41.
mail, 89% of Biden supporters preferred voting this way compared to 43% of Trump
The New York Times adjusted these
supporters. The research also revealed
figures to see what the result would be if
that 68% of Trump voters who describe
the polls were as inaccurate as in the 2016
themselves as “very conservative” prefer to
election and even then Biden was 7 points
vote in person with just 11% preferring to
up. In comparison to 2016, Hillary Clinton
vote by mail.
was polling with just a four-point lead and she still won the popular vote.
Adding further fuel to the debate is Trump’s opposition to the United States
Due to the virus, more people than ever
Postal Service (USPS). As he believes
are predicted to vote earlier in person,
mail-in voting is likely to increase fraud
easing some of the pressure. Additionally,
and benefit the Democrats, he has tried
due to the postal voting controversy, there
to actively restrict Americans from voting
is increased awareness of the need to get
by mail.
the ballot in quickly.
In June 2020, the president installed Louis
Both Republicans and Democrats want a
DeJoy, a Republican donor, as Postmaster
fair election and while the postal voting
General. Almost immediately, Dejoy
has been controversial, the issue has
banned overtime, stopped extra trips to
originated more from the president than
deliver mail on time and restructured
his party. Biden is currently set to win but
upper management by removing or
in this unique and fascinating election,
reassigning over two dozen top officials.
nothing is certain.
He also took offline 671 high-capacity letter-sorting machines. Postal services were delayed across the country almost immediately. While DeJoy defended
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Islamic Finance in Tackling COVI D -19 Pandemic
ISLAMIC FINANCE IN TACKLING COVID-19 PANDEMIC The COVID-19 pandemic and economic lockdowns have
The UN Secretary-General called for solidarity outlining three
severely affected the global economy. Countries put in place
components; health emergency, social impact in response and
lockdown measures to curb the spread of coronavirus, but they
recovery, and helping countries recover more sustainably for the
negatively impacted the economy and worsened businesses and
long-term.
their financial positions. Unemployment rates increased with consequent significant income loss for households as companies
COVID-19 UNDP’s Integrated Response also supports and guides
took measures to lower their costs.
countries to prepare, respond, and recover. Its immediate priorities include health systems support, integrated crisis
Particularly, the SMEs are more vulnerable and already on the
management and response, social and economic impact needs
verge of collapse.
assessment, and response.
They account for 90% of all enterprises globally and generate more than 50% of employment. Their downturn means
ISLAMIC FINANCE IN SUPPORTING ECONOMIC RECOVERY
widespread loss of output and hiked unemployment.
Islamic finance can help countries to navigate economic turbulence caused by the COVID-19 pandemic.
There’s an urgent need to explore all possible options to mitigate the coronavirus outbreak’s impact and revive economies beyond
They abide by the objectives and goals of Sharia (Maqasid). Even
the pandemic under such dire circumstances.
though interpretations of the Maqasid differ, they broadly revolve
STIMULUS PROGRAMMES
around the protection of life, faith, mind, wealth, and dignity.
According to analysts at S&P Global Ratings; social instruments
Islamic finance also overlaps with Environmental, Social, and
can directly support households by compensating them for
Governance (ESG) principles and the broader aim of sustainable
lost income and provide access to affordable services such as
finance.
healthcare and education. That said, the Islamic finance industry has been considering the Additionally, most governments have introduced various policies
potential to use their social instruments to address the impact of
and massive stimulus programmes to cushion households and
COVID-19 on banks and corporates.
businesses f rom COVID-19 impacts.
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Such considerations include unremunerated or subsidised
While it’s a form of worship, it’s also vital in the national and NGO
liquidity to help banks and corporates cope with short-term
emergency support programs.
revenue loss and allow them to preserve employment. Zakat donors require it to be disbursed within one year of their Islamic banks consider a more lenient approach concerning their
donation to support the poor and those economically insecure -
potential headcount reduction unless the crisis deepens further.
an area of increased need during the pandemic.
Several conventional banks retained staff and used other
Zakat supports people in need or has lost a portion of their
measures, such as paid leave with or without a reduced salary, or
income without expecting repayment or remuneration.
remote working arrangements.
The focus on immediate benefit makes Zakat suitable for crisis response and helps compensate households’ income loss because
Stakeholders in Islamic banks could perceive major layoffs
of COVID-19.
negatively, and such moves would probably also find opposition f rom their governance structures, including Sharia boards.
B) INDIVIDUAL AND CORPORATE PHILANTHROPY Charitable donations are a comprehensive tool that can support
Also, its orientation towards supporting SMEs will have a crucial
healthcare, food, and other immediate needs.
role in tackling the effects of COVID-19.
HOW ISLAMIC FINANCE CAN CONTRIBUTE TO THE COVID-19 RESPONSE
Businesses can contribute money, goods, and expertise through corporate philanthropy.
Islamic finance can help tackle COVID-19 in a range of financing
C) UNDP PARTNERSHIPS
instruments well-suited for each stage.
The United Nations Development Programme (UNDP) partnered
1. SHORT-TERM EMERGENCY SUPPORT a) Zakat Zakat is a term in Islamic finance that refers to a mandatory
with Badan Amil Zakat Nasional (BAZNAS) to help Zakat stakeholders systematically link their projects with Sustainable Development Goals (SDG), including response to a crisis. BAZNAS is a Zakat collection agency established in 2017 in Indonesia.
obligation for every Muslim to donate a certain portion of wealth every year to charitable causes.
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Islamic Finance in Tackling COVI D -19 Pandemic
In 2019, UNDP launched a partnership with the World Zakat
Such instruments can support the healthcare and education
Forum to lay the groundwork for members to work with UNDP
system during the current crisis. They could also attract social
and SDG alignment globally.
impact investors or Islamic investors looking for Sharia-compliant investments.
Recently, UNDP also partnered with the Dubai Islamic Economic Development Center to reflect on how UNDP can support the private-sector companies’ social impact. UNDP has tools and f rameworks by which firms can align their business activities and corporate giving with specific SDGs.
D) QARD HASSAN
3. LONG-TERM RECOVERY AND RESILIENCE a) Bond equivalents or SDG aligned Sukuk Bond equivalents or SDG aligned Sukuk can also provide longterm capital for governments and companies engaged in the COVID-19 response and recovery. For example, in 2018, UNDP supported the government’s Green
Qard Hassan is a form of interest-f ree loan. It’s granted for welfare
Sukuk in Indonesia, including a $1.25 billion issuance. This is a
purposes or to bridge short-term funding requirements.
prime example of how issuers can partner with UNDP to identify, track, and report on their SDG impact.
As individuals and corporations grapple with the impact of COVID-19 on their revenue, Qard Hassan f rom banks could provide
Through its Green Sukuk Initiative, UNDP has held workshops and
breathing space until they stabilise. For example, central banks
other outreach programmes with partners in Pakistan, Malaysia,
of some of The Gulf Cooperation Council (GCC) countries opened
and beyond.
liquidity lines for financial institutions at no cost. They provide subsidized lending to their corporate and SME clients.
2. MEDIUM-TERM RESPONSE
The pandemic has made long-term funding for development more critical, and UNDP is ready to help.
Aligning SDGs and Islamic financial activities is a significant
b) Waqf endowments
opportunity for Islamic banks.
Waqf consists of donations of an asset or cash for religious or charitable purposes with no repayment intention.
a) Equipment, vehicles, and trade finance Islamic finance can support recovery through financing
In current circumstances, Waqf can provide affordable housing
equipment, vehicles, and trade finance.
solutions, access to education, and healthcare for people that might have lost their income due to COVID-19.
For example, in 2018, the AI Baraka Banking Group collaborated with the UNDP to align over $600 million of its financing portfolio
Waqf endowments can contribute to long-term resilience.
with SDGs in Af rica, Asia, Middle East, and Europe. The COVID-19
Financial and non-financial assets such as buildings and land are
pandemic makes such initiatives more urgent.
permanently dedicated to social purposes.
b) Impact investing
It allows stakeholders to contribute to the social infrastructure
Private investment prioritising social impact businesses can play a
that serves the SDGs and helps countries recover better in the
central role in post-COVID-19 recovery.
long-term.
In 2015, the UNDP’s Global Islamic Finance and Impact Investing
Recently, the UNDP partnered with Islamic Corporation for the
Platform partnered with the Islamic Development Bank Group to
Development of the private sector to look at how Waqf can
bring global impact investing expertise to Islamic finance.
potentially provide sustainable financing towards the vulnerable Saudi communities.
c) Social Sukuk Social Sukuk is a financial instrument where the return rate
TIME TO ACT
declines if the issuer fulfils particular social objectives. For
It’s time to tackle the social and economic devastation of
example, in 2015-2017, Khazanah Nasional Berhad issued the
COVID-19 and invest in sustainable development. Adopting some
Sukuk Ihsan and successfully raised RM100 million ($24 million).
elements of Islamic finance could remedy some of the economic impact of the coronavirus pandemic. UNDP is ready to help
Proceeds f rom the fund built at least 20 schools and improved
countries and communities unlock such vital partnerships and
accessibility of quality education in Malaysian Government
instruments to respond to the pandemic.
schools through a public-private partnership with the Ministry of Education. As of June 2017, the programme had rolled out over 83 schools across 10 states, creating better outcomes for over 65,000 young Malaysians.
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B ehind the scenes of an award -winning trading platform
BEHIND THE SCENES OF AN AWARDWINNING TRADING PLATFORM Bybit has bagged the award for Best
At Bybit, we constantly listen, care,
cryptocurrency exchanges spend around
Trading Platform Provider 2020.
and improve. We aim to continue
15% of their budget on security, while we
International Investor has been finding
revolutionising the industry by fusing the
allocate between 20% and 25% to security
out the success story behind this young
best of cryptocurrency and traditional
and have plans to raise the level to 30%. In
company.
finance. Our innovative, highly advanced,
addition, we also make an express effort
user-f riendly platform has been designed
to adopt and adhere to best practices in
f rom the ground-up using best-in-class
cybersecurity and risk management.
Q. TELL US A BIT ABOUT BYBIT WHAT MAKES IT DIFFERENT TO OTHER TRADING ORGANISATIONS?
infrastructure to provide our users with the industry’s safest, fastest, fairest and most transparent trading experience.
Established in March 2018, Bybit is one
Q. YOU’RE A RELATIVELY NEW COMPANY - HOW HAVE YOU ESTABLISHED YOURSELF AS A GLOBAL CONTENDER IN SUCH A SHORT TIME?
of the fastest growing cryptocurrency
We believe transparency is key, especially
derivatives exchanges, with more than
in the crypto space where there is a whole
a million registered users. The products
host of uncertainty and potential risks. To
Though it may at first sound
traded on our platform are mainly
us, putting the customers at the centre
counterintuitive, we actually attribute our
perpetual contracts, an innovative
also means keeping them in the loop. We
fast growth to the fact that we have taken
cryptocurrency futures market product.
strive to help them stay informed with
a patient approach and been shoring up
Built on customer-centric values, we
relevant information and make educated
our fundamentals and building for the
endeavour to provide a professional, smart,
trading decisions. Trust goes both ways,
long haul. Since day one, we have been
intuitive and innovative trading experience
and is built through transparency.
determined to deliver the best trading experience and most reliable service
to better serve our customers in a timely manner. We are committed to creating
Going hand-in-hand with our dedication
possible: Our smart trading system
a fair, transparent and efficient trading
to transparency is our commitment to
leaves room for finesse and rewards
environment, and offer 24/7 multilingual
security. We believe investing in security
strategy; our best-in-class market depth
support as part of our service.
should be one of the highest priorities
minimises price slippage; our state-of-
on an exchange platform’s agenda,
the-art dual-pricing system makes the
especially if it operates online. The extent
trading experience fair and transparent
of security investment reflects the overall
by preempting market manipulation with
security commitment and capabilities of a
external price data; we store crypto assets
company. On average, most of the leading
in our industry-leading, multi-signature,
Q. CONGRATULATIONS ON YOUR AWARD - WHAT DO YOU THINK MAKES BYBIT THE BEST TRADING PLATFORM PROVIDER?
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hierarchically deterministic cold wallet
trend that took off since June, has reached
to ensure their safety; our lightning fast
$16 billion; cryptocurrency spot trading
matching engine precludes overloads,
volume in September eclipsed $676.6
while our powerful API ref reshes market
billion, while cryptocurrency derivatives
updates every 20 milliseconds to provision
volume during the same period reached
for high-f requency trading. All these
$634.9 billion.
are combined with a 99.99% system functionality all year long and round-the-
Our own platform has also experienced
clock, multilingual customer support.
tremendous growth in trading volumes as well as monthly active traders, and posted
Q. IT’S BEEN A CHALLENGING ECONOMIC CLIMATE THIS YEAR WITH THE CORONAVIRUS PANDEMIC - HOW HAS BYBIT WEATHERED THE STORM? COVID-19 has compelled many to reexamine their assumptions of risk and diversification. At the same time, major cryptocurrencies have not only stood the test of time, but passed it with flying colours. As the gap between Wall Street and Main Street widens, more and more people are turning towards crypto for answers such as Schrödinger’s cat-esque prospects of inflation (in the case of continual stimulus packages) and stock market crash (in the case of a halt in stimulus packages) loom. We have witnessed a number of astounding stats this year: Daily active Bitcoin addresses saw a 1671% growth between January and September; MicroStrategy’s (MSTR), a leading U.S.listed business intelligence company, allocated $400+ million in Bitcoin as its reserve holdings; the market cap for
record highs in open interest.
Q. WHERE DO YOU SEE BYBIT IN FIVE YEARS’ TIME? “There are weeks where decades happen” — the value in crypto’s relative insulation f rom the rest of the commodity markets has become exceedingly apparent in our strange time. It is becoming increasingly untenable to dismiss crypto as the realm of rogue mavericks, or vilify it as a haven for scam and criminality. The future of mass adoption is inevitable. We need responsible actors, the proverbial “adult in the room” to help guide its healthy growth. As a team of financial technologists and commodity traders, it is our hope that we can be a bridge between the old and the new, and take what we learned from the finance world to help build the guardrails in the crypto world. If our efforts are successful, in five years crypto trading will be as easy as using TikTok for retail traders, and as reliable as trading other commodities in the eyes of institutional investors.
Decentralized Finance (DeFi), a hot crypto
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THE BENEFITS OF A SHARED GEOSPATIAL INFRASTRUCTURE
Esri, the global leader in location intelligence, has announced a
The powerful mapping and data analytics that GIS provides forms
joint initiative with Af roChampions, a Pan-Af rican nonprofit that
a foundation for some of the most successful economic strategies
aims to promote policies that foster private-public collaboration
that nations pursue today. This initiative will offer African
for Africa’s economic transformation. The goal of the initiative is
governments and other organisations streamlined access to Esri’s
to engage leaders in business, governments, the Af rican Union,
world-leading GIS technology and expertise, in addition to a broad
and other regional economic communities through dialogue and
network of regional partners.
potential partnership building in applying geospatial technology and solutions.
“Given the impact of the COVID-19 pandemic and related crises, African leaders must fast-track the African Continental Free Trade
This new partnership with Af roChampions seeks to contribute to
Area [AfCFTA], which is our own recovery plan,” said Dr. Edem
sustainable economic development in Af rica and promote the
Adzogenu, Executive Director of AfroChampions. “However, we
benefits of a shared geospatial inf rastructure throughout the
need technologies, such as geospatial solutions, to operationalise
continent.
the AfCFTA.”
As a majority of Africans still live in rural areas,
Over the long term, Esri’s solutions will advance projects retained
geographic information system (GIS) technology can create new opportunities for growth, especially in critical fields such as health and telemedicine, land management, agriculture, and mobility.
as part of AfroChampions’ Trillion Dollar Investment Framework, a 360-degree roadmap that has been officially endorsed by the African Union and in which core enablers of the AfCFTA are transportation and connectivity. “At a time of economic uncertainty, we consider it part of our company’s mission to coordinate and collaborate with partners like AfroChampions for initiatives that promote sustainable global development,” said Sohail Elabd, General Manager of Esri Middle East and Africa. “With the help of a network of actionoriented business and political leaders spreading across the entire continent, these initiatives can be instrumental in advancing the use of geospatial solutions for the public good around the world, from healthcare coverage to infrastructure support.” This partnership is part of Esri’s ongoing commitment to its users and the broader geospatial community across Africa. It is closely aligned with key continental initiatives such as AfCFTA; the African Development Bank Strategy for 2013–2022; the United Nations 2030 Agenda for Sustainable Development; and the African Union Agenda 2063, which emphasises the need for global Geospatial Information for Sustainable Development (GI4SD) management. “Esri’s support is timely,” continued Adzogenu. “It can help us in many practical ways, like compiling data, identifying best practices that can be replicated from one country to another, defining the right locations for strategic infrastructure projects, or launching cross-border renewable projects.”
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An i n terview with Mr Keith Wong , CEO of Win la n d Wealth Man agemen t in H on g Kon g
AN INTERVIEW WITH MR KEITH WONG, CEO OF WINLAND WEALTH MANAGEMENT IN HONG KONG Awardee of “Most Distinguished Wealth Management Firm of East Asia 2020”
1. HOW WOULD YOU DESCRIBE WINLAND IN A NUTSHELL?
3. WHAT ARE THE FIRM’S BUSINESS PRINCIPLES? The way we do business upholds our principles of:
Founded in 1970 with over 50 years of legacy in Hong Kong, Winland Wealth Management Limited started as an investment
• Integrity - Ethical and honest in all aspects.
arm of a prominent local family and has evolved to a unique wealth management firm that provides holistic financial solutions to wealthy investors in Hong Kong and overseas. As an originated member of the Hong Kong Stock Exchange and a licensed custodian, we carry full capability in advisory, dealing and safekeeping services. We are a financial institution that provides a full scope of offerings. Our strong global trading platform, vast range of investment products and exclusive investment opportunities enable us to provide professional advice on wealth management matters and rare investment opportunities in the
• Fairness - Provide unbiased advice and protect clients’ interests. • Transparency - Clear disclosure of pricing, portfolio performance, market information, investment advice and product risk level. • Client Centric Approach - Treat clients with respect. Value partnership and collaboration.
market. Along with our team of seasoned and professional wealth management practitioners, we are proud to serve our clients
4. TELL US A BIT ABOUT YOURSELF.
with an exceptional and well-rounded wealth management
Throughout decades of exposure in the private wealth
experience.
management industry, I have gained solid experience from
2. HOW HAS THE FIRM’S BUSINESS MODEL CHANGED OVER THE YEARS?
multi-national financial institutions including HSBC, Bank of America, ABN AMRO, RBS and Coutts & Co. During my tenure, I spearheaded to formulate numerous successful strategies
We started as a single-family office equipped with a full
across the areas of product innovation, system integration,
brokerage service inf rastructure serving relatives and friends.
branding, business expansion, portfolio management, corporate
As generations grew, we evolved simultaneously. At the same
restructuring, as well as the development of an integrated
time, Hong Kong has advanced to being one of the top financial
platform for high net worth individuals. With a love of art and
centres of the world, changing f rom a homogeneous nature to
investment – prior to joining Winland; I joined Christie’s, the
a world of global exposures. With the transformation occurred
prestigious auction house where I acquired the knowledge of art
in the financial industry, Winland has strived for becoming
appreciation and about the world of tangible investment.
a dynamic wealth management service provider offering a
Currently, I serve as an independent consultant to financial
complete and sophisticated investment platform to service
institutions in Asia and was nominated by CityWire magazine
private wealth clients in Hong Kong and from overseas.
as one of Asia’s “Independent Power Players in 2020”. With Winland’s unique positioning in the market of private wealth and family office, I am often invited as a guest speakers to numerous business conferences and financial forums.
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5. WHAT ABOUT YOUR TEAM? Our clients are supported by a group of professional wealth
7. CAN YOU TELL US MORE ABOUT WINLAND’S UNIQUE SERVICES AND SOLUTIONS?
management practitioners including seasoned private bankers,
We are independent and unencumbered by proprietary
investment consultants, wealth managers, lawyers and senior
obligations which allows us to provide unbiased, integrated,
executives along with a highly experienced client services team.
and holistic wealth management solution tailored to our clients’ financial objectives.
6. CAN YOU ELABORATE ON WINLAND’S INVESTMENT CAPABILITY? As a top-notch financial service provider, we have access to over 50 global exchanges and a vast range of investment and
• Self-managed Account - For clients who prefer to make their own investment decisions, we offer an efficient execution service where they have access to leading investment products and services.
protection vehicles including:
• Tailored Portfolio - An investment portfolio framework is
• Stocks
• Alternative Investments
• ETPs
• Digital Assets
• Index and Stock Options
• Fine Arts
• Fixed Income
• Life and General Insurance
• Regulated & Authorized Funds
• Real Estates Investments
• Hedged Funds
• Ventures Capital
• Private Equity and Credit Funds
• Physical Commodities
• Structured Products
• Forestry Investments
customized based on clients’ unique investment objectives and risk profile. This service can be either advisory or discretionary.
• Family Office Services - We are a team of committed and experienced professionals to provide comprehensive services including private wealth management advisory, family governance, legacy planning, insurance and protection, citizenship, charity giving, budgeting and other related requests. • Off-shore Banking - We provide direct access to off-shore banking for those clients who would like to open banking account overseas without leaving Hong Kong. They can enjoy full banking services including Lombard Lending, trading, investing, cash withdrawal and online access.
• Institutional Services - We offer strong infrastructure to support financial institutions in terms of effective trading platform, vast range of investment opportunities, effective financial vehicles, efficient administration, and operation assistance.
8. HOW DO YOU SEE YOUR FIRM IN THE NEXT FIVE YEARS? With unique services and comprehensive investment capabilities, we look at ourselves as a pioneer of the wealth management industry in Hong Kong. We keep innovating, evolving, and thinking beyond the conventional practice. We will continue to strive as a leader to interpret a new world of wealth management.
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An i n terview with Mr Keith Wong , CEO of Win la n d Wealth Man agemen t in H on g Kon g
SCALING FINANCIAL-REPORTING ACCURACY IN THE AGE OF HIGHDIMENSIONAL BIG DATA By Craig Pearson, CFA - CEO of Private Wealth Systems
Family offices and ultra-high net worth
investment values based on cash flows,
bank feeds have an average daily error rate
individuals (UHNWI) are shocked when
such as capital contributions, producing
up to 18% means there’s a lot of bad data
they learn the magnitude and consistency
major errors in total market value,
being fed into accounting and reporting
of data errors from custodial bank feeds,
allocation, liquidity, and performance.
systems that are not designed to capture and correct those errors. Assuming that a
private investment manager statements, and even large, well-known investment
Most people take the data they see at face
family office performs some reconciliation
reporting systems.
value, never questioning the validity or
and corrects custodial errors, it is most
accuracy of the data or analysis. Although
likely that the reporting system they are
Over the past three months alone, my
research among UHNWIs shows that data
using doesn’t calculate performance
team and I have worked with family
accuracy is the single most important
correctly. Most systems can’t support the
offices, wherein we found that their
factor in financial relationships, most
computational intensity of calculating
current systems were producing
acknowledge that it’s difficult for wealth
true daily time-weighted returns for public
significant errors. Errors including a total
owners to validate the data they are
securities and rely on less accurate and
net worth for a $200 million family office
given. We’ve found that the root cause of
more simplistic performance calculations,
that was incorrect by 13%, performance
performance, exposure, and liquidity errors
yet still claiming they use daily time
calculation errors that ranged from 11% to
can be broken down into three categories;
weighted returns. Correct calculations
over 35% for an endowment, and errors
bad aggregation, incorrect calculations,
often make a double-digit difference,
on inception to date returns of 6.2% for
and poor data management.
which is essential when evaluating managers, strategies, and mandates, as
a multi-family office. Another example that we experienced recently was with a
It’s true that most investment systems
well as complying with global investment
large family office that invested most of
and internal teams rely on aggregation
performance standards (GIPS).
their wealth in private investments held
platforms that simply feed data directly
with global custodians. Unfortunately, the
f rom bank platforms into reporting
custodial systems didn’t update private
systems. However, the fact that custodial
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In addition, private investments have a
What’s more, the data dilemma is
source systems, and operating at a level of
remarkably high error rate because either
becoming exponentially worse as more
scale that can support the industry’s $31
the system doesn’t support the asset class
complex investment strategies go
trillion in UHNW wealth, remains the white
well, or data management teams don’t
down-market into HNW and even mass-
whale of the industry.
understand the impact of incorrectly
affluent markets. The answer to the data
categorizing simple things like a return of
quandary is not a point solution. Rather,
capital; resulting in errors across liquidity,
it is a different approach that focuses on
performance, and allocation.
the foundational and structural aspects of capturing, remediating, and enriching
WHAT IS DATA ACCURACY?
data across every type of financial
Another problem is epistemological by
instrument and global jurisdiction.
DROWNING IN TECHNICAL DEBT Our industry’s main problem is that custodial bank feeds and private asset managers rely on antiquated systems that were never meant to support modern financial complexity. According
nature: accuracy itself is ill-defined within
to Deloitte’s report titled “Custodians
the financial industry. When asked
With market uncertainty achieving
how accuracy is measured, most family
unprecedented extremes in the wake of
offices focus on matching to the manager
the COVID-19 pandemic, the need for a
statement for private investments or
high-dimensional wealthtech platform
custodial feeds for public investments.
that can bring transparency and accuracy
However, when those family offices see
to private finance has never been more
the degree and f requency of major data
vital. But, building a cloud-native
errors f rom the banks and managers they
wealthtech platform that can aggregate,
begin to question their trust in data.
reconcile, and enrich data from hundreds
and Depository Banks,” the vast majority of portfolio accounting and investment reporting systems are primarily iterations over core technology stacks and thought processes created in the 1980s and 1990s.
of global feeds, all while supporting every type of financial instrument and currency, reporting more accurately than the actual
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An i n terview with Mr Keith Wong , CEO of Win la n d Wealth Man agemen t in H on g Kon g
From aggregation – where we built
implemented in the 80s” and “adding
SOLVING THE INDUSTRY’S STRUCTURAL CHALLENGES OF DATA AND SCALE
custom-built End-User Computing,” just
This collision of outdated legacy
world that support three times more
to “keep the business going” and meet
technology, big data proliferation, and
transaction-level data, with the highest
the most basic regulatory mandates,
epistemological incoherence has made
auto-reconciliation rates in the industry
writes Deloitte. As such, these end-of-life
data accuracy an expensive and time-
– to building the industry’s first logic-
systems were designed to simply pass
consuming operational drain for family
based transaction table, where a single
custodial data onto users, requiring the
offices, private banks, and institutional
operations analyst can reconcile 8.3
user to either spot and manually fix errors
asset managers. Solving these structural
times more transactions compared to the
themselves, or worse, negligently report
challenges is why Private Wealth Systems
industry’s legacy systems across public
bad data to their clients.
exist and why our system is fundamentally
and private asset classes; our system is
For custodians, innovation most often means “patching platforms likely
our own direct data feeds to the major banks and custodians around the
different than any other aggregation,
differentiated in scale and scope, solving
These legacy systems frequently make
investment accounting, and reporting
the root causes of errors and inefficiencies.
material reporting errors that can
system.
Also, since our system captures all values and flows every day, our performance
cause poor decision-making, regulatory violations, and investor redemptions. If
Having worked with many of the largest
calculation is unique in exceeding Global
reporting errors are egregious enough,
and most complex family offices around
Investment Performance Standards
some fund managers may even find
the world for over two decades as well as
(GIPS), delivering true daily time-weighted
themselves on the receiving end of a
ten of the top private banks, we have first-
returns for the best analysis and informed
class-action lawsuit.
hand knowledge of the systemic problems
decision-making. Private Wealth Systems
facing our industry. This experience has
is the structural solution for the industry’s
Highlighting rising regulatory risks for
enabled us to build a platform that has
structural problems.
investment-reporting mistakes – look no
already proven to solve the industry’s
further than the £27.6-million fine levied
structural problems, with the modern
by the UK’s Financial Conduct Authority
convenience of ease-of-use and hyper-
(FCA) on Swiss multinational bank UBS
personalised experiences.
in 2019 for some 135.8-million reporting errors it made between 2007 and 2017.
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SHAPING STAKEHOLDER CAPITALISM IN MENA A group of government officials and company executives from across the Middle East and North Af rica (MENA) region have backed a roadmap for inclusive, sustainable and resilient recovery from the COVID-19 pandemic, according to the World Economic Forum (WEF).
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Shapi ng Stakeholder Capitalism in MENA
The regional decision-makers signed the Principles of Stakeholder Capitalism for MENA, which calls for more private-public collaboration, the WEF said. The principles were released ahead of the WEF’s Sustainable Development Impact Summit, at the end of September, aiming to scale up sustainable solutions to address the current economic, social and environmental challenges.
THE ROADMAP The roadmap advocates the importance of public-private collaboration and includes the following action points:
• Crafting inclusive economic policies and a new social contract • Stimulating economic integration • Reshaping education systems
A SHARED VISION Signatories are members of the World Economic Forum’s Regional Action Group on the Middle East and North Af rica,
• Harnessing the Fourth Industrial Revolution • Promoting environmental sustainability
which WEF created earlier this year in response to the COVID-19 pandemic. The group was designed as a platform for publicprivate cooperation to showcase, scale up and replicate projects and initiatives inspired by the principles. “The World Economic Forum’s Regional Action Group for the Middle East and North Af rica reflects the engagement of the region, not only in responding to global challenges, but in proactively contributing to shaping the right vision for the
• Mitigating global health risks • Committing to good and agile governance
According to Abdulla Bin Touq, Minister of Economy of the United Arab Emirates, the Principles of Stakeholder Capitalism “represent the building blocks for all of us
future,” said Mohammed Al-Jadaan, Minister of Finance, Economy
to actively work together in addressing the challenges
and Planning of Saudi Arabia. “The community’s vision for the
brought by COVID-19 and to make headway on the
Middle East and North Af rica aligns with Saudi Arabia’s G20
economic prosperity of MENA.”
agenda, as it aims to foster higher inclusive economic growth, harness technological advancements, enhance environmental
Meanwhile, Mirek Dusek, a member of WEF’s Executive
sustainability, promote better governance and partnerships, and
Committee, said: “The Principles of Stakeholder Capitalism for the
enhance global cooperation.”
Middle East and North Africa constitute a milestone for the region in preparing for its future. They crucially provide a framework for
“Adopting a shared vision and language for public-private
promoting environmental sustainability, as they are designed to
collaboration through endorsing the Principles of Stakeholder
support regional decision-makers in shaping social and economic
Capitalism for the MENA region is an opportunity to reshape
policies that are in line with the 2030 Agenda for Sustainable
our societies and economies, allowing us to emerge f rom the
Development, thereby mitigating potential future climate-related
pandemic stronger, more unified and more resilient than before,”
disruptions and putting the region on a path of sustainable,
said Rania Al-Mashat, Minister of International Cooperation of
equitable, and inclusive growth.”
Egypt.
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t h e r e ’ s a n i n f i n i t e d i s ta n c e bet ween possibilit y and proof
The Gulfstream G650™ and G650ER™ close that gap with more than 300 deliveries and 90-plus world speed records.
the art of e xc e l l e n c e
TM
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IN CONVERSATION WITH… AREEJ MOHSIN DARWISH Chairperson of Mohsin Haider Darwish LLC, Areej Mohsin Darwish, has been awarded Outstanding Businesswoman of the Year. In this interview, we speak with Madam Areej about her career thus far and her thoughts on leadership.
AS A MULTI-AWARD WINNING BUSINESS LEADER AND SUCCESSFUL ENTREPRENEUR, YOU ARE SEEN BY MANY AS A ROLE MODEL. WHO WAS YOUR ROLE MODEL WHEN YOU STARTED YOUR CAREER? Good role models empower the young generation to envision their future and the career choices they need to make to achieve their goals. I grew up in a business family and my role model was my father. He was the epitome of who I wanted to become. His relentless pursuit of excellence, determination and foresight were learning lessons. He introduced me to the business world and his guidance and mentorship gave me a good understanding of business and helped me gain invaluable real-world business experience. I learnt f rom him that there were no short cuts to success and that hard work, perseverance and determination are integral to success.
HAVING GRADUATED IN MATHS AND COMPUTER SCIENCE AT SULTAN QABOOS UNIVERSITY, YOUR FIRST ROLE WAS AT OIL AND GAS FIRM, PETROLEUM DEVELOPMENT OMAN. DID YOU FACE ANY CHALLENGES AS A WOMAN, STARTING OUT IN THIS INDUSTRY? Women, in general, have to walk the extra mile to prove their worth in the corporate world. I am very lucky to have grown up believing there were no limits or boundaries to what I wanted to achieve in life. When I began my career, I was fortunate to be working in an environment where men and women were given equal opportunities to grow and learn. I also believe that a positive mind-set and professionalism, along with a lot of hard work, helps to overcome any struggles in a working environment.
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In co nversation with… Areej Mohsin Darwish
WITH YOUR WEALTH OF EXPERIENCE TODAY - IS THERE ANYTHING YOU WOULD’VE DONE DIFFERENT IN HINDSIGHT?
professionals running the various divisions
in overcoming the challenges during
and together we roll out the vision for
COVID as we identified the potential
each division and for the company as a
issues and developed an action plan. We
whole. Collaborative discussion, listening
realised the importance of networking
I believe that although it would be great to
and analysing the issues is the key. We
efficiently in the “new normal” by creating
go back in time, I wouldn’t like to change
listen to our employee’s ideas and opinion
a system to address our customers’
anything as the decisions taken and the
on various business matters as they give
needs. We leveraged digitalisation
journey of growing our organisation gave
us additional insight into the business
and technology to address some
us valuable lessons that have made us
operations. The management provides
disruptions. We set up the e-commerce
who we are. Without having gone through
guidance and direction to its employees
website for our automotive sector to
the business processes, we wouldn’t
and we ensure that we create the right
stay connected with our customers. As
have gained the understanding and
environment for our employees to exercise
an organisation, our primary concern
perspective of running a business through
their capabilities to achieve the objectives.
during the pandemic was the safety and
its complexities.
We encourage creativity and innovation
wellbeing of our staff. We implemented
which is consistent with the goals of the
remote working arrangements and
organization.
strengthened health and safety measures.
WHAT IS YOUR LEADERSHIP PHILOSOPHY? Leadership is the ability to set the direction where the leader leads the rest of the team. I’m a believer in leading by example and I believe that a leader needs to direct the organisation in a way that makes it more coherent and cohesive. I follow a philosophy of leading with optimism and positivity. We have a positive organisational culture as we believe that a positive culture is the key to sustainable business success. We have
Though a challenge, we remain positive
IN YOUR ROLE AS CHAIRPERSON OF MHD, WHAT CHALLENGES WROUGHT BY THE GLOBAL PANDEMIC HAVE YOU HAD TO OVERCOME? HAS THIS AFFECTED YOUR CORPORATE STRATEGY?
and I see this pandemic as a learning
Covid-19 has posed challenges around the
long term corporate strategy remains
world; these are unprecedented times
unchanged as we look to diversify &
and the impact of the pandemic has
explore opportunities for further growth
been far-reaching. However, at MHD, we
and remain focused on the bigger picture.
have devised Business Continuity plans to address any crisis. This facilitated us
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experience to devise plans for the future and that it always helps to be prepared for the unexpected. The pandemic has strengthened our resilience and we have emerged more robust and agile. Our
OMAN IS ATTEMPTING TO STRUCTURALLY DIVERSIFY AND STRENGTHEN ITS NON-OIL SECTORS. WHAT OPPORTUNITIES DOES THIS OPEN?
full potential. More young Omanis are
Though the future is unpredictable, it
joining the work force and contributing to
is imperative that we stay ahead of the
Oman’s economy which is a positive sign.
curve. In order to stay competitive, we
It also creates an opportunity for business
need to be more strategic and effective in
organisations to delve into different
anticipating important market changes.
Oman’s Vision 2040 strategy seeks to
industry sectors and expand their product
catapult the Sultanate into the ranks of
base. Oman’s geographical advantage,
An eye for detail and focused approach
the world’s most ‘developed nations’ with
expanded logistics network, cultural
in the day-to-day business helps the
economic diversification and sustainable
diversity and educated talented pool are
organisation to achieve its objectives.
development as key features. The 2040
some of the factors that will steer Oman to
Working towards our goal; we revisit,
vision aims to stimulate growth, build
achieve its objectives.
reinforce and refresh our strategies on a regular basis. In order to bring
social, economic and developmental relations, focuses on innovation and knowledge, inf rastructure, logistics, education system, learning and scientific research. The most evident advantage of diversification is economic development; it increases the resilience of an economy. It makes the business environment
YOU’VE BEEN QUOTED AS SAYING “SUCCESS IN ITSELF ISN’T A DESTINATION, BUT A CONTINUOUS JOURNEY TOWARDS EXCELLENCE”. WHERE DO YOU SEE THAT JOURNEY TAKING YOU FIVE YEARS FROM NOW?
attractive to foreign investment. With
MHD LLC has achieved phenomenal
new laws and regulations, the business
progress since its inception and
environment is becoming more favourable
contributed to the growth and
for business and this will definitely
development of Oman. My father’s vision
promote the Sultanate’s position as
for the company was to embark it on the
an investment destination capable of
path of progress and success through
attracting foreign capital. Diversification
expansion and diversification of the
also creates employment opportunities for
business divisions.
synergies and efficiency in operations, we have restructured and realigned our organisation.
the local workforce as they are given an opportunity to develop and realise their
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In co nversation with… Areej Mohsin Darwish
our footprint into new sectors by building new relationships
WHAT IS YOUR BUSINESS SUCCESSION PLAN CONSIDERING THAT MHD IS A FAMILY-RUN BUSINESS? IS THE NEXT GENERATION GEARED UP FOR PLAYING AN ACTIVE ROLE IN THE ORGANISATION?
and partnerships while continually keeping a keen eye on our
A business succession plan is the key to preparing for the future
financial performance and helping young Omanis to grow and
and is a lengthy process. Succession planning keeps the business
actualise their potential. We would like to continue our quest
moving forward during the inevitable changes that come with
for excellence by preparing ourselves to keep pace with the fast
running a business.
As a Chairperson, my vision for MHD LLC five years from now is to see the organisation flourish by looking for new opportunities, strengthening relations with our business partners, expanding
paced business environment and embracing opportunities that unfold in the process.
ALL OVER THE WORLD; WOMEN ARE STILL FACING GENDER INEQUALITY AT WORK. WHAT ADVICE WOULD YOU GIVE TO WOMEN STARTING THEIR CAREERS TODAY?
At MHD we realise the importance of this key feature and we prepare for all contingencies by identifying, training and preparing the next generation of leaders to move up. Since MHD is a family run business, we are grooming, developing our next generation, engaging them, and helping them get
Women leaders and entrepreneurs are on the rise and more and
the kind of skills and capabilities that they need to manage the
more women are proving themselves in leadership positions
business in the future.
across different sectors. It’s commendable to see women playing
My son, Mohsin Hani Al Bahrani has recently joined the family
an active role in society, culture, and now also in business.
business after completing his Masters from King’s College. He serves as CEO of ACERE (Automotive, Construction Equipment
My advice to young women would be that they should believe
and Renewable Energy) unit of MHD LLC. He is playing an
in themselves and the goal in which they have set to achieve.
important role by redefining the automotive operations by
They need to be critical thinkers and innovative. Challenges and
forging innovative partnerships and devising sales strategy to
hindrances will always be around the corner, but they should
drive new streams of revenue. With a keen foresight he has been
not be deterred by them. They should take advantage of all
able to spot the opportunity of venturing into Renewable Energy
opportunities that come their way. They need to be persistent
as the world adapts to this form of energy to tackle climate
and determined to succeed in the increasingly competitive world
change.
and step outside their comfort zone and break barriers to their growth. They can have it all if they set strategic and realistic goals.
I am confident that our future generation will steer MHD LLC to success. Our aim is to leave a legacy that will continue to make an impact as our responsibility to the country and its people goes beyond today and tomorrow
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AWARD WINNERS 2020
Award win n ers 2020
ALTER EQUITY
AUDACITY CAPITAL
AXIORY
Excellence in Sustainable Investing -
Excellence in Trading Innovation //
Most Transparent Broker //
France 2020
Excellence in Professional Training
Excellence in Customer Service -
Alter Equity supports activities and
AudaCity Capital is a prop-trading firm
behaviours that are respectful of the
based in the heart of the city of London.
The Axiory brand was established in 2012
long-term interests of nature and human
Founded in 2012, the company has a
to offer global traders a savvy, friendly,
beings while seeking attractive, market-
world-renowned reputation for backing
and intuitive space to access the Forex
competitive returns for its investors. It
and funding profitable traders. With 500+
and CFD market. By putting clients’ needs
predominantly invests in minority stakes
traders in over 40 countries; the company
first and localising services to best serve
in European start-ups (revenue >€800k).
provides traders with funds to trade within
traders, Axiory grew into an industry
By fostering a positive impact in business,
the FX market. As a principal trading firm,
leader that’s trusted by both beginners
Alter Equity’s objective is to contribute to a
AudaCity Capital do not have clients, nor
and seasoned traders from across the
more sustainable society.
do they provide any investment services or
globe.
Africa 2020
ancillary services to others. Their strategies Alter Equity has been a pioneer in the
are designed to use information that
Trading conditions are optimized to
French impact finance industry, being the
is publicly available, and they use fairly
increase success potential; from low
first fund in its domestic market targeting
simple, non-controversial and transparent
spreads to flexible leverage, negative
both social and environmental impact and
order types. The company is a strong
balance protection, full transparency,
inventing the concept of ESG Business
supporter of fair, transparent and orderly
and unique risk management tools, in
Plan. Alter Equity3PII has also been the
markets. The two programs, the Funded
addition to a smart registration system
first French fund requiring its portfolio
Trader Program and the Hidden Talents
which allows traders to open a live
companies to measure their carbon
Program, were created to help populate
account in less than 10 minutes. With
footprint and grant all their staff access to
the trading industry and provide a new
top-notch liquidity partners and tech-
stock ownership. Alter Equity currently has
generation of traders.
savvy connections, Axiory ensures no third
€150m+ under management and invested in 15+ companies.
party intervention, best market prices, .
and minimal slippage (including positive slippage). The broker’s strongest asset is knowing that all traders are supported and cared for by an international, highly professional, and extremely friendly team.
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BYBIT
Most Reliable Trading Platform Global 2020 Established in March 2018, Bybit is one
AMR ABOL ENAIN, CEO AND MANAGING DIRECTOR OF CI ASSET MANAGEMENT
Asset Manager of the Year Egypt 2020
FINANZ KONZEPT AG
Independent Wealth Management Firm - Switzerland 2020 Finanz Konzept AG is an asset
of the fastest growing cryptocurrency
management company that offers
derivatives exchanges, with more than
CI Asset Management is one of the largest
exclusive tailored services to address
a million registered users. Built on
asset managers in Egypt, with current
the client’s specific needs. The company
customer-centric values, the company
AUMs of nearly EGP 10 billion. It prides
employs innovative products and
endeavors to provide a professional,
itself for topping the market returns
sustainable asset management solutions,
smart, intuitive and innovative trading
on all its managed asset classes for the
which are characterised by concentration
experience to better serve customers in
past eight years with solid international
processes and increasing anonymity.
a timely manner. They are committed to
recognition.
creating a fair, transparent and efficient
Finanz Konzept AG focuses on
trading environment, and offer 24/7 multi-
The company has a wide platform of
individuality, continuity, and personality
language support as part of their service.
product offerings, including fixed income,
and are constantly expanding their
money market, equity, along with all other
services by strengthening external partner
types of tailored discretionary portfolios.
networks and specifically looking for
In recognition of CI Asset Management
employees who support their ambition as
success in the Egyptian and regional
a one-stop-shop in the high-end segment
markets, the company was awarded
and contribute to their unique working
the “Best Asset Manager in Egypt” for
atmosphere.
eight consecutive years from different prestigious international organisations.
As a smaller and more flexible boutique, Finanz Konzept AG has always succeeded
Amr Abol Enein, CEO and Managing
in adapting to the market and aligning
Director of CI Asset Management
itself to its strengths. Starting with
commented: “These awards and
traditional and independent asset
international recognitions come as a result
management solutions, the company
of the efforts exerted by CI Capital Asset
has developed into an innovative multi-
Management’s team of professionals and
family office and covers the following
the company’s ability to manage all types
business divisions: Asset Management,
of portfolios and mutual funds and to
Family Office Services, Lifestyle-Advisory,
introduce newly developed and diversified
Financial & Tax Planning and Real Estate
financial instruments in the Egyptian
Investments in Zurich.
market with continuity and consistency of achieving the highest returns on all
Finanz Konzept AG manages the
categories of products, outperforming the
coordination, selection and monitoring
market indices and peers. We simply help
of selected providers to offer the entire
our partners consistently achieve a real
range of services from a single integrated
value add over the years.”
channel. From planning and definition to the implementation of various solutions, Finanz Konzept AG takes care of the individual client’s needs. Thanks to its independence and open architecture, there are no limits to the possibilities.
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Award win n ers 2020
FINESSE
FX PRIMUS
G-COIN
Best Digital Transformation Systems
Most Trusted Broker -
Ethical Investment Innovation of the
Integration Provider -
South-East Asia & Africa 2020
Year
FXPRIMUS is one of the most secure
G-Coin believes gold is a powerful wealth
Finesse was incorporated a decade ago
online trading environments in the
protector and they’ve made it their
with a vision to build a global system
industry.
mission to make it more sustainable and
India & UAE 2020
integration company that will positively impact the lives of people. It is a trusted name for enabling digital transformation and alleviates over 300 enterprise clients across BFSI, education, energy, healthcare, public sector, telecoms, travel and logistics, among others. Finesse thrives to orchestrate a distinct strategic approach to enhance their client’s business value. It ensures improved efficiency, considerable reduction of costs,
Operating since 2009, it offers marketleading innovations and rewards for traders of all experience levels with opportunities to be sustainably successful in the online trading of forex, commodities, energies and indices. This is reflected in the company’s three pillared strategy which is to provide safety to traders through the best possible academic, technical and practical support in their trading journey.
accessible to everyone. G-Coin is a digital title of ownership to Responsible GoldTM. 1 G-Coin token equals 1 gram of conflict-free and responsibly sourced gold; which has been tracked and registered in their blockchain from miner, to refiner, to vault. Unlike cryptocurrencies, G-Coin is a digital representation of a real asset. They have combined the best qualities of traditional gold – stability, security, and value confidence – with the
effectiveness and realising business goals
benefits of digital currency innovation.
to stay relevant in the constant evolution
This gives users the freedom to send and
of the market. With the dedication of
receive value instantly, and at no cost from
Finesse’ 400+ professional team, it has
the convenience of the G-Coin app.
proudly won more than 50 International Awards and accolades, and is successfully
With headquarters in Houston, Texas;
operating in over 10 global locations
G-Coin is currently available in selected states of the United States, with plans to
Finesse digital transformation portfolio includes solutions & services for AI Chatbots & WhatsApp for Business, BI & Analytics, Blockchain, CRM / CEM, Cloud, Corporate Treasury Management, E-Commerce Enablement, Mobility, RPA, Infra & Applications Managed Services among others.
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launch in new markets in 2021.
GKFX
HOT FOREX
INTERCORP HOLDINGS
Best Overall Forex Broker -
Best Partners Program // Excellence
Best Corporate Consultancy -
Global 2020
in Customer Service -
CEE 2020
Established in 2013, GKFX (AKFX Financial
Global 2020
Established in 2003, INTERCORP Holdings
Services Ltd.) is a Malta-based brokerage
Established in 2010, HotForex is a
S.A. is a Romanian Joint-Stock Holding
company and a part of the Global Kapital
registered brand name of HF Markets (SV)
Company with fully private share capital
Group (GKG). Relying on the group’s
Ltd, a part of the HF Markets Group of
of 243 Mil Euro & a market value in 2020 of
expertise and know-how, GKFX steadily
companies.
almost 500 Mil Euro.
in Europe. GKG has been in the Forex
HotForex has already joined the ranks of
INTERCORP has business partners &
and CFD brokerage business since 2010.
the World Finance Top 100; a great honour
operates internationally, being a founding
With 28 offices in 18 countries, the group
earned for excellence in offering innovative
member of the R.O.C.C.I.J.A, established
provides various financial services to over
products, outstanding customer service
in Tokyo in 2014, the only Romanian
one million clients worldwide.
and unparalleled trading conditions. In
Chamber of Commerce based in Japan.
just ten years, it already boasts:
INTERCORP was founded by Mr. Cristian-
holds a top place among the best brokers
GKFX offers brokerage services for its clients in Europe with top-tier standards. Regulated by MiFID (Markets in Financial Instruments Directive), GKFX is fully
Stefan Stan, an internationally experienced • Over 2,000,000 live accounts opened
businessman & VP of R.O.C.C.I.J.A., on the grounds of adding value and always
• 40+ industry awards
aiming for excellence.
• 24/5 customer service
INTERCORP manages a wide range of
compliant with ESMA (The European Securities and Markets Authority) restrictions and provides its services in the EU and EEA (European Economic Area)
securities. Strong values and the passion
• Support in more than 27 languages
for growth are the keys which help us
countries.
maintain our top level of performance. HotForex clients enjoy an award-winning
Serving both retail and professional
client-centric experience. They can
INTERCORP also controls activities in
clients, GKFX has processed over 300
diversify their portfolios with CFDs on
various fields, such as buildings insulation
million client transactions so far and
forex, metals and energies, indices, shares,
works for residential, commercial &
continues delivering effective multi-
commodities, ETFs, DMA Stocks, Bonds
industrial properties - glass wall partitions,
asset CFD trading with more than 500
or Cryptocurrencies. In addition, a wide
curtain wall design & installation, PVC
instruments. The company provides top-
range of account types, trading tools and
& Aluminum joinery, and so forth. We
notch local support for its +20,000 active
educational resources are available for
use premium materials and cutting edge
traders in 5 languages for 24 hours during
traders of all levels of experience.
technology which guarantee a wide range
trading days. Also, traders can find daily
of A-class products.
analysis articles, latest market news, and
Clients choose HotForex for its quick and
weekly analysis videos for f ree. On top of
fee-f ree registration and deposits, low
It all comes down to having a growth plan
that, GKFX offers f ree educational material
spreads, negative balance protection
and permanently being client-focused,
in e-book and video explainer formats.
and market leading security of funds
the reason our motto is: Excellence Is a
measures.
Continuous Process.
AWARD WINNERS
Always prioritising client satisfaction, GKFX steadily built a loyal client base over the
years, and with constant innovation, they aim to meet their clients’ ever-changing needs.
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INVEST IN SHARJAH
FDI Agency of the Year Middle East & North Africa 2020
AREEJ MOHSIN HAIDER, MOHSIN HAIDER DARWISH LLC
MY TRADING SKILLS
Outstanding Businesswoman of the
Best Trading Courses // Europe 2020
Year - Oman 2020
My Trading Skills is an award-winning,
dedicated to the continued transformation
The origin of Mohsin Haider Darwish LLC
for individuals wanting to learn about the
and economic diversification of the
dates back to over half a century. The
financial markets, private trading and how
emirate and committed to guiding foreign
family proprietary business was converted
to start doing it themselves using their
investors through a bespoke step-by-step
to its present form of a corporate entity in
own capital. Its courses have helped 1,000s
facilitation process.
1987. Over the decades, the company has
of people approach trading in a rational,
witnessed phenomenal progress, helped
balanced manner.
As the Sharjah FDI Office, we are
Leveraging our superior market
by strategic planning and professional
knowledge and intelligence, we guide
management.
accredited provider of online education
My Trading Skills equips its students with the right skill sets to trade over the long
investors to the right opportunities in Sharjah and provide bespoke advice
The growth of the company has kept
term, confidently and consistently, whilst
and guidance, that help individuals and
pace with the tremendous progress the
avoiding many of the common pitfalls.
organisations establish successfully in the
Sultanate of Oman has achieved under
The skills taught cover an extensive range
emirate.
the wise and able leadership of the late
of technical and fundamental analysis
His Majesty Sultan Qaboos bin Said. Now,
techniques, risk management, trading
Working actively and collaboratively with
guided by His Majesty Sultan Haitham
psychology, planning and strategy. This
public institutions and private companies,
bin Taimur, MHD remains committed
is done in a supportive, unpressured and
we help guide your business, growth and
to supporting the vision of growth and
encouraging environment, where the
success by identifying, promoting and
development under his strong leadership.
emphasis is on practical application.
a focus on Travel & Leisure, Transport
From its inception till date, the steep
Founded in 2017, the business offers over
& Logistics, Healthcare, Environment,
growth of MHD LLC exemplifies the
25 online courses for a range of experience
Education and Light Manufacturing.
tremendous progress Oman has made as
levels, a trading community and a wide
a nation. MHD LLC is one of the oldest and
range of free resources to help improve
leading business houses in the Sultanate,
everyone’s trading skills.
facilitating investment in all sectors, with
representing world-renowned companies catering to the ever-growing customer base in the Sultanate. MHD LLC’s business divisions have two main verticals: • Automotive, Construction Equipment and Renewable Energy (ACERE) • Infrastructure, Technology, Industrial and Consumer Solutions (ITICS)
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Award Win n ers
OKKAMI
UBHAR CAPITAL SAOC
WINLAND
Most Innovative Guest Engagement
Investment House of the Year -
Most Distinguished Wealth
Solutions for Hospitality
Oman 2020
Management Firm of the Year -
OKKAMI is the world leader in digital guest
Ubhar Capital SAOC (U Capital) is a leading
engagement and staff management
full service investment banking firm
Winland is a unique wealth management
platform solutions for the hospitality
regulated by the Capital Market Authority
firm providing exclusive investment
industry. OKKAMI currently provides
(CMA) in Oman. U Capital commenced
services to local and offshore investors.
fully integrated solutions for some of the
operations in January 2017 after the
The company connects clients with
largest hotel groups and shopping malls
shareholders of OAB decided to spin off
the world by offering a global platform
in the industry.
the ‘Investment Management Group’
of investment choices supported by
of the bank (which had been operating
a group of professional expertise.
OKKAMI was founded in 2016 to cater
since April 1998) to a standalone firm.
Committed to servicing wealthy families
to travellers and enhance all aspects of
U Capital has strong institutional
and privileged individuals for half a
their journey. The company provides
shareholders, namely: Ominvest, Arab
century, their core principle is to focus
businesses in the hospitality industry with
Bank (Switzerland) and Jabreen Capital.
on understanding clients’ needs and
guest engagement technology platforms
East Asia 2020
delivering solutions according to their
to better connect with customers,
U Capital has a team of 55 investment
objectives and risk profile. Through
finalise transactions, and improve guest
professionals and offers comprehensive
dedicated services, diversified platforms
satisfaction. The platform also includes
services that include Asset Management,
and tailored investment solutions;
managed in-room devices in addition to
Wealth Management, Brokerage,
Winland has become a trustworthy wealth
downloadable applications for both iOS
Corporate Finance & Advisory, Research
management firm where investors can
and Android.
and Custody. U Capital has USD 1.2 billion
depend on them as their reliable financial
in assets under management and custody
advisor.
As of today, OKKAMI provides products
and ranked as one of the top brokers on
and features to over 100 customers
the Muscat Securities Market consistently
Winland Wealth Management has access
globally across North America, Europe, and
since inception.
to over 50 global exchanges and a vast
Asia. The OKKAMI solution includes over
range of financial services including
50+ integrations with leading hospitality
U Capital team has raised USD 10.1 billion
stocks, bonds, ETPs, funds, and structured
vendors allowing hassle-f ree connection
for investment banking transactions
products. In addition, they offer various
of third-party services. OKKAMI is an all-
and has successfully managed 17 IPOs
alternative investment choices including
in-one solution to integrate with hotel
and over 40 secondary issues and 15
real estate investments (e.g. residential,
systems such as PMS, POS, lighting, door
debt advisory assignments. U Capital’s
property development and hotel
locks, loyalty programmes, spa bookings
Asset Management division has a strong
properties), direct forestry investment,
and more.
track record of managing funds and
physical commodities (e.g. gold, diamonds
discretionary portfolios for clients.
and gemstones), rare and fine liquor (e.g. casks, vintage Scotch Whisky), private equity, private debt, venture capital, fine arts and a variety of life and general insurance products as part of overall protection just to highlight a few. Winland have also refined a clientcentric, risk-appropriate technique, and tailored portfolio strategy in the selection of investments. This is very different to other “run-of-the-mill” brokerage houses or banks where they may not have such ability to do so.
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A wealth management expert you can trust to build your wealth from Present to Future…
"The Glowing Future “ A path to sustainable wealth
Established since 1970, we are a prestigious wealth management firm that has been servicing wealthy individuals and families as well as professional investors for decades. We provide expertise in wealth management matters, help clients define financial objectives, and establish a bespoke investment strategy along with a risk balance perspective for individuals and entities. Do contact us at +852 2882 0066 or visit www.winlandwealth.com to explore our services and investment opportunities that you have never experienced before.
Winland
The Most Distinguished Wealth Management Firm in East Asia
Global Stocks and ETFs | Bonds | Mutual Funds | Options | Tailored Structured Products | Private Funds | Alternate Investments | Wealth Planning and Trusts | Overseas Properties | Offshore Banking and more... Winland Wealth Management Limited is a participant of The Stock Exchange of Hong Kong Limited and a licensed corporation of the Hong Kong Securities and Futures Commission (AIH361)