INTERNATIONAL VACCINE DISTRIBUTION CHALLENGES BIG DEBT AND THE ILLUSION OF SAFE ASSETS
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ASSET TOKENIZATION: REPRESENTING REAL-WORLD ASSETS ON THE BLOCKCHAIN
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EDITOR’S NOTE After a turbulent year that left the world unsettled, we welcome 2021 with open arms, with the optimism that things will soon improve. The new vaccines created to combat COVID-19 have become the starting point to recover our now lost normality. The road ahead will not be easy, and supply chains face a challenge of unprecedented proportions (p.36). The investment community has received the news of the vaccines with rises in the markets. In this first edition, we explore how businesses have worked through a pandemic and we will delve into the specific nature of the projections they hold for this new year. To face the pandemic, many businesses have turned to innovation and technology. Baiduri Bank tells us how it is to lead Brunei’s Banking Industry in the digital era (p.50). Our interviewees discuss the foremost methods to succeed in the investment world in times like this. We also examine how European governments have been financing through bond emissions at low interest rates during the current recession (p.10). On the other hand, we observe how the financial ecosystem changed in 2020. The fall in global stock markets as the result of the pandemic forced investors to seek alternatives. The crypto-asset industry presented itself as an option, with Bitcoin as the biggest winner. We look at what regulations await the industry (p.22) and the huge potential of asset tokenization (p. 14). There is no better way to start the year than by acknowledging the individuals and companies that are part of International Investor Awards (p.81). Here’s to the new opportunities and challenges that this year may bring. Enjoy, Domenica Andrade
Con te n ts
CONTENTS 10
36
10
22
36
Big debt and the illusion of safe assets
Bitcoin and other Crypto-assets in 2021
The vaccine supply chain challenge
Analysis of how European governments have been financing through bond emissions at low interest rates
What the cryptocurrency industry holds for 2021 after a phenomenal year
COVID-19 vaccines are a global supply chain challenge of unprecedented proportions
14
26
40
Asset Tokenization
A trustful ecosystem to save, send & spend gold
Invest in Nicaragua
Security tokens and their potential to shake up the world of finance in 2021
17
Interview with Kaia Parv, Head of Investment Resarch at FXPrimus Discusses the differences between retail and institutional trading
06 |
G – Coin combines stability and sustainability of responsible gold
The country has become one of the best places to invest in Central America
32
46
The Bombardier 7500: The pinnacle of business travel An aircraft able to connect Cairo to Los Angeles
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Long term vision and genuine partnership Director of Ezdehar, Emad Barsoum shares his story in being awarded Mid-Cap Fund Manager of the Year
50
64
69
Leading Brunei’s Banking Industry
Spotlight on Global Payroll
The challenges of being Multi-Family Office
Baiduri Bank shares the role of technology in the success of economies and businesses
How to build organizational resilience after a game-changer year
Interview with Rodrigo Martins, CEO of Ripol Alliance winner of MultiFamily Office of the Year
55 Digiterre leading the way in technology for investment managers How investment management firms should manage data at a time of technology disruption
58
A healthy portfolio requires an innovative partner
50
60
Arche Associates consist of three entities that adjusts on the advice the client requires
60
The arrival of Decentralized Finance (DeFi) A movement that aims to create a new financial ecosystem
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BIG DEBT, CHEAP MONEY AND THE ILLUSION OF SAFE ASSETS. By Luis E. Rojas
The COVID-19 crisis has stopped the recovery that Europe had been enjoying after being hit by the Great 2009 Recession and the subsequent sovereign debt crisis. The
Annnual Increase of Gross Sovereign Debt (Billions of Euros) 350 300 Spain
lower tax revenues and the increased spending needs
250
generated by the health emergency have forced European
200
governments to increase their debt positions by amounts
150
that equal and for some countries even exceed those
100
characterizing the worst years of the previous recession.
perspective, none of the four largest Euro economies (Germany, France, Italy and Spain) had seen their
France
Germany
50 0
To put the significance of the phenomenon into
Italy
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
-50 -100 Source: AMECO Database
outstanding debt increase by more than 100 billion euro in a single year since 2013. In 2020, all four of these economies surpassed that threshold, recording a combined debt increase of nearly 900 billion Euro, which represents about 77% of the entire Euro area growth. Figure 1 shows the annual sovereign debt increases recorded in Germany, France, Italy and Spain over the past fifteen years. It strikes that the COVID-19 debt surge does not only challenge the previous peaks in terms of magnitude, but also features unprecedented international coordination in terms of timing.
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B ig debt, chea p mon ey an d the illusion of safe assets .
In the year 2020, the market has thus been flooded by an
First, one has to consider the role that European monetary
extraordinary supply of sovereign debt. Now, what has its
and fiscal policy has been playing in shaping investors’
reaction been? In particular, how has this large expansion
beliefs about risk, thus affecting the price of risk-taking
of sovereign debt been priced? Surprisingly, despite the
itself. Back in Figure 2, notice the timing of the famous
uncommonly large swell on the supply side, interest rates
speech made by the then-president of the European
on sovereign debt have not interrupted their downward
Central Bank (ECB), Mario Draghi. On July 26th, 2012 he
trend, which has lasted for several years now. In December
remarked: “Within our mandate, the ECB is ready to do
2020, interest rates on French and German government
whatever it takes to preserve the euro. And believe me,
bonds were actually negative, and basically zero in
it will be enough.”. This statement was highly credited
Spain. Figure 2 shows the time series of the 10-year bond
as a key turning point for the dynamics of interest rates
yields in our four economies. We can observe that while
on European sovereign debt. Basically, Draghi assured
the Great Recession saw a divergence in interest rates
the market that in case of turmoil the ECB would step
between European countries, 2020 has witnessed clear
in to buy sovereign debt off EU states, thereby insuring
convergence at the international level.
investors against a collapse in the price of the security. It seems reasonable to assume that the effects of that statement still resonate today, so that the implicit
10-Year Bond Yield (percent)
guarantee offered by the ECB back then still incentivizes
7 "Whatever it takes" speech by ECB president Mario Draghi (july 26,2012)
investors to hold bonds with low yields, even if their
6
default probability is not truly negligible.
5 Spain
Italy
France
Germany
4
Now to the second factor. The recent surge in sovereign
3
debt supply has been accompanied by generous liquidity
2
provision from the ECB to European financial institutions.
1
0
The cheap and easily accessible funding made available 2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
throughout 2020 via instruments such as TLTRO III (Targeted Longer-Term Refinancing Operations) has
-1 Source: AMECO Database
been substantially lowering the cost of expanding banks’ balance sheets: financial institutions have been increasing
Our next question is why an investor would acquire an
their liabilities towards the ECB on one side and their
asset with a negative or zero nominal return. This is
sovereign debt holdings on the assets side. In other
particularly odd when talking of sovereign debt, given it
words, the fact that the large supply of sovereign debt has
can be defaulted. One way to interpret the low interest
been matched by an equally large increase in demand,
rates is that investors expect low inflation and negligible
pushed by cheap money, may well explain the result of
default probability. This optimistic interpretation has
continuing low interest rates on the market. Figure III
been widely promoted in order to sustain the claim that
shows the outstanding amounts of debt securities issued
the recent increases in government debt, used to finance
by EU governments that are being held by EU financial
crisis relief policies, are warranted by the availability of
institutions. Notice how the downward trend that had
“cheap money” and the ability to provide safe assets to
characterized this series around 2013 was swiftly reverted
the market. However, there are at least three reasons for
in 2020, bringing bank-owned sovereign debt levels back
which the above interpretation appears in fact over-
to those observed in 2012.
optimistic, and the next paragraphs will proceed to illustrate each of the three.
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of sovereign debt, their risk-shifting dynamics may be
EU Sovereign debt held by Financial institutions in the Euro Area (Billions of Euro)
1600
holding the observed interest rates below the level that
1400
would reflect the actual sovereign-debt risk.
1200 1000
To complete the picture, one also ought to consider the
800
alternatives currently available to European banks. In
600
general, in an environment characterized by generous
400
liquidity provision, banks could expand their balance
200
sheets financing any private investment projects rather Jun-20
Jan-20
Oct-18
Aug-19
Mar-19
Jul-17
Dec-17
Feb-17
May-18
Jun-15
Apr-16
Sep-16
Jan-15
Nov-15
Aug-14
Mar-14
Jul-12
Oct-13
Dec-12
May-13
Feb-12
Sep-11
Jun-10
Apr-11
Jan-10
Nov-10
Oct-08
Aug-09
Mar-09
Jul-07
Dec-07
May-08
Feb-07
Sep-06
Jun-05
Apr-06
Jan-05
Nov-05
0
Source: ECB Statistical Data Warehouse
than buying government bonds. However, this alternative appeared particularly limited due to the exceptional circumstances characterizing 2020. Prominently, the EU15 net capital stock increased in 2020 by only 186 billion
Back then, the high exposure of the financial system
euro, which is the lowest expansion recorded over the last
to sovereign debt raised fears of what became known
three decades and about 20% lower than at the previous
as the “Doom Loop”: a tight, circular interconnection
trough (2013). A compelling indicator illustrating the lack
between sovereign risk and financial risk. If sovereign risk
of advantageous investment alternatives that banks are
is perceived to be high, the asset-side of banks holding
currently facing is their heavy use of overnight deposits
large amounts of sovereign bonds loses value, thereby
with the Eurosystem during the past year. The annual
increasing financial-sector risk. The higher financial-
growth rate was higher than 70% in the third quarter of
sector risk in turn increases the likelihood government-
2020, revealing how banks have seen themselves forced
financed bailouts to become necessary, creating further
to expand their balance sheet through high-liquid assets
sovereign risk inflation. This loop exposes the economy to
yielding very low return. In fact, the annual interest rate
a belief-driven crisis, in which investors’ fears of sovereign
on overnight deposits is -0.5%, and this figure helps to
debt defaults can become self-fulfilling. The timing of
appreciate the appeal of the near-zero returns offered by
the current recession exacerbates Doom-Loop concerns
sovereign debt assets.
even further with respect to previous years, since in 2019 the financial sector held almost twice the amount of
In sum, European governments have been obtaining
sovereign debt with respect to 2008.
financing through sovereign bond emissions at very low interest rates during the current COVID-19 recession. This
Finally, let us turn to the third element casting doubts on
has been happening despite the massive increases in
the interpretation of low interest rates on government
sovereign debt levels and the uncertainty associated with
bonds as a signal of low sovereign default risk. This
the medium- and long-term effects of the pandemic.
element concerns the role that bank’s limited liability
Our takeaway today should be that this scenario does
plays in their evaluation of asset-risk, and of sovereign
not necessarily imply questionless future repayment by
bond-risk in particular. Their already very large exposure
governments and uncommonly low risk in sovereign
to sovereign debt distorts banks’ assessments of the cost
assets. Instead, our interpretation of interest rates as
of further risk-taking through additional sovereign debt
sovereign solvency indicators should include the role of
acquisitions. In fact, the additional risk that a bank incurs
the ECB as an implicit buyer-of-last-resort to reassure
into when buying further sovereign debt might not be
investors, the recent unusually large liquidity provision
fully born by its shareholders and instead partially fall on
coupled with times of low alternative investment
the bank’s creditors, including depositors, through the
opportunities, and the combination between banks’
bank’s limited liability regulation. This phenomenon is
limited liability and their already-high exposure to
known as ‘risk-shifting’. For instance, in case of a default of
sovereign debt. Taken altogether, these considerations
the Italian government, the capital of Italian banks would
sound a note of warning over the perils of making public
not suffice to absorb losses, leading to bankruptcies
finance decisions under the apparently safe assumption
across the sector, limited liability kicking in, and a partial
that interest rates will remain low in the near future.
shift of those losses to the banks’ creditors. It is important to notice how the risk-shifting mechanism becomes all the more significant when the pre-existing exposure to the risky asset is already high enough to cause bankruptcy in case of default. Risk-shifting generates the consequence that when it comes to investment decisions, the bank does not fully internalize sovereign-debt risk and is therefore willing to buy sovereign bonds yielding lower returns. Given that financial institutions are key players on sovereign debt markets and are influencing the price
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B ig debt, chea p mon ey an d the illusion of safe assets .
ASSET TOKENIZATION: REPRESENTING REAL-WORLD ASSETS ON THE BLOCKCHAIN Just like cryptocurrency coins which serve as a medium
security tokens can represent real-world assets or they
of exchange, security tokens have tremendous potential
can even abstract other digital tokens or cryptocurrency
to shake up the world of finance in 2021 and beyond.
coins.
These security tokens represent real-world assets and can attractive for trading and investment. Let’s take a look at
WHAT INDUSTRIES COULD BE MOST AFFECTED BY ASSET TOKENIZATION?
what exactly asset tokenization is, what industries could
Real estate and intellectual property are two areas of
be affected, and whether there is any chance 2021 could
economic activity that are often cited as having the
be the year for asset tokenization to go mainstream.
greatest potential as it relates to asset tokenization.
make even the most seemingly intangible assets more
WHAT IS ASSET TOKENIZATION?
These two fields both involve assets that are not easily possessed. Real estate is too large to fit in your pocket
There is much mainstream awareness these days about
and intellectual property is an amorphous concept to
cryptocurrency coins like Bitcoin and Ethereum. These
begin with. Representing these assets in the blockchain
coins use blockchain technology to ensure the security of
actually gives the ownership of them a sort of tangibility
transactions. Tokens also use blockchain technology, but
they do not have in the real world. Whether you are
they are not currencies in and of themselves. They can
selling a property or selling intellectual property, the
represent products, services, or assets. When an asset is
tokenization of it makes it as easily tradeable as a
represented by a token, this is called asset tokenization.
cryptocurrency token. Investing in these assets becomes as easy as buying a stock. Indeed stocks, commodities,
While cryptocurrency coins are often thought of as an investment, to benefit f rom a rise in value in comparison to fiat currencies or other assets, their primary use case is as a medium of exchange. Security tokens that represent assets are a representation of assets themselves. These
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and any other asset can be tokenized in the same way.
BENEFITS OF ASSET TOKENIZATION The additional investment base that comes f rom the
POTENTIAL SPEEDBUMPS TO ADOPTION OF ASSET TOKENIZATION?
divisibility of assets that are often hard to sell as a single
Since the assets that these tokens represent can reside in
unit can greatly increase the liquidity in the market for
the world, there is plenty of pressure from governments to
such assets.
apply the same regulations to their digital forms. Doing so would weaken many of the benefits of tokenization in the
Once an asset is tokenized, it can be easily divided. You
first place.
wouldn’t sell a house a room at a time, but you could easily sell shares in a property since tokens are divisible,
Many countries are still in the early stages of attempting
much like stocks in a company. Real estate and fine art
to decide what exactly cryptocurrency is, not to mention
are two examples of assets that are often too expensive
any fine distinctions between security tokens, utility
for many people to invest in. But when they can invest
tokens, or stablecoins. While many consumers see only
in a portion of the asset by buying a share of its digital
the good side of the potential benefits, for governments
representation, this type of investment becomes
and regulators looking to control and manage an
accessible to a vastly greater portion of investors.
economy, they could be viewed as problematic.
Since the record of ownership is right there on the
If real estate became a more liquid market, would that
blockchain, the buying and selling of an asset can be
be a good thing? Most people who advocate for market
automated through the use of smart contracts. This opens
freedom would say yes, but regulators often would not.
up the possibility of eliminating expensive middlemen like
It could destabilize the housing market in ways not easily
lawyers and brokers f rom the process, leading to fewer
understood. Furthermore, being able to buy property
fees and a quicker turnaround.
in a country is considered buying part of the land of a country—something nations feel particularly obligated to
Transparency also increases when the legal rights and
regulate and control. Similar arguments can be made for
responsibilities of both parties are embedded into the
other assets that are typically tokenized, such as stocks
token itself.
and commodities.
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B ig debt, chea p mon ey an d the illusion of safe assets .
WILL ASSET TOKENIZATION TO BREAK THROUGH IN 2021?
CONCLUSION
The key to widespread tokenization of assets lies in
not much of a leap. Buying a digital token that represents
legal clarity and cooperation between all the various
a piece of real estate or a work of fine art is quite another.
jurisdictions in the world. Switzerland, Malta, and
Younger generations are beginning to take their place
Bermuda are among the vanguards in the adoption
as adults and the world will eventually reach a critical
of blockchain technology. The EU is in the process of
mass of “crypto-natives” who have grown up with and
developing a regulatory f ramework to deal with the
feel comfortable with the technology. These younger
various forms of cryptocurrency.
generations can also have an impact on their parents and
Tokenization of assets like commodities and currencies is
even grandparents, influencing them to take a chance Cryptocurrency is becoming more and more an aspect
on these opportunities—even if they don’t make sense
of mainstream society. The time is near when it would
from the fundamental sensibilities of older generations.
be immensely difficult to “get the toothpaste back in the
The point where consumer and investor demand meet
tube”, so to speak. Though Janet Yellen, US President
central government concerns is where the future of asset
Biden’s nominee for Treasury Secretary and former
tokenization will be decided.
Federal Reserve chairman, has mentioned concerns about Bitcoin, there are few who take her threats seriously. She has also spoken about Bitcoin and other digital currencies providing potential benefits “for the U.S. and our allies.” What exactly any level of increased Bitcoin regulation would mean for asset tokenization is unclear, as the concerns about Bitcoin center around its use as a store of value and its potential in being used for money laundering or other illegal activities. Bitcoin’s centralized design is intended to make it resistant to debasement and manipulation. This same decentralized design philosophy also makes it difficult to control who or what is using Bitcoin. Asset tokenization platforms need not be so open or f ree and could conceivably be heavily regulated and still provide some benefit over the way many assets are currently bought and sold.
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IN AN EXCLUSIVE INTERVIEW WITH INTERNATIONAL INVESTOR MAGAZINE, FXPRIMUS’ HEAD OF INVESTMENT RESEARCH, KAIA PARV.
Kaia Parv shares her journey to success in the investment world and gives us her take on the differences between retail and institutional trading.
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1. KAIA, TELL US A FEW WORDS ABOUT YOUR BACKGROUND AND YOUR JOURNEY TO WHERE YOU ARE TODAY.
4. WOULD YOU SAY THAT THE RETAIL SPACE IS MORE REGULATED THAN THE INSTITUTIONAL?
I’ve been in the industry since 2012. Up until 2018, I worked
for institutional market players, especially those operating
in investment banking, specifically in Bank of America
in the Eurozone and the US. However, protecting retail
Merrill Lynch, carrying out a number of jobs and my last
investors has received more attention from regulators
position held was that of the Vice President of South-East
following the 2008 crisis, and this will most likely continue
Asia business controls. In 2018, I joined a Singapore-based
to be at the forefront of our industry’s regulatory updates.
No, definitely not. The regulatory burden is much heavier
hedge fund and worked as a Senior Investment Associate, overseeing around US$230 million dollars in capital. In 2020, I was offered a role at FXPRIMUS and decided to test myself in a different kind of role in retail-oriented finance.
2. HOW DOES IT FEEL TO BE A WOMAN IN SUCH A MALE-DOMINATED ENVIRONMENT? DID YOU EVER FEEL THAT YOU HAD TO TRY HARDER THAN YOUR MALE COLLEAGUES TO PROVE YOUR WORTH? It’s indeed a male-dominated industry. However, in
5. YOU MENTIONED EARLIER THE SERVICE PROVIDER FEES. HOW WOULD ONE BE ABLE TO UNDERSTAND THOSE FEES? The fees, spreads and interest are generally indicated on a brokers’ home page or on the account statement. Look out for brokers that have hidden fees that only appear on the account statement. We, at FXPRIMUS, try to be as transparent as possible in terms of fees, and we take pride in consistently being recognized as one of the safest places to trade.
my opinion, being great at what you do it’s rewarding,
discussion happening in the workplace and in the
6. HOW WOULD YOU DESCRIBE THE DIFFERENCE IN TRADING STYLE BETWEEN INSTITUTIONAL AND RETAIL?
industry around diversity and inclusion.
Generally speaking, institutions have a certain mandate
regardless of how one looks. I think the #MeToo movement came at the right time as I see a lot of
3.AFTER SPENDING MOST OF YOUR CAREER IN INVESTMENT BANKS AND ASSET MANAGEMENT COMPANIES, WHICH ARE ESSENTIALLY INSTITUTIONAL MARKET PLAYERS, YOU HAVE NOW MADE A TURN IN YOUR CAREER AND ARE WORKING FOR A RETAIL BROKER. CAN YOU PLEASE TELL US WHAT IS THE DIFFERENCE BETWEEN INSTITUTIONAL AND RETAIL TRADING? To begin with, institutions tend to manage clients’ money, which is pooled and can be quite substantial. Retail, on the other hand, manages its own capital. Moreover, the ability to negotiate fees, spreads and interest is different. Institutions managing large sums of pooled funds have the ability to negotiate with service providers, whereas retail investors, unfortunately, tend to be price takers. Another difference lies in the risk-taking ability. Institutional traders are generally more sophisticated in terms of understanding the risks involved in trading
they need to follow. This means they usually don’t have the luxury of not participating in the markets. In retail, on the other hand, traders do not have any obligation to trade or take action. Having worked on trading floors in large banks, I can tell you these guys are always stressed out! It’s not easy simultaneously looking at 6 to 8 monitors for prices, listening to market updates AND actively trading.
7. WE HAVE SEEN RETAIL TRADING GOING THROUGH THE ROOF THIS YEAR. WHY DO YOU THINK IS THAT? There are a few reasons. First and foremost, people are working from home or they are unemployed. This means they have more time to look at the markets and participate actively by trading. Also, in many cases, people used the government subsidies and benefits they received as a result of the pandemic to trade. Lastly, with sporting events being cancelled, there are people who miss the rush they get from gambling. So, they have turned to the stock or currency markets instead.
complex and exotic instruments. Retail traders do not always have the background to thoroughly understand some of the nuances of trading complex instruments.
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B ig debt, chea p mon ey an d the illusion of safe assets .
8. BUT CLEARLY THE PEOPLE WHO PARTICIPATE IN THE MARKETS OUT OF BOREDOM OR SEEKING EXCITEMENT ARE SEVERELY DISADVANTAGED COMPARED TO INSTITUTIONAL TRADERS?
10. HOW DOES FXPRIMUS SUPPORT ITS CLIENTS WHO ARE ESSENTIALLY RETAIL TRADERS?
Institutional traders do this for a living, so they clearly
themselves in the markets, focusing on risk management,
have an advantage as they have easier access to market updates and more information in general. Having said that, a retail investor with a well thought-through thesis, execution plan and proper risk management has a high likelihood of being successful. That’s where using a trustworthy broker like FXPRIMUS really comes in handy. My colleagues and I are constantly keeping an eye on the markets so we can present our clients with a complete market overview that will hopefully help them make the right decisions.
9. CAN YOU GIVE US SOME TIPS AND TRICKS ON HOW CAN SOMEONE REALLY GET AN EDGE AS A RETAIL TRADER? I always emphasize the importance of risk management. A good trader is one who has a plan that he or she follows quasi-religiously. There are times when one might deviate f rom the plan but, in most cases, the plan is sacrosanct. Institutional traders have the benefit of running systems with incorporated stop losses and restrictions. Retail traders have to decide on their own to cut their losses early and exit a position when their plan is no longer valid.
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Firstly, we do a lot of educational and market update videos that aim to teach our clients how to position technical indicators, fundamentals and market moving events. Additionally, a large number of dedicated account managers review their clients’ portfolios and discuss their strategies. Occasionally, I am also looped into client calls to discuss market events, technicalities and strategies.
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Bitcoin and other crypto -assets in 2021 What does regulation hold for the industry?
BITCOIN AND OTHER CRYPTOASSETS IN 2021 WHAT DOES REGULATION HOLD FOR THE INDUSTRY? By Dr Iwa Salami
2020 was a phenomenal year for the crypto-asset industry.
Although believed to have the potential to facilitate trade
Bitcoin which was just over $9500 in January 2020 rose
finance and financial inclusion. DeFi platforms carry
to almost $29000 by December 2020. The reason for this
significant money laundering risks and in 2020 were
rise included the fall in global stock markets resulting
noted as money laundering havens particularly for stolen
from the Covid-19 pandemic which led investors to
crypto-assets. The money laundering risks they carry
seek alternative investments in crypto-assets. Other
call for the application of KYC requirements if the DeFi
contributing factors were the interest, investment and
industry is to be credible. At the moment DeFi platform
adoption of crypto-assets by institutional investors and
do very little KYC, if any at all.
mainstream institutions such as PayPal and Square. On the regulatory front, the last few months of 2020 2021 appears to be continuing this trend with crypto-
saw the release of quite significant regulatory proposals
assets kicking off to a flying start as bitcoin hit a record
with potential implications on the price of crypto-assets
high of just under $41,000 on 8 January. Since the year
and for the crypto-industry in general. In September,
began it has experienced a bit of volatility but is still
the EU Commission proposed the Markets in Crypto-
generally on the upward trend. Despite this upward
Assets (MiCA), Regulation which, if passed, will prohibit
trend in the price of bitcoin, it is likely that as regulators
crypto-assets businesses (including decentralized finance
prepare to regulate the industry in 2021 this could result
platforms) from trading within any EU Member State
in a fall in price. Suffice to mention also that bitcoin still
without being legally incorporated in an EU Member
has some notable critics such as the economist Nouriel
State. Going by the proposals, the operations of crypto-
Roubini, who believe it has no real value and the rise in
asset issuers could be required to comply with licensing
its price is driven by speculation. In fact, Roubini, in an
requirements and capital requirements and, more so, if
interview given to Bloomberg on 4 December 2020, stated
the crypto-asset they issue are deemed as systemically
categorically that the future of finance is not crypto-
important or significant, and have a significant cross-
assets; it is not decentralized finance and it would not be
border element. Crypto-assets issued would also be
achieved through blockchain technology
required to fulfil AML/KYC requirements (under the EU AML directive). These rules would most certainly cover
One of the drivers of regulation in 2021 would be the
DeFi platforms issuing stablecoins that fits within any of
exponentially growing decentralised finance market
the six categories outlined in the proposed regulation.
(DeFi) which allows people to engage in financial
This regulation, which is planned to come into force by
services such as borrowing, lending and investing
June 2021, is likely to have a persuasive effect on the
using blockchains and cryptocurrencies but without
global regulation of the space, especially as the proposed
intermediaries such as banks. As at today, 8 January 2021,
regulation was done in consultation with international
DeFi has $22.6 billion locked into it, according to DeFi
financial standard setters such as the G20 and Financial
Pulse. The industry saw a 700% increase in 2020.
Stability Board.
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Also, at the more global level, the Financial Action Task
This is bound to trigger more regulatory activity of the
Force (FATF) – the global watchdog against money
crypto-assets space in the UK and as at 16 December
laundering and terrorism financing – is closely monitoring
2020, the UK FCA had announced, on its website, that any
the DeFi market to assess and identify new and emerging
crypto-asset business existing prior to 10 January 2020
risks and plans to release an updated guidelines in June
must comply with the money laundering regulations
2021. It also plans to provide clarity on issues such as peer-
and register with the FCA by 10 January 2021 or cease
to-peer transactions and unhosted wallets not provided by
operations. If they continue to operate, they will face a
a regulated Virtual Assets Services Provider (VASP).
potential criminal conviction. Also, the website states that crypto-asset businesses include those facilitating
This is, however, closely linked to the position taken on 18
peer to peer exchange or arrangements with a view to
December 2020 by the U.S. Financial Crimes Enforcement
exchange one crypto-asset for another (which is the forte
Network (FinCEN) which released a proposed rule to stop
of the DeFi platform providers) must comply with the
regulated exchanges from transacting with unhosted
Money Laundering and Terrorism Financing Regulation
wallets. Thus U.S. crypto-assets users wishing to transfer
Amendment Regulations 2019 (MLRs) which requires the
their holdings from an exchange to any personal wallets
fulfilment of KYC. The MLR 2019 was passed to implement
may need to comply with new KYC requirements under
the Fifth AML Directive, so it expanded the regulated
this proposed rule. This is likely to affect the DeFi platforms
sector to include crypto-assets dealers and custodian
as it may mean the prohibition of transactions from
wallet providers which are now required to carry out
centralized exchanges to unhosted wallet addresses such
CDD and KYC where the value of the transaction exceeds
as those that transact on DeFI platforms.
€10,000. The UK is also in the process of incorporating FATF recommendation 16 (on the travel rules for crypto-assets
Other regulatory activity around the crypto-assets
transactions) into the MLRs and is exploring options for its
industry in December 2020 included the publication by
implementation. This will require crypto-assets firms to
the UK HM Treasury of its national risk assessment of
obtain, hold and transmit identifying information of both
money laundering (AML) and terrorist financing (CFT)
parties in any crypto-asset transaction.
2020 (NRA) in the UK. This report found that the UK’s risk-rating for AML/CFT has increased from ‘low’ in 2017 to
Nonetheless, in somewhat contradiction to the direction
‘medium’ including risks from crypto assets. The report
of regulation for the industry, is the news release of the
attributed this to the use of crypto-assets mixers and
US Office of Comptroller of Currency (OCC) on 4 January
tumblers, privacy coins; crypto-assets accessibility online,
2021 that national banks or federal savings association
global reach, inconsistent regulatory requirements and
may validate, store, and record payments transactions
regulatory arbitrage in certain jurisdictions on Customer
by participating in an Independent Node Verification
Due Diligence (CDD), AML and CFT. It also stated that
Networks (INVN) and use stablecoins for payment activities.
crypto-assets remain a key tool in cybercrime (including
Such banks may use INVNs and related stablecoins to carry
ransomeware and extortion attacks).
out other permissible payment activities.
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Although highlighting that in using these technologies those banks must engage in safe, sound, and fair banking practices and comply with applicable law (such as compliance with KYC requirements), it sends a signal that banks can now be deemed as INVN nodes even of decentralised blockchains stablecoin networks. This is in stark contrast with the US Financial Crimes Enforcement Network (FinCEN) proposed rule, referred to above, to stop regulated exchanges from transacting with unhosted wallets that significantly transact on decentralized networks – in order words stopping regulated entities transacting with clients transacting within unregulated decentralised entities. It is yet to be seen how effective KYC standards would be applied in a decentralised networks involving regulated and unregulated entities. Cryptocurrency prices jumped after the OCC announcement - Ethereum rose by 12% and bitcoin gained 5%. One thing to draw from this news release, however, is that there is need for regulatory coordination amongst US regulators on the approach to be taken to regulate the crypto-asset industry. On 7 January, the UK HM Treasury released a consultation paper calling for evidence on the UK’s regulatory approach to crypto-assets and stablecoins. The consultation represents the first stage in the UK government’s consultative process with industry and stakeholders on the broader regulatory approach to crypto-assets and stablecoins. This consultation, which closes on 21 March 2021, is an indication that UK authorities are aware that there is now an urgency in developing a regulatory framework for the industry which, although facilitates innovation, does not do so at the expense of financial stability and consumer protection. It is also likely that the EU Commission’s proposed approach to regulating the industry would prove persuasive to the UK. All the proposed regulatory activities highlighted above (but for the OCC news release on 4 January 2021) are likely to have an adverse impact on the price of bitcoin and other cryptocurrencies this year. Nonetheless, if the pandemic persists; the vaccination and its roll out across the world do not go as planned; stock markets fall again; the adoption of bitcoin by mainstream financial institutions continues; millennials globally continue to invest in bitcoin as the ‘digital gold’; the demand for bitcoin, as would its price, would continue on the upward trend.
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BY COMBINING THE STABILITY AND SUSTAINABILITY OF RESPONSIBLE TM GOLD WITH THE BENEFITS OF TM BLOCKCHAIN, G-COIN TOKEN AIMS TO CREATE A TRUSTED ECOSYSTEM SO MORE PEOPLE AROUND THE WORLD CAN SAVE, SEND, AND SPEND GOLD 1. DESCRIBE G-COIN IN A NUTSHELL A G-Coin token (XGC) is a digital title of ownership to one gram of a physical Responsible Gold kilobar. Responsible Gold, 99.99% pure gold with irrefutable provenance records and best practice responsible sourcing standards, is digitally minted into G-Coin tokens. Individuals and businesses use G-Coin Wallets to save and send G-Coin tokens to other ecosystem participants with zero transaction fees and real-time settlement (1 second). G-Coin tokens thereby provide an alternative as a store of value and a medium of exchange. G-Coin tokens can be redeemed at any time for the physical gold. More info on gcoin.com
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2. WHAT MAKES G-COIN AN ETHICAL PRODUCT?
potential, and the chosen governance and consensus
The Responsible Gold kilobars, from which G-Coin tokens
mechanism provides network consistency and safety. In
are minted, are certified as conflict-free and responsibly sourced. Gold is tracked from mine to refinery to vault on the blockchain with the Responsible Gold Supply Chain Application (RG SCA). The RG SCA is the first fully automated supply chain custody tracking mechanism, optimizing transparency, traceability, and efficiency across the gold supply chain. Each supply chain participant from miner to vault operator conforms to the Responsible Gold Standards (Standards). The Standards developed by Emergent Technology Ltd, encompass industry best practice regulatory and ESG requirements that mandate independent assurance of the supply chain against conflict financing, money laundering, and crucial environmental, social, and labour issues. Responsible Gold therefore provides unprecedented visibility into gold
May 2020 we were awarded a patent for our method of issuing, managing, and transferring asset-backed asset tokens. Robust Compliance: Participants of the Responsible Gold Ecosystem including all G-Coin token customers, supply chain partners and QOS Blockchain node operators, are onboarded after meeting stringent, globally recognized KYC / AML standards. The compliance program encompasses jurisdiction-specific requirements that demand the mandatory identification and screening of customers to prevent money laundering. Permissioning participants generates trust in the Ecosystem’s users, applications, and smart contracts, making the QOS Blockchain more reliable and secure than recent
provenance, supply chain security, and ESG validation.
blockchain offerings.
In 2018, the Shariah Supervisory Board of Amani Advisors
4. HOW HAS G-COIN BEEN RECEIVED BY THE MARKET?
declared that the technology supporting Responsible Gold and G-Coin tokens exceeds Shariah requirements for transparency and ethical trading. In 2019 a UN focus group on the Application of Distributed Ledger Technology recognised the Responsible Gold Ecosystem as a positive contributor to the UN Sustainable Development Goals. More info on responsiblegold.com The Responsible Gold Ecosystem forms a groundbreaking, blockchain-based platform of trusted participants that provides the means for responsibly sourced gold to be transacted on a globally available financial network.
We soft launched our G-Coin mobile app. in August 2019, in the United States. While much of 2020 was spent on a programme of incorporating customer feedback into enhanced features, functionality and user experience G-Coin sales have grown consistently throughout the year. The impact of Covid-19 on financial markets and the subsequent gold rally has boosted the demand for digital gold as tech-savvy customers, keen to avoid physical storage burden and costs, or bitcoin volatility, are increasingly attracted to the platform. Average monthly sales have almost doubled during the pandemic with monthly buy orders per user also increasing by 24%, and we’re expecting to hit an all-time record high in January 2021.
3. WHAT MAKES G-COIN DIFFERENT FROM OTHER CRYPTOCURRENCIES AND DIGITAL ASSETS? Price Stability: The one-to-one link between G-Coin tokens and gold, which has historically held its intrinsic value, has minimal price volatility, and an immunity to government and market instabilities, effectively ensures G-Coin tokens will maintain value throughout time and across borders. Speed, Scalability, and Cost: The G-Coin Wallets run on top of the QOS Blockchain platform, a 3rd generation blockchain, based on Quorum, an enterprise-focused version of Ethereum, developed by J.P. Morgan. It is a public/permissioned type blockchain custom designed to offer a high speed and high-volume transactions (in excess of 1000 transactions per second, better than point of service transaction speeds). It has high scalability
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5. WHAT’S NEXT? Since inception, we have devoted significant time and resources to develop a regulatory strategy and roadmap to grow G-Coin’s global footprint in a fully compliant manner within an evolving regulatory framework. In 2021 we will launch new markets starting with Switzerland and Ghana where we have affiliate businesses with presence on the ground. To fully support our customers’ ability to transfer value across borders we have partnered with MoneyGram, a global leader in cross-border P2P payments and money transfers serving more than 200 countries and territories. With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world’s best customer experience MoneyGram is leading the evolution of digital P2P payments. G-Coin token’s settlement efficiency, speed, and reduced cost ensures a mutually beneficial partnership. In addition, we plan to launch a G-Coin pre-paid card to enable customers to spend in G-Coin tokens and, in the near future, the goal is to embed G-Coin tokens into merchant paywalls for virtual point-of-sale transactions. The digital asset revolution is here, and we have a very exciting future ahead of us.
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THE BOMBARDIER GLOBAL 7500 AIRCRAFT: THE PINNACLE OF BUSINESS JET TRAVEL With three leading aircraft families, Bombardier Aviation offers the most comprehensive line of business jets of any original equipment manufacturer. The company’s three platforms of Learjet, Challenger and Global business jets allow customers to grow within the Bombardier business aircraft family as their travel requirements evolve. The crowning jewel in Bombardier Aviation’s portfolio is without a doubt the Global 7500 aircraft, the world’s largest and longest-range business jet. Since entering service in December 2018, this aircraft has created a new era for aviation, redefining what is possible aboard a business jet. With unparalleled performance, countless innovations and a growing list of recognitions, the Global 7500 aircraft is the flagship of the industry.
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THE WORLD WITHIN REACH With its outstanding range of 7,700 nautical miles, the Global 7500 aircraft is the ultimate tool for busy executives, able to connect city pairs that were previously out of reach. The Global 7500 aircraft can connect Cairo to Los Angeles, Tehran to Rio de Janeiro or Dubai to New York, non-stop.* In addition, the Global 7500 aircraft is the largest business jet with short-field performance and steep approach capabilities able to operate out of London City Airport and to connect any city in the continental U.S., Africa or the Middle East.* Its long-range performance can go even further traveling eastward, reaching most major cities in Asia.
The Global 7500 aircraft’s unmatched range capability
productivity via the system’s unique circadian adjustment
holds true in real-world conditions. In fact, Bombardier’s
setting.
Global 7500 demonstrator business jet successfully connected Sydney and Detroit in one non-stop flight, the
The Soleil lighting system can conveniently be
longest city-pair in business aviation in history flown by a
programmed to schedule optimal times for meal services,
purpose-built aircraft.
allowing the cabin crew to better prepare and plan more efficiently.
YOUR HOME AND OFFICE IN THE SKIES Given its capacity for long flights, the Global 7500 aircraft
Cabin entertainment reaches new heights aboard
is designed to create the ultimate passenger experience.
the Global 7500 thanks to Bombardier’s l’Opéra, the
It offers four separate living areas: the Club Suite, the
industry’s first audio system featuring full-range speakers,
Conference Suite, the Entertainment Suite and the Master
advanced digital signal processing and seat-centric sound
Suite, all this in addition to a dedicated crew rest area. The
technology for a redefined—and redesigned—cabin audio
Global 7500 aircraft also boasts the largest and most well-
experience.
appointed kitchen in business aviation for a wide variety of meal options.
Passengers can control the cabin easily and intuitively thanks to the revolutionary nice Touch cabin
Setting the benchmark for the most exceptional cabin
management system, featuring business aviation’s first
interior, the Global 7500 aircraft features industry-
application of an OLED display.
first innovations such as Bombardier’s Nuage seat,
The Master Suite aboard the Global 7500 aircraft features
meticulously designed to cradle and support the body on
a full-size bed for a comfortable night’s sleep. And
longer flights. Redefining comfort with its revolutionary
whether for work or rest, the Global 7500 aircraft offers
deep recline feature, Bombardier’s patented Nuage seat
the smoothest ride for the best passenger experience.
is the first new seat architecture in business aviation in 30 years.
BOMBARDIER PŨR AIR As passengers grow increasingly concerned about air
Another innovation in cabin experience aboard the
quality during flights, Bombardier’s business aircraft offer
Global 7500 aircraft is the Soleil lighting system, featuring
the ultimate peace of mind. All Bombardier business jets
Dynamic Daylight Simulation to assist in regulating
have excellent cabin air quality, with leading cabin air
the sleep-wake cycle and help synchronize passengers’
refreshment rates. In addition, Bombardier’s long-range,
circadian rhythms to the time at their destination.
large-cabin Global family also equipped with a highly
The Soleil lighting system can also be customized to
sophisticated air purification and circulation system
a passenger’s preference for either extended sleep or
known as Pũr Air.
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Bombardier Pũr Air features an advanced HEPA filter that captures up to 99.99% of allergens, bacteria and viruses while completely replacing the cabin air with 100% fresh air in as little as 90 seconds. Bombardier Pũr Air delivers cleaner air with better humidity levels and quicker heating and cooling than “100% f resh air”-only systems. HEPA filters are a proven technology that clean the air of airborne contaminants and are relied upon every day in critical settings such as hospitals. The HEPA filter for Bombardier Pũr Air systems has a demonstrated test efficiency of up to 99.99% in capturing particles 0.3 microns in size, versus the minimum efficiency of 99.97% for the HEPA standard.
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ACCOLADES AND ACHIEVEMENTS With its unmatched combination of performance and cabin experience, it’s no wonder the Global 7500 aircraft has been receiving industry awards, including the 2019 Aviation Week Grand Laureate Award and a Red Dot award for design. The Nuage seating collection has also been singled out, winning the 2019 International Yacht & Aviation Award for Seating Design. Bombardier recently announced the delivery of the first Global 7500 aircraft equipped with a dual head-up display (HUD). This first-in-class capability provides additional safety and redundancy to what is already the most advanced and pilot-friendly cockpit in business aviation.
ENVIRONMENTAL COMMITMENT In June 2020, Bombardier was proud to announce that the Global 7500 business jet received business aviation’s first-ever Environmental Product Declaration. The Global 7500 aircraft EPD is third-party verified and discloses fully transparent environmental information
strategy, which encompasses increasing the adoption of Sustainable Alternative Fuels (SAF), reducing CO2 footprint, enhancing aircraft recyclability, and sustainably sourcing, all as a part of its Eco-Design approach and in support of industry-wide carbon reduction goals.
WORLDWIDE CUSTOMER SUPPORT
about the product’s life cycle, such as CO2 emissions,
As Bombardier grows its customer service capabilities
noise, water consumption and other key environmental
around the world, it is committed to making sure its
impact indicators. Bombardier has committed to
customers around the world have access to excellent
communicating the environmental performance of all
service. With its growing network of service centers, line
new aircraft programs through EPDs.
maintenance stations, and a Mobile Response Team that is available 24/7, Bombardier Aviation is proud to offer an
The publication of the Global 7500 aircraft EPD is an
exceptional customer service experience.
important milestone in the advancement of Bombardier Aviation’s overarching environmental sustainability
*Under certain operating conditions
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THE LONG ROAD AHEAD THE VACCINE SUPPLY CHAIN CHALLENGE By Liz Breen and Sarah Schiffling
The good news many around the world had longed for arrived in late 2020: the first Covid-19 vaccines gained authorisation in December 2020 and the first countries started their immunisation programmes. 2021 brought f resh hope that the end of the pandemic seemed within reach. Even prior to 2020, the global vaccine market had shown escalating growth. It was expected to reach total revenues of nearly US$ 60 billion by 2020, nearly doubling its size since 2014. This growth has been driven by an increase of various infectious diseases such as influenza, swine flu, hepatitis, tuberculosis and Ebola. Big pharma companies like GlaxoSmithKline and Pfizer are the leading manufacturers of vaccines. Immunisation programmes have helped to eradicate the devastating smallpox virus and have significantly lowered numbers of those suffering from diseases such as polio or tetanus. According to the WHO, vaccines help to prevent two to three million deaths annually. Never has the development of a vaccine been more anticipated, or indeed as closely followed by billions worldwide, than with the Covid-19 vaccines. It is indeed a global phenomenon, directly impacting on people, their views and behaviours, and our economy and society. The race for effective immunisation resulted in the authorisation of several vaccines (Pfizer/BioNTech, Moderna and Oxford-AstraZeneca) less than a year after development began. This is an unparalleled achievement at a time when societies around the world have been heavily impacted by the effects of the virus and the efforts to curtail it.
THE BIGGEST SUPPLY CHAIN Delivering a sensitive pharmaceutical product simultaneously to every corner of the globe is an overwhelming prospect for the international transport and logistics industry. The number of flights needed to distribute the Covid-19 vaccine is estimated to be between 8,000 and 15,000. At a time of severely reduced air freight capacity because of the decrease in passenger flights, this is a very significant number. Production locations influence onwards transport. The UK authorisation of the Pfizer/BioNtech vaccine stipulates that it should only be moved up to four times as it degrades with each move and can ultimately become inactive. This is common among some types of vaccines, for example mRNA vaccines, which are known to be “labile”. For such vaccines, production facilities should be as close as possible to the locations where the vaccines are expected to be deployed. Highly centralised production, on the other hand, would make transport, especially to harder to reach areas like the Indonesian archipelago, difficult, and might result in waste due to deterioration. This is not a new supply chain problem. Many other industries have located production closer to their largest markets to avoid lengthy and complicated shipping on the way to their consumers. As vaccines are rolled out globally, questions will arise over where they should be produced. The EU has already provided €100 million to German firm BioNTech, to help build production capacity in an effort to alleviate bottlenecks.
The race is not over. The next challenge is to get the vaccines to everyone who is able and willing to receive them. This is a global supply chain challenge of unprecedented proportions.
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The lon g road ahead
ULTRA-COLD CHALLENGES One of the most frequently discussed issues of vaccine distribution is the need for temperature control. According to the UK drugs regulator, the Medicines and Healthcare products Regulatory Agency, the Pfizer/BioNtech vaccine needs to be transported and initially stored at -75°C, a temperature far beyond what a standard freezer can maintain. Demand for ultra-cold freezers has soared in recent months and operators of large freight transport hubs like Germany’s Frankfurt Airport have expanded their capacity to handle such shipments. There has been much reporting in the media on how difficult these ultra-cold chains are to maintain. However, these requirements are not unprecedented. The Ebola vaccine deployed across West Africa to end recent large-scale outbreaks has similar requirements. Through using special packaging and dry ice, public, private, and non-profit organisations were able to distribute it effectively in areas like the conflict-affected north-eastern region of the Democratic Republic of the Congo, where power supplies are unreliable, and infrastructure is poor. It is also important to keep in mind that not all vaccines require ultra-cold temperatures. The Oxford-AstraZeneca and Moderna vaccines have both been approved for use with storage at higher temperatures. Even the Pfizer/BioNtech vaccine does not need to be kept at -75°C throughout. According to the UK authorisation, it has a shelf life of five days at 2-8°C. This allows for easier storage in the final days before use and simplifies the last-mile delivery and storage at doctor’s surgeries and pharmacies.
THE WASTE PROBLEM The vaccine development for Covid-19 was rapid. Similarly, the planning for the supply chain and delivery had to be done at an unprecedented pace. Much concern has been voice over the rapid research and development process and assurance of robustness has since been provided. In terms of the supply chain, the key concern is that a lack of training and insufficiently tested planning might result in a high potential for waste. Considering the heightened demand for supply, waste is unforgivable. But there are already reports of cold-chain interruptions resulting in vials having to be thrown out. People receiving the vaccine have a key role to play in eliminating waste. As vials are usually shipped and stored in quite large batches and have a limited shelf-life, it is essential to plan their deployment carefully. If there are not enough patients to be vaccinated at a certain location at a certain time, doses might have to be disposed of. The vials of the Covid-19 vaccines are multi-dose vials, so multiple people get vaccinated from the same vial. The Moderna vaccine vials hold ten doses, and the Pfizer/BioNtech vaccine vials are supposed to hold five. However, pharmacists administering the latter have suggested that the expected 5
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doses per vial can be extended to 6 or 7. This has received regulatory approval in the USA. After vials have been punctured, they need to be used up within a certain timef rame. This requires robust planning of how many people will be vaccinated when. With vaccines that need to be administered in two doses several weeks or months apart, ensuring that everyone who received one dose returns for the second is essential. This is easier in countries that have decided to first vaccinate healthcare workers, like the US, but more difficult in those whose vaccination strategy rests on protecting the most vulnerable elderly people first, like the UK. Delaying the second dose to offer wider immunity coverage is an approach first announced in the UK. This gives more time to source more supplies given the early demand being so much higher than supply. However, the practice also raises questions over whether or not people will return for their second dose and has instigated confusion as to the timing of the second dose (3 weeks or 12 weeks). Any dose given to a person who then does not receive a second, would be wasted in terms of achieving full immunity. Concerns have been raised as to the capacity to respond to the demand for both doses. Vaccine hesitancy is a significant concern on a national level. An insufficient percentage of people being vaccinated would result in herd immunity not being achieved. In a December 2020 poll by the UK’s Royal Society for Public Health, people f rom a minority ethnic background were less likely to take the vaccine. This is worrying as minority ethnic communities in the UK, as well as in other countries, have suffered a disproportionally high impact throughout the pandemic.
STEMMING THE INFODEMIC
VACCINE DIPLOMACY Ultimately, the vaccine supply chain, like the Covid-19 pandemic, is a global challenge that requires global solutions. Vaccine nationalism is rife as countries race to inoculate their own population first and pre-order vast amounts from vaccine manufacturers, in the case of Canada securing five times as many doses as needed. Given that not all vaccine candidates have received approval, this applies pressure to specific vaccine supply chains and results in shortages. Pope Francis has stated that it is morally imperative for poorer countries to receive vaccines. However, many of them are not in a position to pre-order vaccines and rely on the COVAX initiative which aims to deliver equitable access to the vaccines and support countries to introduce the Covid-19 vaccine effectively. China’s vaccine diplomacy offers a promising alternative to many countries. China exercises soft power by offering its vaccines to other countries for the public good, in sharp contrast to the vaccine nationalism seen elsewhere. The vaccine developed by Chinese company Sinopharm is about 86% effective according to the authorisation it gained from the UAE in December. It is also relatively cheap to make and only requires refrigeration, making it appealing to many lower-income countries.
FUTURE RESILIENCE Learning from previous pandemics and crisis responses often seems limited and not applicable to what has so often been called “unprecedented”. But vaccination programmes are not new. We have a wealth of healthcare, logistics and humanitarian aid expertise to draw on. The difference with this vaccination initiative is the virus itself. The pace and scale of impact on our populations and the threat of new emergent strains is a major
Information is crucial in convincing people of the safety
concern. This was illuminated further in December 2020
of vaccines and their benefits. The high amounts of
with new virus mutations first identified in the UK and in
misinformation being spread throughout 2020 have
South Africa, but quickly found around the globe.
coined the term “infodemic”. Additionally, shifting official advice and a lack of understanding of the supporting
Many lessons have been learned in this pandemic and
scientific knowledge have contributed to much vaccine
our response will continue to develop and improve
hesitancy.
over the coming months. It is already evident that the intense interconnectedness of our world is inescapable.
Managing public information will be a crucial element of
The pandemic is not over. Many months, if not years, of
the vaccine distribution going forward. This cannot solely
disruption still lie ahead with further waves of infection
rely on celebrity endorsements but needs to bundle the
and the growing awareness of long-Covid symptoms
expertise of many different parties. This could involve
emerging. The global effort needed to meet the challenge
pharmacists, who are trusted accessible medicines
of making vaccines accessible to all is immense.
advisers in our communities and other healthcare professionals. There are also humanitarian organisations that have decades of experience with elaborate information campaigns, resulting in great improvements in vaccine coverage in many developing nations.
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INVEST IN NICARAGUA, A SAFE BET With a proven strategy that includes a market-oriented, business-friendly economy, integrated into the global commercial and financial markets, Nicaragua has become a place for all-comers to invest. Nicaragua is one of Central America’s highest growing economies of the last decade, but most importantly, one of the steadiest. In the last ten years the country’s GDP averages a growth rate of 3.3 percent per year. This has been fueled by stable FDI inflows, which have diversified increasingly in terms of source countries, doubling from 34 countries in 2007 to 68 in 2019. As a result, the country’s total exports increased 5 percent in 2019. One of the reasons for this positive performance is that, according to the World Bank, Nicaragua has the lowest export management costs in Central America, which makes it a very attractive country for exportoriented companies.
DIVERSIFYING THE KEY INDUSTRIES Nicaragua is traditionally recognized as an agribusiness location but has been evolving and developing to embrace new industries, as evidenced by its 2019 top five export products: textile and apparel, automotive harnesses, bovine meat, coffee, and gold. The country’s light manufacturing industry has become an important economic engine and one of the most dynamic sectors, contributing 45 percent of the country’s total exports. Additionally, the manufacturing of goods has evolved and diversified its processes, becoming gradually more sophisticated. Particularly, Nicaragua’s automotive components industry has grown to become the main exporter of automotive harnesses in Central America, and provider for brands such as FORD, GMC, BMW, VOLKSWAGEN, CHRYSLER. In addition, the advantages Nicaragua offers to agribusiness companies are unquestionable. The combination of fertile soil available at competitive prices, the favorable climate conditions and the abundance of hydric resources, provide the perfect scenario for the establishment of an impressive variety of agricultural production investments.
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Nicaraguan coffee is traded in over 50 markets worldwide,
and U.S. Department of Labor. The Better Work Program
the country has been officially acknowledged as a fine
has helped propel the successful Tripartite Agreements
and flavor cocoa producer by the International Cocoa
that has been so important in boosting recent Free Zone
Organization (ICCO), it is the main cigar exporter in
growth and stability.
Central America, the largest producer of livestock and beef in Central America and the fourth largest exporter
DOING BUSINESS IN NICARAGUA
of shellfish to Europe in Latin America (#1 in Central
The government of Nicaragua recognizes the importance
America).
of foreign direct investment as a key element of the country’s growing economy, which is why it strives
Nicaragua has also become an attractive destination for
to continue making the country a great investment
the outsourcing services industry, offering even more
destination for investors, by providing a series of
specialized and higher value-added services. The country’s
fundamental guarantees through the Foreign Investment
outsourcing industry currently has over 45 companies
Promotion Law (344), bilateral agreements for the
operating and providing BPO, ITO and KPO services. This
reciprocal protection of investments, and the Mediation
growing industry employs over 10,000 people.
and Arbitration Law (540), as well as fiscal incentives to
NICARAGUA’S FREE ZONE SYSTEM
different sectors.
Nicaragua offers attractive fiscal incentives through
Additionally, the country’s privileged location, with
its Industrial Free Zones for Export Law (917) that can
proximity to North, Central and South America, combined
reduce the operating costs for companies interested in
with the commercial relations Nicaragua maintains with
establishing export-oriented operations of either goods
most countries of the world, make it an ideal export
or services. The tax incentives granted by this law include
platform for export to the largest markets in the world.
100 percent exemption f rom payment of Income Tax (IR) during the first ten years of operation, as well as
Moreover, Nicaragua was recognized by the World
exemption f rom custom duties and other taxes such as
Economic Forum for the progress made in the
municipal taxes and sales taxes, among others.
development of its infrastructure, coming in ahead of Costa Rica, Guatemala, Honduras, and El Salvador and
The Free Zones have played a crucial role in the economic
ranked with the sixth best roads in all Latin America.
development of Nicaragua, in terms of the country’s industrialization and job creation. In 2020, there were 222
Furthermore, Nicaragua’s young and dynamic workforce
companies operating under this system in Nicaragua,
is known for being flexible and highly productive, with a
which generate 118 thousand jobs and export almost US$2
good work ethic, great capacity for fast learning, and low
billion in total, 30 percent of the country’s total exports.
rates of absenteeism and turn over. These qualities have
The main sectors that this system houses are agribusiness,
positioned Nicaragua as one of the most competitive and
automotive harnesses, outsourcing services, tobacco, and
productive countries in the region in terms of human
textile and apparel.
capital.
This system has been exceptionally successful and groundbreaking thanks to the “Tripartite Alliance”
FREE AND CONFIDENTIAL SUPPORT FOR INVESTORS
between business owners, the government and labor
PRONicaragua is the Official Investment Promotion
unions. When the global economic downturn hit in
Agency of the Government of Nicaragua, operating as an
2008-9, Nicaragua’s Free Zone community turned
economic development program since 2002. Throughout
to an innovative approach to deal with the crisis.
the years, the Agency has become a key player in the
Representatives f rom the government, the business
implementation of a national strategy with the dual
owners, and the labor unions met, worked out and signed
purpose of reducing poverty and fostering Nicaragua’s
a Tripartite Agreement designed to give the business
sustainable development. The agency thus represents
sector increased predictability as to wage increases
an agent of change in society, as it promotes Nicaragua
and give the labor sector more assurance of continued
as a safe and strategic target for foreign investment.
employment, wage stability, and access to social benefits.
Because of its high-quality standards and implementation
The original Tripartite Agreement was so successful that it
of world-class investment promotion best practices,
has now been extended three times, and the process has
the agency has earned a series of recognitions from
become semi-institutionalized as the “Tripartite Alliance”.
prestigious international institutions related to the subject.
The spirit of success of the original Agreement caused Nicaragua to become the only Central American country to officially join the “Better Work” labor program jointly promoted by the International Labor Organization (ILO)
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AN INTERVIEW WITH EMAD BARSOUM, FOUNDER AND MANAGING DIRECTOR OF EZDEHAR MANAGEMENT Awardee of “Mid-Cap Fund Manager of the Year - MENA 2020”
WHAT IS THE STORY BEHIND EZDEHAR? In Arabic, ‘Ezdehar’ means prosperity and the word represents an important part of our mission. Ezdehar defines its core purpose as: Driving Prosperity, Building Legacies. We aim to contribute to the prosperity of the region and to the well-being of its people by helping build companies that are not only leaders in their fields, but also establishing lasting legacies that all stakeholders can look at with pride. Only a few Egyptian companies have been established for longer than 30 years and many are still managed by their founder and still need to take
companies through alignment and developing trusted, productive relationships. Ezdehar’s investment process is characterized by looking deeper than others for the right opportunities - with a focus on mid-cap or middle market firms with the potential to transform into champions and leaders in their areas. To date, Ezdehar has made investments across a range of sectors, almost completing deployment of our first fund and positioning Ezdehar firmly as a leader in the regional private equity landscape.
DESCRIBE EZDEHAR’S INVESTMENT PROCESS?
steps to institutionalize and establish themselves for
We believe that long-term vision and genuine partnership
the long-term. This is central to Ezdehar’s investment
are the basis for collective success. This is why we look
strategy; by working with independent, founder-owned,
for partners who want to ‘redefine the finish line’ and
or family-owned businesses, who share a clear long-term
build not only a great company but a lasting legacy.
vision for impact and sustainability. Despite operating in
Ezdehar adopts a rigorous approach across every step
challenging times, on both the political and economic
of the investment process, from screening to portfolio
f ronts, Ezdehar successfully raised its first fund in 2016
management. The firm is particularly distinguished
and has since managed to develop strong investor
by a proactive multi-stage portfolio management
relationships and build a solid investor base of reputable
approach that it has built, defined, and tested since
international finance institutions as well as family offices
establishment, and that is also based on the team’s deep
and high net worth individuals. Today, we completed
operations experience. This entails the implementation
several successful investments, exited some of them,
of a comprehensive planning, governance, and follow-
delivered great returns, and are in progress of raising our
up system with the portfolio companies by establishing
second fund.
formal governance structures while working on the vision, strategy, and plans that are cascaded through the
WHAT DISTINGUISHES EZDEHAR FROM OTHER FUND MANAGERS IN THE REGION?
organization. Ezdehar builds environmental, social and
Ezdehar’s team, track record, and unique portfolio
the start to create sustainable value. With the support of
management approach position it as a differentiated
specialized consultants, we devise an Environmental and
fund manager that is well-equipped to drive significant
Social Action Plan (ESAP) that becomes a key component
value creation and deliver promising returns to fund
of our post-investment plan. Ezdehar strives to ensure
investors. Ezdehar’s team of investment professionals
that working conditions, health and safety practices,
provides their portfolio companies with strategic
corporate ethics, diversity and the environment are
guidance, support to achieve operational excellence, and
prioritized within the working practices of the businesses
genuine partnership. Our combined industry knowledge,
we work with – while also focusing on strong financial
investment, and operational expertise helps support our
performance. The aim is to balance creative potential of
portfolio companies while leaving them the space they
the organization with the necessary oversight and risk
need to truly build and create. This enables us to adopt
management with a shared goal of stability and long-
an on-the-ground, hands-on approach with our portfolio
term success.
governance (ESG) improvements into its approach from
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HOW IS EZDEHAR AFFECTING POSITIVE CHANGE IN THE WORLD?
At Ezdehar, we do not only build companies; we transform
Creating a company is relatively straightforward:
and a long-term view that can last for generations to
thousands are created every year. Capturing market share,
come. As we begin fundraising for our second fund,
developing and growing capabilities and generating
we strive to build on our track record to partner with
profits are not easy but relatively common in successful
more companies that share our drive and vision and are
businesses. However, few companies build real strength
committed to improvement and transformation. We are
and the ability to create a legacy. This requires strategic
experiencing challenging times once again, but through
thinking and vision, and an exceptional leadership
expertise, rigor, and genuine partnership, we will ensure
team. It needs constant evolution, a focus on impact
that our portfolio companies and our investors continue to
and the building of distinct brands. Legacies are not
advance and prosper. Companies are the building blocks
built overnight – it takes discipline, rigor and hard work
of society, and as we build sustainable organizations,
coupled with vision and strategy.
creating employment and improved conditions, we
them with genuine partnerships, operational excellence,
believe we have a positive impact on the community at large.
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LEADING BRUNEI’S BANKING INDUSTRY From a humble shop lot office in 1994 to becoming the largest conventional bank in Brunei and a leader in Brunei’s banking industry, Baiduri Bank has grown in strides over its 25 years of operation in Brunei Darussalam and its achievements have been recognised by numerous international publications. According to Ti Eng Hui, Chief Executive Officer of Baiduri Bank,
“Our successes and position in the economy can
be attributed towards our commitment to local projects, interests and clients, our responsiveness to react to changes and the foresight to anticipate changes in the global and regional economy, as well as our global outlook.” Baiduri Bank’s core businesses comprise Retail Banking, Corporate and Institutional Banking, while its wholly owned subsidiaries Baiduri Finance and Baiduri Capital specialise in consumer financing and investment solutions respectively. Today, technology plays a pivotal role towards the successes of economies and businesses, and in improving financial accessibility for the general public, banks need to adopt more technological solutions to cater to customers’ evolving needs and requirements.
TECHNOLOGICAL ACHIEVEMENTS With technology now playing a more pronounced role in how businesses and individuals conduct their banking, Baiduri Bank has developed several user-friendly mobile applications in keeping with the digital banking movement. The Bank’s latest tech offering, Baiduri B. Digital Personal, is a digital banking and lifestyle platform. With a plethora of new features that put emphasis on enhanced customer experience and engagement, the Baiduri B.Digital Personal mobile app sets out to be the go-to solution targeting the young, tech-savvy generation who demand mobile services as their default way of banking. Additionally, Baiduri Bank also has a dedicated internet banking platform for businesses, known as Business i-Banking, which provides a modern, convenient and secure channel for businesses to manage their banking needs efficiently.
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LE ADING BR UNEI ’ S BANK I NG I ND UST RY
Meanwhile the Bank’s subsidiary, Baiduri Finance, also
taken lightly is data security. Baiduri Bank is the first and
offers a standalone mobile app, the Baiduri Finance
only bank in Brunei to be PCI-DSS certified, reflecting the
Mobile App, a tool catering primarily to hire purchase
Bank’s steadfast commitment to uphold the global data
payments among others. Understanding and being able
security standard for processing, transmitting and storing
to cater to the unique needs of the Bruneian customers
cardholder data. Baiduri Bank is certified to the latest
is crucial towards the success of any new offerings, and
industry standard, PCI-DSS Version 3.2.1.
with automobile financing being a necessity for many, the Baiduri Finance Mobile App provides an easier and faster
BUILDING FOR THE FUTURE
alternative towards meeting their hire purchase needs.
In line with the nation’s agenda to build a highly skilled workforce, Baiduri Bank has invested heavily towards
Among their other digital innovations is the introduction
human capital development.
of Brunei’s first online securities trading platform.
“Through our subsidiary, Baiduri Capital, we provide the opportunity for our customers to invest in major stock markets including Singapore, Hong Kong (including the Shanghai-Hong Kong Stock Connect), Malaysia and the United States,” Ti explained. “Our secure online trading portal allows customers to obtain quotes, place orders and review their account status and balance at their convenience.” Baiduri Bank is still the first and only bank in Brunei to
“We have an agreement with world renowned Moody’s Analytics for the provision of a structured e-learning solution for our employees under various divisions of the Bank. This is a first of its kind for a Brunei bank,” said Ti. “This solution, as well as others, is part of our plan to create a future-ready, dynamic and highly skilled workforce in line with one of the goals of Wawasan 2035, the nation’s long-term development plan for an economy that is dynamic and sustainable.”
offer an e-payment solution through MerchantSuite, an
Other initiatives include the implementation of SAP
online platform facilitating the issuance of invoices and
Success Factors, a world-leading provider of human
card payments without requiring a dedicated, and often
capital management systems covering core human
costly, e-commerce website. MerchantSuite enables local
resource processes and talent management, as well as the
small and medium enterprises to extend their market
launch of the Baiduri Management Associate Programme,
reach by allowing shopper to pay online with any Visa,
a year-long development programme aimed to provide
Mastercard or American Express cards.
successful candidates with a solid foundation in banking through job rotations under the guidance of experienced
Baiduri Bank is also partnering with DST, one of Brunei’s
managers.
largest telecommunications providers, to launch an e-wallet. This partnership allows Baiduri Bank, the country’s largest card issuer with the largest merchant base, and DST to share resources and create the largest digital payment ecosystem in Brunei with connectivity to regional and international payment platforms. While technology has been the driving force behind practically all modern-day innovations within the banking sector and beyond, a crucial aspect which must never be
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NURTURING THE LOCAL ENTERPRISES In support of the nation’s economic agenda to diversify beyond the oil and gas sector, Baiduri Bank continues to play an active role in various local business development programmes.
The Bank has introduced the Baiduri SME Empowerment
The Bank activated split operations with alternate teams
Series in partnership with Darussalam Enterprise (DARe),
working in separate physical locations away from the
a statutory body with the aim to nurture and support local
primary site. The Bank also performed professional
enterprises in the early and middle stages of the business
sanitization of all branches including its subsidiaries.
life cycle. Ti said,
Mandatory temperature screening, social distancing measures as well as fabricating acrylic shields at teller
“This initiative is aimed at implementing a series of skills training workshops designed to complement existing training programmes offered by DARe, thereby providing a more comprehensive, well-
counters to form a protective barrier were swiftly implemented across all branches. The Bank also provided personal care kits for all employees as part of its efforts to ensure that their health, safety and well-being.
rounded training curriculum to local entrepreneurs,
In support of efforts led by the Ministry of Finance and
empowering them to achieve greater success in their
Economy and the Autoriti Monetari Brunei Darussalam
business ventures.”
(AMBD) to assist financially impacted individuals and
Baiduri Bank also offers a wide range of solutions for local
has introduced several support measures to help mitigate
SMEs to optimise their cash flow and finance their growth.
the impact.
Some of the financing solutions include Working Capital
businesses during the COVID-19 outbreak, Baiduri Bank
Financing, Instalment Loan, Property Loan as well as trade
SUPPORT FOR INDIVIDUALS AND BUSINESSES
financing options such as Indent Financing and Account
For eligible individuals who are financially affected by the
Receivables Financing. Through these financing solutions,
pandemic, the Bank introduced a deferment of principal
local SMEs have access to short and medium-term capital
payment for personal and mortgage/property loans, an
to fund their operations or grow their business.
option to convert credit card balances to term loans and deferment of Hire Purchase principal payments through
Other products designed to serve SMEs include business
Baiduri Finance.
credit cards, payroll processing and other day-to-day banking services such as fund transfers and bill payments.
The Bank’s support measures for corporate clients include a deferment of loan principal repayments for companies in
ACTIVE SUPPORT MEASURES
all business sectors. Additionally, businesses under eligible
Speaking on the Bank’s response towards the COVID-19
categories including tourism, hospitality, air transport
pandemic,
“We activated our Business Continuity Plan (BCP) for a Pandemic on 12 March 2020 after the World Health Organisation declared COVID-19 a pandemic. But prior to the activation of
and food & beverages were also given waivers of fees and charges for trade and payment transactions. These measures were primarily intended to help alleviate the short-term cash flow problems for local businesses that were adversely impacted by the COVID-19 outbreak.
BCP, Baiduri Bank had already begun taking
PROMOTE DIGITAL CHANNELS
precautionary steps as early as January, when
In addition, the Bank also implemented fee waiver for
Singapore announced its first confirmed case,” Ti
online fund transfers between local banks to encourage
said.
its customers to utilise digital channels such as online or mobile banking or via the ATMs, in line with safe distancing measures.
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BRAND REFRESH Baiduri Bank launched its refreshed brand in September 2020, following an intensive year-long process of planning, research and assessment in partnership with an international team of brand consultants. It is a culmination of a journey to find out how the Baiduri brand was seen by its business partners and employees and definition of a truer representation of who the Bank is and what it stands for. Ti said,
“Our community, and the world around us,
is changing and we too must change with it. As we prepare ourselves for the next phase of growth, we want to take the opportunity to have a closer look at our core capabilities in the context of the changing world, and ask ourselves how we can redefine our vision to be stay relevant, and to better communicate the strengths and values that make Baiduri unique. We also want to rally our people behind a shared purpose, so they are inspired to do their best to create meaningful impact in the communities we serve.” WELL POSITIONED FOR SUSTAINABLE GROWTH Baiduri Bank’s global outlook coupled with deep local insights, strong commitment to the domestic market and quick adoption of new technologies have contributed to its success as the leading conventional bank in Brunei. On the digital payment front, the Bank fully supports the primary objective of AMBD’s Digital Payment Roadmap to create a digital payment ecosystem by 2025. With plans to continue development and enhancement of its electronic payment capabilities and e-banking services, the Bank is on course to be a leading player in the digital banking realm in Brunei. With a strong credit rating of BBB+/A-2 from Standard and Poor’s coupled with high liquidity, Baiduri Bank is well-positioned to capture opportunities in the market and drive sustainable growth as the leading and preferred financial partner of Bruneian businesses and consumers.
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DIGITERRE LEADS THE WAY IN TECHNOLOGY AND DATA FOR INVESTMENT MANAGERS Technology is the single greatest source of competitive advantage in the digital age, and data is a critical component. In this article, Digiterre considers how investment management firms should manage data at a time of significant business and technology disruption. In twenty years of working with investment managers, across every conceivable strategy, f rom event-driven to global multi-strat to insurance-linked securities (ILS), Digiterre has noticed a characteristic shared by the most successful fund managers. Those who grew bigger and faster than their peers all invested early in institutional class technology and data management in the areas of trading, valuation, risk and operations. By contrast, those who didn’t invest early, and relied for too long on manual processes and spreadsheets, typically paid the price down the line. As firms scale, and manage portfolios of increasing size and complexity, the lack of investment in technology often leads to failed investor due diligence, poor risk controls, operational failures and lost investment opportunities.
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D igiterre Leads the Way in Techn olog y an d Data for I nvestmen t Man agers
Technology – and data management in particular – is the
large and complex data sets, in the form of market,
key to unlocking operational efficiency and competitive
networks and relationships, or operational data, such as
advantage. For fund managers of all sizes, enterprise-
in trades and transactions, rapidly and in real-time. The
quality software is now a major differentiator and a
platform is based on multiple years of technology research
clear sign to their clients and other stakeholders of their
and development and builds on Digiterre’s award-winning
institutional quality. Businesses increasingly recognise
work for clients in the investment management, energy
that greater data accuracy, and better data management,
trading and banking sectors.
mean greater value. However, the cost and complexity of data management is driving many investment managers
Many investment management and trading businesses
to think more strategically about their approach.
continue to operate in data silos and face challenges with the quality, volume and timeliness of their data
Investment executives are under tremendous pressure
reporting and analysis. This challenge grows by the day
to increase growth opportunities, reduce costs, address
as the volume of data, and the number of alternative data
competitive threats and manage regulatory challenges.
sources available to all market participants, continues
Continual transformation is the new normal for most
to grow exponentially. DataMax is a catalyst for digital
businesses, and data transformation underpins most
transformation as it accelerates an organisation up the
change – yet we are seeing constant increases in, and
data maturity curve to the point where a substantial
challenges with, data silos, volume, value, fidelity and
proportion of business processes, or even entire business
timeliness.
divisions, can be managed using true data-led decision making. DataMax helps organisations realise that goal
Data challenges often fall into three broad categories:
faster and with lower risk.
market data, such as time-series and non-time-series data orchestration and analysis; operational data, including
The platform takes the most complex elements of
data ingestion, validation, enrichment, analysis and
real-time data management and makes them simple
reporting platforms; and networks and relationships,
to develop, deploy and operate at scale. Coupled
for example global transactional look throughs, rebates
with Digiterre’s domain knowledge in the investment
management and pre- and post-trade analytics.
management sector, DataMax empowers technology teams with the tools to improve operational and
In response to these challenges, Digiterre launched
organisational effectiveness and accelerate data maturity.
DataMax, an enterprise platform for technology teams to
This in turn provides a springboard for data-driven
manage and analyse big data and support operational
insights and digital innovation.
resilience and business growth. It can be used by investment managers to integrate, manage and analyse
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DataMax can be used to manage data challenges related
platform for asset modelling and optimisation. The
to the data silos and disparate storage technologies so
system enables the client’s quant teams to run models
often associated with big data initiatives; data transport
with greater flexibility and speed, including pricing
under volume and time constraints; data quality and
forward curves, in real-time, for energy commodities.
validation; data enrichment to ensure fit-for-purpose information; and robust authentication and authorisation
Also, in energy and utilities, Digiterre is working with
processes.
a leading independent energy and commodity group, based in Switzerland, to build a settlement platform
Deployed in the cloud or on-premise, Datamax can be
to support invoice generation, payment approvals and
applied to improve numerous organisational outcomes,
integration with accounting systems.
including; analytics platforms for market data teams and traders; regulatory reporting, for example required by
In addition, the consultancy is developing an operating
MiFID II; more effective relationship mapping to maximise
platform for position transfer, and implementing
the performance of distribution networks; improved
a complex integration architecture between two
portfolio management through greater accuracy of
subsidiaries, for another Switzerland-based energy trading
trading positions and cash flow.
business.
DataMax modules have recently been used on new and
A powerful big data and real-time platform, built to
exciting projects at leading financial and investment
handle change, DataMax lies at the heart of Digiterre’s
management organisations, where delivering high-risk,
software and data engineering consultancy. Digiterre
high-profile and time-constrained projects is crucial to
enables technological and organisational transformation
business success.
for many of the world’s leading organisations by envisaging, designing and delivering software and data
For example, working with the FX trading division of a
engineering solutions that users want, need and love to
global banking and investment management company,
use. Ultimately, this ensures that Digiterre can deliver
Digiterre is building a technology and operations platform
high-risk, high-profile and time-constrained technology in
for integrated FX reporting and analytics. This highly
less time than competitors, often significantly so.
scalable and automated system provides a unified view of real-time requests, and client credit and regulatory status, across a highly complex, global FX f ranchise. Digiterre is also partnering with one of Europe’s largest energy supply companies to build a cloud-hosted
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A healthy portfo l io require s an in n ovative partn er to really accrue re sults .
A HEALTHY PORTFOLIO REQUIRES AN INNOVATIVE PARTNER TO REALLY ACCRUE RESULTS. Luckily, Arche Associates are available for all you private wealth management needs
One of Europe’s leading financial services companies,
level services as demanded by an international clientele.
Arche Associates consists of three independent entities.
Luxembourg plays a key role in the professional quality
So depending on the type of advice required, clients can
and institutionalisation of the Family Office and Wealth
choose f rom one of the following:
Management businesses.
Arche Family Office: the first multi- family office to have
A CUSTOM-MADE SERVICE
obtained the approval of the Luxembourg Ministry of
Arche Wealth Management is regulated by the
Finance under the law passed on 21 December 2012. Arche
Supervisory Board of the Financial Sector (CSSF) in
Family Office is at the service of wealthy clients in search
Luxembourg. The division provides tailor-made portfolio
of expertise, transparency and independence in the
management services; has extensive financial market
overall management of their private wealth.
experience, and is totally dedicated to its clients.
Arche Wealth Management: created and approved in
Offering continual stability, Arche perfectly understands
2013 after repeated demands from clients to provide
the situation of its families and maintains a close and
tailor-made portfolio management services.
constant dialogue with them. By selecting the world’s best investment funds, which give access to a flexible
Arche Private Advisors: established in 2015 to consult,
allocation, Arche provides a professional and specialised
structure and accompany its clients’ real estate
service in all traditional asset classes, as well as in custom-
investments.
built structured products and private equity investments. Arche takes pride in providing sophisticated solutions
The creation of Arche Associates is based on a deep
specifically tailored to each client’s needs. Operating as
conviction that private wealth should benefit f rom
an independent firm, Arche avoids any conflict of interest
innovative solutions tailored to individual needs.
and works exclusively for each client’s benefit.
The group is based in Luxembourg due to the country’s
Arche also manages dedicated investments on thematics
political stability and relevant legal and tax structures,
to benefit from specific trends.
which allows Arche Associates to provide a range of high-
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Arche Wealth Management creates portfolios with a customised allocation. It does this while maintaining a close dialogue with the clients, for whom transparency reports are provided, in order to follow the evolution of the portfolios. The wealth management division is also the architect of a tailored-made asset allocation. The portfolios are assembled to reflect the firm’s market convictions while taking into account the specific orientations as agreed with the client. Arche manages on a discretionary basis and also offers an advisory management service in order to analyse the situation in accordance with market dynamics. The firm also provides continuous portfolio monitoring with a high response capacity. It selects the best management specialists in the world. Arche Wealth Management’s investment committee relies on a network of strategists to help develop and put into perspective its own market scenario. Through an open architecture, the selection of investment funds enables Arche to provide a relevant and specialised service on all asset classes. Arche Wealth Management is an independent management company that works with several depository banks. Clients entrusting the management of all or part of their assets may retain their historical custodian bank(s).
THE PARTNERS AT ARCHE ASSOCIATES Clients can also benefit f rom the network of custodian
INNOVATION The firm’s strong growth prospects are made possible thanks to its pursuit of innovative solutions in order to always better serve each client’s interests. An exclusive partnership developed with the National Bank of Canada is an illustration of this drive to provide clients with reasons to come and reasons to stay. This international partnership with Quebec’s main bank offers Arche’s clients a custodian bank service as well as a multitude of investment solutions in Canada. Ultimately, this makes it possible to diversify the risk of holding assets by placing them on the North American continent. The partnership provides access to structured products that are unique in their design as well as to real estate investment opportunities in Canada. Arche always looks for new ideas, products and concepts. Another example of Arche’s innovative vision is the development of a partnership with Swiss Life and the National Bank of Canada authorised by the Insurance Commission of Luxembourg. This agreement allows Arche’s clients to use the National Bank of Canada (NBC) as the custodian of a life insurance contract by Swiss Life. It offers a unique solution that combines the benefits of a Luxembourg life insurance while diversifying risk by placing assets in Canada and taking advantage of Arche’s asset management expertise.
banks with which Arche Wealth Management has negotiated competitive pricing conditions.
ASSET ALLOCATION
With independence, transparency, innovation and excellence driving the company’s success since its inception five years ago, Arche Wealth Management will
Arche Associates’ objective is to create a steady
continue to be the perfect partner to its wide range of
appreciation of its clients’ capital by producing positive
clients.
returns while maintaining investment risks and volatility at a level agreed upon with the client. The firm’s investment philosophy is based on the following points: • The core portfolio relies on selections of the best expertise over flexible asset allocation funds, which provides an anchor in the market by adapting the allocations depending on market conditions • To enhance returns, the portfolio relies on specific investments (thematic funds such as robotics, biotechnology) • Absolute return strategies and structured products to diversify and increase portfolio’s protection
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MOVE OVER BITCOIN, DEFI IS ARRIVING! By Jeremy Cheah, Thong Dao, Linzhi Tan and Maurice Yap
Decentralised Finance (DeFi) is a movement which aims to create a new financial ecosystem which is transparent, open to all and, as its name suggests, doesn’t operate under a central authority. Unlike traditional finance, which uses centralised processes and intermediaries, DeFi uses technologies like blockchain and distributed ledgers to facilitate financial activities like lending and borrowing, creating derivatives and insurance. Today, DeFi assets are worth over US$22 billion - a ten-fold increase since July 2020.
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DECENTRALISED TECHNOLOGY Smart contracts and blockchains are the main building blocks of DeFi applications. Smart contracts are computer programs which are automatically executed without human intervention to enforce the terms of an agreement between two parties by adding transactions to a blockchain. This could be the payment of a unit of a cryptocurrency (a crypto-asset) or the settling of an insurance claim. A blockchain is a cryptographicallysecure decentralised ledger. Because blockchain networks in DeFi are publicly-visible, smart contracts can be seen and audited by anyone. A fundamental principle of DeFi is that it does not require trust in intermediaries like banks or insurance companies. This means that decentralised accounts (“wallets”) are non-custodial and so users take responsibility for protecting the funds in and access to their own wallets. While in traditional finance, banks rely on expensive physical inf rastructure to reach customers, DeFi networks
Differences across legal jurisdictions and a general lack of legal certainty about regulation hinder DeFi innovation. However, 2020 saw the start of a regulatory revolution for cryptocurrencies. In September 2020, the European Commission released a suite of proposals introducing a comprehensive EU-wide regulatory system for issuers and service providers in the crypto-asset market. This aims to mitigate the risks of a growing crypto-asset market to consumers and to financial stability and has two key elements: a draft Regulation on Markets in Cryptoassets (MiCA) and a proposal for a blockchain regulatory sandbox. US lawmakers introduced the Crypto-Currency Act of 2020 which created a regulatory framework for crypto-assets and clarified which federal agencies regulate different crypto-assets. Table 1 outlines cryptoasset classification and regulatory perimeters in different jurisdictions. Table 1: Overview of major crypto-asset classification frameworks and regulatory perimeters
are theoretically accessible to the over 1.7 billion unbanked people in the world and offer similar services with fewer barriers and lower entry costs. DeFi also brings other advantages, for example, international payments do not incur additional fees and exchanging crypto-assets for fiat currency or other cryptocurrencies is not taxed. These could suggest why DeFi has surged in popularity during the COVID-19 pandemic.
EU, UK AND US REGULATORY FRAMEWORK Despite the excitement over its potential, DeFi’s involvement in financial activities has attracted attention f rom regulators across many countries. DeFi trading poses many challenges to regulators in terms of protecting investors, market integrity and financial stability.
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Move over Bitcoin , D eF i is arrivi n g!
REGULATION AND THE CLASSIFICATION OF CRYPTO-ASSETS
TAXATION CHALLENGE
Regulatory frameworks in the EU, UK and US generally
be complex and subject to interpretation. Tax treatment
draw clear distinctions between the different types of
for individuals and businesses may depend on the activity
crypto-assets as seen in Table 1. Security tokens (crypto-
undertaken rather than the type of crypto-asset. In South
assets which represent securities) and e-money tokens
Korea, individuals’ profits on crypto-assets are tax-free
are within EU, UK and US regulatory perimeters while
while in South Africa, income from and capital gains on
exchange tokens (crypto-assets which give the holder
crypto-assets are taxable.
Taxation law for crypto-assets in the EU, US and UK can
a benefit on an exchange) are regulated in the EU and US. The UK Financial Conduct Authority (FCA) does not
Although there are some worldwide guidelines and
regulate exchange tokens, such as Bitcoin or Ether, since
regulations regarding DeFi, regulation and taxation are
they do not meet any of the criteria for assets which it
currently still up to individual countries. Bringing about
regulates. In most cases, the FCA also does not regulate
a global regulatory framework will be a difficult and
utility tokens (crypto-assets which provide the holder with
lengthy process and will face obstacles in implementation
a product or service) unless they meet their definition of
and enforcement due to the ambiguity of jurisdictions.
e-money. Utility tokens are also unregulated in the EU. In
Multiple governments and authority agencies developing
the US, multiple regulators are responsible for different
their own laws and guidelines which may lead to complex
crypto-assets, with cryptocurrencies, crypto-commodities
compliance practices for regulated services providers.
and crypto-securities overseen by the Financial Crimes
Regulators should be conscious of striking a balance
Enforcement Network (FinCEN), the Commodity Futures
between stringent regulation and allowing technical
Trading Commission (CFTC), and the Securities and
innovation. A form of RegTech could be adopted for
Exchange Commission (SEC) respectively.
regulation within the DeFi ecosystem where authorities
A recent development in DeFi is the emergence of
design technology-based regulatory and supervisory
stablecoins - cryptocurrencies whose value is pegged to a
systems with regulatory requirements which can be
real-world asset like gold or the US dollar. Stablecoins are
embedded into DeFi systems.
treated as a special category in regulatory f rameworks, given the complexity of their structure and arrangement. Deciding whether a stablecoin or ICO (initial coin offering) falls within EU or UK regulatory perimeters is done on a case-by-case basis. In December 2020, the new Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act was introduced in the US. It requires stablecoin issuers to secure bank charters and obtain regulatory approval before circulating stablecoins.
ANTI-MONEY LAUNDERING (AML) REGULATION
INVESTING WITH YIELD FARMING Yield farming is a recent development in DeFi cryptocurrencies. It involves lending your crypto-asset funds in a peer-to-peer money market to earn financial rewards in the form of fees and interest payments. The decentralised system means that there is no central exchange or institution, and every participant can be the counterparty of anyone else. This is a major difference to traditional lending and borrowing through banks. Taking part in and enjoying the benefits of yield farming simply
A major concern to regulators around DeFi is its
requires an internet connection and a cryptocurrency
potential to be used for money laundering because
wallet which anyone can create online for free.
of its decentralised nature. In the EU, UK and US, cryptocurrency platforms and wallet providers are
Yield farming works in a similar way to the Automated
required to perform know-your-customer (KYC) checks
Market Maker (AMM) model. Essentially, people with idle
when customers open an account by checking their
crypto funds can put them to work by depositing them
personal ID. Large or suspicious transactions must also
in a liquidity pool (in other words, providing liquidity) and
be reported to the authorities. The Financial Action Task
then those in need can borrow from the pool. Borrowers
Force (FATF), the global money-laundering watchdog,
incur fees or interest payments which will be rewarded to
issued global binding standards on crypto-assets and
liquidity providers as compensation for their contribution
related service providers to prevent the misuse of virtual
to the pool. Smart contracts carry out transactions
assets for money laundering and terrorist financing.
between lenders and borrowers including the application
All G20 countries, including South Korea and South
of fees and interest.
Af rica, have declared their commitment to follow these standards. The proposed “travel rule” clause requires its 205 affiliated countries to ensure domestic cryptocurrency exchanges share real-identity information with transmittal counterparties or face increased AML monitoring. In South Korea, exchanges, trusts, wallet companies, and ICOs are now required by law to have a real-name verification partnership with an approved Korean bank.
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In this decentralised marketplace, there are various
A common measure for the overall level of yield farming
independent pools with a wide variety of fee structures.
activity is Total Value Locked (TVL), which shows the
For example, at the date of writing this article, the
amount of funds currently involved in DeFi lending and
annualised lending rate for Bitcoin (the first and largest
borrowing. Although yield farming has been around since
cryptocurrency) ranges f rom 0.8% to 8.71%. Rates
late 2017, it was not until mid-2020 that this phenomenon
also depend on the cryptocurrency; in contrast with
really exploded in popularity. In just a few short months
Bitcoin, the current rate for Ether (the second largest
in the second half of 2020, TVL surged from a meagre 1
cryptocurrency but the most popular for yield farming)
billion USD to a whopping 12 billions USD (an increase
ranges between 0.02% and 6%. An important part of yield
of 1100%) with only minimal corrections and no signs of
farming is keeping track of rates across a wide range
slowing down.
of liquidity pools and cryptocurrencies to quickly take advantage of favourable rates. Farmers may also deploy
In summary, we are awe-struck in recent weeks by the
advanced strategies to maximise returns and minimise
large gains in Bitcoin price, but Bitcoin appears to be a
risks, such as diversification using a portfolio of pools or
subset of a much wider disruptive financial innovation
reinvesting payments received in one pool into another.
taking place. Whilst DeFi is truly defying gravity in relation to its growth, it is still not accessible for the large swathe
YIELD FARMING IS DRIVING DEFI
of population given the technical complexity and lack
A big reason why yield farming is attractive is its potential
of user-friendly interface underpinning its ecosystem. It
for significantly higher returns than conventional lending.
is also a very risky venture for those who are unfamiliar
Interest rates for savings accounts in the UK and US are
with the market as comprehensive legal enforcement
mostly currently below 1%, which is at the very low end of
and protection offered to investors within the existing
yield farming rates.
regulatory framework is virtually non-existent. However, its true potential to revolutionize the wider financial
However, yield farming also has several significant
landscape and architecture is currently undermined by
disadvantages. Firstly, the market is fast-paced so yields
yield farming activities.
can be highly volatile. Secondly, unlike traditional lending such as through banks, funds do not have any inherent protection. Thirdly, yield farming relies heavily on smart contracts which, being a relatively new technology, may contain bugs and errors - especially when many are created on limited budgets.
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HOW TO BUILD ORGANIZATIONAL RESILIENCE: A SPOTLIGHT ON GLOBAL PAYROLL The best organizations are rooted in routine: it’s how they get things done. The task might be simple, such as completing a timesheet or signing a document, but there’s a process. These routines guide us. In crisis or uncertainty, organizations need to adapt quickly. Never has that been truer than with the global pandemic. Organizations scramble, experiment, and land on alternative ways of working. The question is, how do you build organizational resilience when it comes to a high-stakes area like employee pay? Much has been written about engaging employees; it’s well documented that employee productivity plummets when retention risks increase. And there’s nothing more important to employees than getting their wages, on-time and accurately. That requirement – and challenge – is amplified when employees are dispersed around the globe. Unifying payroll and payments can help unify the modern workforce as well, streamlining tax and labor complexities for the employer and raising employee confidence. It’s become even more important during the global pandemic’s challenges and the crying need for organizations to centralize business-critical functions digitally, fast. 2020 was the game-changer year for payroll. Organizations, for example, experienced upheaval of their routines and distribution of their employees. Added to the impact of COVID-19 and the sudden shift to sheltering at home has been socioeconomic instability given political and social unrest in previously staid markets. On the worker level, stress and high levels of burnout abound, as employees lost the benefits of face-to-face interactions with colleagues and managers. Further to the decline in morale and increase in confusion were furloughs, layoffs and redeployment of talent. Payroll became the single source of truth in organizations: the connective thread between employer and employee.
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As organizations look to post-pandemic recovery, there
for the pandemic. Moving to this desired state requires
are and will continue to be many changes. Employees
careful consideration, especially in selecting the right
have new expectations shaped by the uncertainties
outsourcing partner that can provide both treasury and
they’ve experienced. Financial stress is on the rise,
payroll services. COVID-19 uncovered many moving parts
especially among Millennials, who were particularly
and fragmentation. Isn’t it time to take those lessons to
hard hit. According to Charles Schwab’s 2020 Modern
heart and document people, processes and procedures?
Wealth Survey, 57 percent of Americans say COVID-19 has
Paying your employees on time and accurately goes
financially impacted them or a close family member. In
beyond meeting your compliance and regulatory
addition to their heightened focus on financial wellness,
requirements. Organizations that deal with fast-evolving
employees require reassurance and empathy from their
situations know that it pays to prepare for the unexpected
employer, qualities that are even more important during
and build robust global strategies. A unified payroll
a crisis.
platform ensures your organization is more resilient in the face of extraordinary challenges.
From new expectations come new ways of living. Employees fled cities to live in the suburbs as the former became centers of the virus. Such unanticipated changes in location – whether short-term or longer – have resulted in worries for already stretched HR and payroll professionals grappling with the related tax implications. Women have left the workforce in droves during COVID-19 due to family pressures such as homeschooling children and balancing eldercare. The May 2020 U.S. Labor Report cited a shocking 2,651,000 women left the workforce at the start of the pandemic. Often, it’s these same workers who held service occupation jobs, crippling categories
David Barak is the Chief Marketing Officer at global
that were already in trouble.
payroll and treasury services provider, CloudPay. He leads a global team focused on communication, brand strategy,
With all of these changes and to the degree to which
HCM ecosystem partnerships, and HR technology
they’ve occurred, it’s readily apparent why unifying payroll
integrations.
and payments is a practical necessity. Having one system of record ensures data integrity, pay processing timeliness, and payroll and payments accuracy. The model reinvents traditional payroll, moving it f rom a decentralized model with varying process maturity levels to an elegant, centralized technology-driven standardized operation. Consolidating on a single platform means employees, managers and employers gain certainty in uncertain times through better tax and compliance reporting. Increased automation and digital transformation make for a more modern employer brand, attracting and retaining employees. And employees are empowered, loyal and more productive. Process automation is just one of the areas of improvement to consider. Single-person dependencies were uncovered by the pandemic. For example, companies had not anticipated the number of unemployment claims and teams that did not have cross-trained staff couldn’t meet the corresponding deadlines. Plus, documentation locked away in file cabinets was of little use to those dealing with these high-volume situations. Yet, another ringing endorsement for building one unified digital platform that can support organizational resilience. A well-designed global payroll strategy isn’t an initiative lightly taken. Few organizations were fully prepared
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From Family Office to Wealth Management. An innovative and independent partner.
37 A, Avenue J.F. Kennedy President East Building L-1855 Luxembourg
T: +352 26 00 17 F: +352 26 00 17 00 M: contact@arche-office.com
arche-associates.com
INTERVIEW WITH RODRIGO MARTINS CEO OF RIPOL ALLIANCE GLOBAL WEALTH STRATEGIES, WINNER OF MULTI-FAMILY OFFICE OF THE YEAR TELL US A LITTLE ABOUT RIPOL ALLIANCE GLOBAL WEALTH STRATEGIES (WHEN WAS IT CREATED, YOUR SPECIALTY)? Ripol Alliance Global Wealth Strategies was created in 2015. We are Multi-Family Office, which brings together several multidisciplinary services aimed at managing the wealth of our clients - companies, family groups, executives and entrepreneurs. Ripol Alliance is a company that integrates Ronaldo Martins & Advogados (Law Firm) group, based in Brazil, with associated offices in the United States and Europe mainly. Ronaldo Martins & Advogados (Law Firm) has 30 years of experience. Our work is focused on the broad concept of wealth (financial and real estate assets, in addition to operating companies), with activities that include Wealth Planning and Financial Management, Legal Wealth Strategies and Development of New Business Opportunities.
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H ow To B uil d O rganization al R esilie n ce: A Spot light On Global Payroll
CONGRATULATIONS ON BEING AWARDED THE MULTI-FAMILY OFFICE OF THE YEAR - WHAT MAKES IT DIFFERENT FROM OTHER WEALTH MANAGEMENT PROVIDERS?
DID THE CORONAVIRUS PANDEMIC AFFECT THE RIPOL ALLIANCE GLOBAL WEALTH STRATEGIES IN ANY WAY?
I thank you on my behalf and from the entire team. It is
segments, there was a decrease in the processes
work done by several hands.
underway. But as we operate in the long term, the actions
At the beginning of the pandemic, as in many other
were quickly resumed. Regarding what makes us different f rom other providers
to “see” the customer in the most diverse facets. It is
COULD YOU SHARE SOME SUCCESS STORIES OF HOW THE RIPOL ALLIANCE GLOBAL WEALTH STRATEGIES IMPACTED A COMPANY?
worth saying that we are also a family group. My father is
We took care of a recent case, in which a Brazilian
the founder o four Law Firm and this facilitates for us to
businessman decided to move to the USA with his family.
know and better understand the needs of our customers.
In this process, we developed the entire pre-immigration
We look for an accessible language, equal to equal. In
planning process where we not only took into account
addition, the Ronaldo Martins & Advogados (Law Firm) has
our client’s succession plan/wish for which we use Trusts,
always had a direction that is “the place where business
which is an aspect of technical relevance for the USA, but
takes place”.
we also took care of the tax planning seeking the highest
is the fact that it is part of a Law Firm, which completed 30 years in 2020. The team is multidisciplinary and seeks
possible tax efficiency, and in this way, providing our client A differential of our services in relation to other companies
with a tax savings of several thousand dollars (6 figures).
in the same segment is the structuring of the social
However, we are unable to share personal customer and
area, with the establishment of foundations or institutes
transaction details because of our commitment to the
through which we can finance causes capable of leaving a
confidentiality of our customers’ information.
legacy for the whole society.
DOES THE RIPOL ALLIANCE GLOBAL WEALTH STRATEGIES OFFER WORKSHOPS OR OTHER EXTENSION SERVICES ON CAPITAL MANAGEMENT? We are starting a training/education program in 2021 that will address issues such as wealth management, business internationalization, family succession, among other topics. Additional information will be released shortly.
WHAT ARE YOUR PROJECTIONS FOR 2021? Our idea is to start training / education courses in order to prepare executives and successors for asset management.
TELL US A LITTLE ABOUT RIPOL’S AREAS OF ACTIVITY. ESTATE PLANNING Development of estate planning in order to preserve
WHAT IS THE BIGGEST CHALLENGE OF BEING A MULTIFAMILY OFFICE?
the estate more efficiently from a tax, succession and
It is to understand the expectations of customers
advantages is the formulation of strategies to enhance
and their families so that the direction to be adopted
and value, on a continuous and constant basis, the
represents a safe option guaranteeing the continuity
heritage accumulated by past generations. In this way,
of the business, if so the will of the family/customer;
we make it possible to guarantee that the family legacy
the search for new investments and the reconciliation
will be passed on from generation to generation, on an
between the interests of the various family members.
increasingly solid basis.
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operational point of view. One of our great competitive
LEGAL WEALTH STRATEGIES Legal analysis of aspects related to wealth management and maintenance, covering relevant factors such as the residence, for legal purposes, of the wealth holders; as well as where your business is based. From there, a critical assessment is made of the set of legal risks to which the various assets that make up the global Wealth are exposed, and how they can be protected: individually and in their entirety.
WEALTH PLANNING Activity dedicated to the specific wealth planning and management of our clients, seeking in a neutral and independent way the best financial investment options within the concepts of diversification and allocation according to the investment profile of each client.
DEVELOPMENT OF NEW BUSINESS Area dedicated to advising our clients on the existing opportunities for direct investments in the so-called Real Economy. We do this through advising on M&A and Joint Ventures operations, for example. We also respond to the specific demands of our clients in the real estate market for investment in real estate for personal or commercial use. Our approach also includes other solutions related to the creation and the protection of wealth, such as life and asset insurances. To this end, we operate on the management of relationships with other independent professionals: international law firms, fiduciary providers, specialists in highly technical markets, real estate and insurance brokers, among others.
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NEW F-PACE
HARD TO FORGET.
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L
uxury. Once it was synonymous with overt displays of wealth. Now more of us value how it makes us feel: contented, liberated, fulfilled. The designers of the new Jaguar F-PACE understand this. See the proof in the beautiful all-new interior with tactile materials and jewel-like detailing. In the highly responsive, naturally intuitive Pivi Pro infotainment. In the Cabin Air Ionisation and Filtration system that captures ultra-fine particles and enhances occupant wellbeing. Jaguar’s F-PACE is the definitive luxury performance SUV, with a beautifully crafted all-new interior complemented by an assertive new exterior design and the latest powerful, efficient, electrified engines. But more of that interior first. It offers heightened luxury, enhanced connectivity and greater serenity and refinement for driver and passengers. The new cockpit design is bolder and more dynamic. A new sporty centre console sweeps up to the instrument panel and incorporates an optional wireless charger with signalboosting technology. Authentic finishes, including open-pore wood veneers and aluminium, feature in beautifully formed shapes such as the upper door insert and full width ‘Piano lid’ formed across the width of the instrument panel. Laser-etched mid-line speaker frets and the metallic rotary dial of the JaguarDrive Control epitomise the attention to detail. The new Drive Selector – one of many beautiful details – has an upper section finished with ‘cricket-ball’ stitching. The lower part is made of precision-engineered metal for enhanced tactility. New seats feature wider cushioning, new massage functions and enhanced coverage of the heated and cooling areas. An embossed Jaguar Leaper adorns the headrests on selected models, while a set of ‘Est.1935 Jaguar Coventry’ upholstery tags highlight the brand’s rich heritage. Julian Thomson, Jaguar’s Design Director, is proud of what his team has achieved. He said: “The heightened luxury and attention to detail inside the F-PACE with seamlessly integrated state-of-the-art technologies ensure the driver and passengers feel a real sense of occasion whenever they get in the vehicle.” Those advanced technologies also ensure the health and wellbeing of all occupants. Cabin Air Ionisation improves interior air quality through Nanoe technology, which removes allergens and unpleasant odours. The system now also features PM2.5 filtration, which captures ultra-fine particles – including PM2.5 particulates – to improve occupant health and wellbeing. Activate the system simply
by pressing the ‘Purify’ button. You’ll find that button on the seamlessly integrated centrally mounted 11.4-inch curved-glass HD touchscreen – the heart of the interior. Housed in an elegant magnesium alloy casing, it controls the new Pivi Pro infotainment. This intuitive system features Apple CarPlay® as standard and you can connect two phones simultaneously via Bluetooth. Android Auto™ and Baidu CarLife are also standard depending on market applicability. Pivi Pro has a dedicated power source for instantaneous start-up, so is ready to use as soon as you get behind the wheel. Jaguar’s convenience technologies now include Software-Over-The-Air (SOTA) capability, which ensures the luxury performance SUV is always using the latest software. It means F-PACE owners don’t have to visit retailers to receive vehicle software updates. Pivi Pro can carry out multiple functions at the same time, such as streaming media and downloading SOTA updates, without compromising performance. While the driver and passengers enjoy the luxurious F-PACE interior, there’s plenty for passers-by to admire too. A new exterior design gives it a cleaner, more assured presence, featuring a new sculpted bonnet with a wider power bulge and smoother, more precisely defined surfaces. New super slim all-LED quad headlights complete the effect. Beautiful design is nothing without efficient performance and the new F-PACE excels under the skin too. It is available with a new plug-in hybrid (PHEV) powertrain in selected markets, as well as the latest four-cylinder and new in-line six-cylinder petrol and diesel Ingenium engines. Mild Hybrid Electric Vehicle (MHEV) technology is also available on selected engines for the first time. All F-PACE models feature intelligent all-wheel drive and eight-speed automatic transmissions. When fully charged, the new PHEV, known as the P400e, is capable of up to 33 miles (53km) of all-electric driving. Advanced MHEV technology, available on the four- and six-cylinder diesel engines and the six-cylinder petrol units, uses a Belt integrated Starter Generator to harvest energy usually lost when slowing and braking. This energy is then stored in a separate battery before being intelligently redeployed to assist the engine. Engaging behind the wheel and for every passenger too, the new Jaguar F-PACE is the embodiment of modern luxury. The new Jaguar F-PACE is available to order now at www.jaguar.com
All-new interior offers heightened luxury, enhanced connectivity and greater serenity for driver and passengers.
EV range figures are based upon production vehicle over a standardised route. Range achieved will vary dependent on vehicle and battery condition, actual route and environment and driving style. The figures provided are as a result of official manufacturer‘s tests in accordance with EU legislation with a fully charged battery. For comparison purposes only. Real world figures may differ. CO 2 , fuel economy, energy consumption and range figures may vary according to factors such as driving styles, environmental conditions, load, wheel fitment and accessories fitted. Vehicles shown are energy INE consumption from the Jaguar global range. Specifications, options and availability may vary between markets and should be verified withI N your local Retailer. CO 2 , fuel economy, T ER NJaguar AT I ON AL I NVESTOR MAGAZ | 075and range figures will be certified in accordance with local market requirements, available from your National Sales Company/Importer/Retailer. These figures may vary according to factors such as driving styles, environmental conditions, load, wheel fitment and accessories fitted. For more information and to configure your vehicle visit jaguar.com
H ow To B uil d O rganization al R esilie n ce: A Spot light On Global Payroll
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INTERNATIONAL INVESTOR AWARDS WINNERS 2020 COVID-19 change the way businesses work, the investment community had to take a step further and reinvent in many ways. In order to recognise the effort behind every individual and company during this time, we selected champions from a wide range of businesses. The awards are open to any business, large, mid-size or small, established or start-up, provided they display first rate service, opportunity, innovation and performance. The following pages celebrate organisations that drive forward the world of international business and investment.
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LIST OF WI NN ER S 2020
LIST OF WINNERS 2020 ACCESS
BANK NIZWA
Sustainable Bank of the Year // Af rica
Islamic Bank Of The Year // Oman
Best Bank // Nigeria
Islamic CEO Of The Year // Oman
ALPHA GLOBAL WEALTH
BANNER ASSET MANAGEMENT
Best Client Advisor - IFA // Switzerland
Investment Management Company of the Year (Real
Excellence in Customer Satisfaction // Switzerland
Estate) // Australia Community Partner of the Year (Real Estate) // Australia
ALTER EQUITY Excellence in Sustainable Investing // France
Real Estate Investment Fund of the Year // Australia
BANQUE DU CAIRE
ARC CAPITAL
Sustainable Bank of the Year // North Africa
Best Global Mid-Market Investment Bank
BANCO COMERCIAL E DE INVESTIMIENTOS
ARCA FONDI
Bank of the Year // Mozambique
Digital Wealth Management Company of the Year
BDSWISS
ARCHE Most Reliable Wealth Management Firm // Luxembourg Investment Management Company of the Year // Luxembourg
Best FX and CFDs Trading Provider
BAHAMAS FINANCIAL SERVICES BOARD Outstanding Promotion of Financial Services
BANK ISLAM BRUNEI DARUSSALAM BERHAD AREEJ MOHSIN HAIDER DARWISH
Best in Islamic Finance // Asia Pacific
Outstanding Businesswoman of the Year // Oman
B.I.C MARKETS ARM INVESTMENT MANAGERS
Global Liquidity Exchange - Best ECN Broker // Asia
Investment Management Company of the Year // Nigeria Excellence in Investment Innovation // Nigeria
BYBIT Most Reliable Trading Platform
AVA TRADE Best Affiliate Program- AVA Partner // Europe
CI CAPITAL ASSET MANAGEMENT Asset Manager of the Year // Egypt
AXIORY Most Transparent Broker
CORNER BANK
Excellence in Customer Service // Af rica
Best Private Banking Services // The Bahamas
BAC CREDOMATIC
CREDINVEST
Best Sustainable Bank // LATAM
Best Bank for Institutional Investors // Switzerland
Excellence in Digital Transformation // LATAM Bank of the Year // LATAM
BANCO INTERNACIONAL Bank of the Year // Chile
CURRENCY.COM Best Crypto Exchange
DELTAMARK Best Boutique AIFM // Cyprus
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DIGITERRE
INVEST IN SHARJAH
Custom Software & Data Solutions Provider of the Year
FDI Agency of the Year // MENA
// UK
ISP GROUP DUNN LOREN Best Securitisation House // Nigeria
Best European Fund Launch
Best Asset Backed Commercial Paper Program // Nigeria
JIBUN BANK
CEO of the Year // Nigeria
Neo Bank of the Year // Asia
EZDEHAR
LLB SWISS
Mid-Cap Fund Manager of the Year
Best Fund Administrator // Switzerland
ETICA SGR
LO’AI BATAINEH
Responsible Investor of the Year // Italy
Financial CEO of the Year // Oman
EURO EXIM
MY TRADING SKILLS
Most Innovative Global Trade Services Bank
Best Trading Courses // Europe
FINANZ KONCEPT
PANTHERA SOLUTIONS
Independent Wealth Management Firm // Switzerland
Most Innovative Training for Investment Professionals
FINESSE
PRIVATE WEALTH SYSTEMS
Best Digital Transformation Systems Integration Provider
Best Family Office Reporting Solutions
// India & UAE
RIPOL ALLIANCE FX PRIMUS
Multi-Family Office of the Year // US
Most Trusted Broker // South-East Asia & Africa
STANDARD CHARTERED GKFX
Best in Transaction Banking // Africa
Best Overall Forex Broker
TAPEI FUBON HARIB AL KITANI
Most Innovative Bank // Taiwan
Best Oil & Gas CEO // MENA
Digital Banking Services of the Year // Taiwan
HOTFOREX MARKETS
UBHAR CAPITAL
Best Partners Program
Investment House of the Year // Oman
Excellence in Customer Service
UNION BANK PHILIPPINES IBH INVESTMENT BANK
Best Digital Wealth Management Service Provider
Best Fund Manager // Malaysia
// Philippines
ICU
VORTO TRADING
Asset Manager of the Year // CEE
Most Trusted Payments Provider // Asia
Excellence in Corporate Governance // CEE
INSTAFOREX Most Trusted Forex Broker
WHITESTAR Best Asset Management Service Provider
WINLAND WEALTH MANAGEMENT
INTERCORP HOLDINGS
Boutique Wealth Management Company of the Year
Best Corporate Consultancy // CEE
// East Asia
INVEST DURBAN
ZEROHDA
Best FDI Destination City // South Af rica
Best Broker // India
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INTERNATIONAL INVESTOR AWARDS WINNERS
AFRICA PLUS PARTNERS LIMITED
ARCHE WEALTH MANAGEMENT
BAIDURI BANK GROUP
Fund Manager of the Year // West
Wealth Management Firm of the Year
Best Banking Group/ Best in
Africa 2020
// Luxembourg 2021
Corporate Governance & CSR //
Af rica Plus Partners Nigeria Limited
Arche Wealth Management provides
(“APPL”) is a specialist asset management
tailor-made portfolio management
The Beginning
company focused on executing small-
services. Created in 2013, the organisation
Established in 1994, Baiduri Bank is a
to mid-sized infrastructure projects
is regulated by the Supervisory
member of Baiduri Bank Group, one of the
(“the missing middle”) in Nigeria and
Board of the Financial Sector (CSSF)
largest providers of financial products and
sub-Saharan Af rica. It is poised to be
in Luxembourg. The Arche Wealth
services in Brunei Darussalam.
the leading investment platform aimed
Management team is totally dedicated
at investors who have an appetite for
to its clients and has extensive financial
Shareholders
diversified de-risked inf rastructure assets
market experience, built with consistency
The Bank’s shareholders are Baiduri
in Nigeria and the wider sub-Saharan
and rigor. Offering great stability, Arche
Holdings and Darussalam Assets.
Af rica region.
perfectly understands the situation of our
Brunei 2021
clients and maintains constant and close
World-Class Local
APPL is a SEC licenced fund manager
dialogue with them. We create portfolios
With a strong combination of local
with a Fund Manager rating of A- and a
with a tailor-made allocation, select the
expertise and global reach, Baiduri Bank
pioneer in the inf rastructure fund space,
best investment funds in the world and
is acknowledged as one of the leading
managing Nigeria’s first equity-based,
establish transparent reports in order
banks in the country with a track record
Naira denominated infrastructure fund –
to follow the evolution of the portfolios.
of financial innovations and pioneering
the Af rica Inf rastructure Plus Fund (AIPF
The portfolios are assembled to reflect
activities.
or the “Fund”).
our market convictions while taking into account the specific orientations agreed
Subsidiaries
APPL is currently in the process of a
upon with the client. We manage on
Baiduri Finance, a wholly-owned
NGN100 billion series one capital raise of
a discretionary basis and also offer an
subsidiary of Baiduri Bank was established
its second Fund, AIPF II, which has a total
advisory management service in order
in 1996 and is now the country’s leading
programme size of NGN200 billion. The
to analyze a situation in accordance with
automobile finance company with a
creation of AIPF II was necessitated by
market dynamics. We provide continuous
market share of over 60% by end 2020.
a successful proof of concept following
portfolio monitoring with a high response
the identification, review and approval
capacity.
Baiduri Capital, another wholly-owned
of investable projects with a total value
.
subsidiary, started operations in 2015
surpassing the size of the first fund, AIPF
offering both online and dealer-assisted
I. AIPF I is a NGN20.5 billion commitment-
securities trading services as well as other
based fund closed-ended inf rastructure
investment products. It provides access
fund structured to provide an investment
to international stock markets comprising
platform for Nigerian and international
SGX, HKEx, BURSA Malaysia, China
investors to invest in inf rastructure assets
A-shares as well as the NASDAQ, NYSE and
in Nigeria and across sub-Saharan Af rica.
NYSE MKT LLC (AMEX).
With a rich and robust deals pipeline, APPL strives to harness resources at its disposal to unlock tremendous opportunities and leverage its structuring capabilities to maximize profitability, enhance noteholders wealth and value of its managed funds whilst ensuring sustainable social development and preservation of the environment.
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international investor Awards WI NN ER S
BANCO INTERNACIONAL
CLOUDPAY
DIGITERRE
Bank of the Year // Chile 2020
Best Payroll and HR Solutions
Custom Software & Data Solutions
Provider // 2021
Provider of the Year // UK 2020
Israelita, Banco Internacional now uses
CloudPay provides managed global payroll
Digiterre is a software and data
a nationwide network of 12 branches
services to multinational organizations
engineering consultancy that enables
and four business centers, staffed by
through a single, unified SaaS solution.
technological and organisational
over 500 employees, as well as a suite of
By delivering end-to-end managed
transformation for many of the world’s
digital platforms to bring it closer to its
payroll services through an innovative
leading organisations – be they
customers and help it lead the corporate
platform, CloudPay ensures consistent
commodity or energy traders, banks or
segment in the Chilean banking industry.
and compliant payroll around the globe
investment managers, digital disruptors
while reducing operating costs and
or public sector providers. We envisage,
Since 2016, Banco Internacional has
minimizing manual processes. CloudPay’s
design and deliver software and data
been the fastest-growing bank in Chile,
services and technology standardize
engineering solutions that users want,
with a business model that allows
the payroll function across geographies,
need and love to use. We achieve ‘Agility
for diversification between strategic
helping organizations increase efficiency,
at Greater Velocity’ because we care about
segments, revenue sources and high
streamline compliance, and achieve
taking ownership for solving the toughest
organic growth.
greater visibility into payroll performance
technical challenges and creating
and costs. The CloudPay solution is backed
outstanding outcomes. As a consequence
Banco Internacional is majority owned
by deep industry expertise earned over
of this approach, we typically deliver high-
by Inversiones La Construcción SA, a
twenty-plus years delivering services
risk, high-profile and time-constrained
successful track-record and proven
to over 1,500 global entities. CloudPay’s
projects in less time than competitors,
financial stability, which bought the bank
solution guarantees accurate payroll
often significantly so.
in 2015. Good governance, which is also
processing across 130+ countries in more
.
ensured through a reputable board and a
than twenty-five languages.
Founded in Chile in 1944 as Banco
solid management team with experience in the industry.
Positioned as a Leader by NelsonHall and as an Achiever by Everest Group, CloudPay
The bank’s values include delivering
recently won the Global Payroll Innovation
quality to every customer with the
Award and won the prestigious 2019
highest ethical standards. Banco
Global Payroll Supplier of the Year award.
Internacional incorporates sustainability
To learn more, visit www.cloudpay.net.
as a fundamental part of its management through 4 pillars:
• Culture of service and ethics • Responsible investment • Inclusion, quality and access • Contribution to public debate
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THE EMIRATES CAPITAL LIMITED
EZDEHAR MANAGEMENT
FOREXMART
Asset Manager of the Year // MENA
Mid-Cap Fund Manager of the Year //
Best Trading Conditions // Asia 2020
2020
MENA 2021
Since its establishment in 2008, Emirates
Ezdehar is an independent investment
investment brokerage company, which
Capital has been at the foref ront of
manager that is focused on mid cap
has earned a reputation as a reliable
developing creative and innovative
companies in Egypt. Since its launch in
trading partner, guaranteeing the safety
solutions for its clients.
2014, Ezdehar has established a strong
and comfort of online trading for its
track record of success and is proud
clients. The company was founded in
Emirates Capital is an independent
to have worked with several family-
2015 in Cyprus and aims to provide the
and privately owned, award-winning
owned businesses on growing and
best trading conditions for retails traders.
financial service provider in Corporate
institutionalizing them. Ezdehar’s investor
ForexMart group of companies consists
Finance, Asset Management and Fund
base includes reputable international
of regulated members from different
Management.
finance institutions including FMO,
jurisdictions.
ForexMart is an example of a modern
CDC, EBRD and EIB, as well as other The firm assists and advises professional
notable family offices and high net
The broker offers high-quality trading
clients (HNWI), family offices, as well as
worth individuals. To date, the firm made
software, provides a wide range of trading
institutional investors on equity/debt
several investments across a range of
instruments (currency pairs, CFDs, spot
capital raising and offers holistic, tailor-
sectors, almost completing deployment
metals, cryptocurrencies, indices) and
made asset management and fund
of our first fund and positioning Ezdehar
protects customer accounts from any
management solutions that meet its
firmly as a leading private equity player
fraudulent activities. ForexMart also offers
clients’ needs.
in the Egyptian market. The fund has
to take advantage of automated trading
consistently delivered superior returns on
solutions under Copy Trading System.
In addition, Emirates Capital’s experienced
its investments by following a rigorous
team provides guidance and advice to
investment process, strong portfolio
Furthermore, ForexMart uses ECN/STP
governments around the world.
management, and world-class reporting
technology with deep liquidity, which
and communications.
allows clients to enjoy tight spreads, low commissions and smooth execution of
The firm has developed proprietary and
orders.
innovative asset management and fund
Ezdehar aims to identify and partner
management solutions, that address
with successful businesses who are
the specific investment challenges of
seeking investment that is coupled with
A wide range of account types is available
infrastructure, energy, and hospitality
true partnership to accelerate growth,
to suit every customer’s needs. Both demo
projects that are especially encountered
unlock value, and create lasting legacies.
and live trading are available through
by governments in f rontier and emerging
By leveraging on a highly diverse team
ForexMart mobile applications, web
markets.
that combines local insight, international
browser and MT4 platform. The app can
experience, and familiarity with the
be downloaded for both iOS and Android
Emirates Capital is headquartered in
financial, operational, and people aspects
devices for free.
the Dubai International Financial Centre
of businesses, Ezdehar can help create
(DIFC) and regulated by the Dubai
strong and sustainable businesses and
ForexMart accepts clients from all over the
Financial Services Authority (DFSA).
work diligently, with a ‘sleeves rolled-up’
globe, except for a few restricted areas.
attitude, to guide and enable them to thrive.
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international investor Awards WI NN ER S
FX PRIMUS
G COIN
GFH FINANCIAL GROUP
Best Partners Program //
Ethical Investment Innovation of the
Islamic Investment Bank of the Year
Southeast Asia 2021
Year // 2020
// Middle East 2021
FXPRIMUS is one of the most secure
G-Coin believes gold is a powerful wealth
online trading environments in the
protector and they’ve made it their
industry.Operating since 2009, it offers
mission to make it more sustainable and
market-leading innovations and rewards
accessible to everyone.
for traders of all experience levels with opportunities to be sustainably
G-Coin is a digital title of ownership to
successful in the online trading of forex,
Responsible GoldTM. 1 G-Coin token equals
commodities, energies and indices.
1 gram of conflict-free and responsibly sourced gold; which has been tracked and
This is reflected in the company’s three
registered in their blockchain from miner,
pillared strategy which is to provide safety
to refiner, to vault. Unlike cryptocurrencies,
to traders through the best possible
G-Coin is a digital representation of a
academic, technical and practical support
real asset. They have combined the best
in their trading journey.
qualities of traditional gold – stability, security, and value confidence – with the benefits of digital currency innovation. This gives users the freedom to send and receive value instantly, and at no cost from the convenience of the G-Coin app. With headquarters in Houston, Texas; G-Coin is currently available in selected states of the United States, with plans to launch in new markets in 2021.
Excellence in Corporate Governance // Bahrain 2021 GFH is a well renowned financial group in the GCC region, with a diversified offering and pioneering track record. Headquartered in Bahrain, GFH’s innovative approach to Islamic investment banking services has been recognized internationally for over a decade. GFH has developed a strong and consistent ability to identify, successfully bring to market and capitalize on a wide range of solid investment opportunities in some of the world’s most dynamic markets and sectors. This approach signifies the Group’s investment insights and commitment to increase the value of its assets, and financial returns to its investors and shareholders. Since the Group’s inception in 1999, GFH has raised over US$10 billion assets and fund under management from its strong client base in four main activities:
• Investment Management; • Real Estate Development; • Commercial Banking; and • Treasury & Proprietary Investments
GFH is listed on three stock exchanges in the GCC, including the Bahrain Bourse, Boursa Kuwait and Dubai Financial Market (DFM) where it is one of the most liquid and actively traded stocks. GFH’s operations are principally focused across the GCC, North Africa and India, along with strategic investments in the U.S. and U.K.
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ICU
INSTAFOREX
LEOPRIME
Asset Manager of the Year/ Best
Most Innovative Forex Broker // 2021
Best Multi-Asset Broker // Asia 2021
Securities Brokerage // CEE 2021
InstaForex was established in 2007
We are a forex and commodities
ICU is an independent financial group that
by the InstaForex Group for providing
intermediary that accommodate wide
provides brokerage, asset management
top-quality brokerage services to clients
range of trading services to make it a user
and investment advisory services and has
worldwide, particularly those from the
friendly trading environment for retail
a portfolio of venture capital investments.
CIS countries, Southeast Asia, and Eastern
and institutional clientele. With years of
The group specializes in the Central and
Europe. Nowadays, the companies
gathered expertise we generate custom
Eastern European markets.
operating under the InstaForex brand
solutions and swift execution.
offer innovative trading services to a Founded in 2006 by senior investment
vast clientele including more than seven
professionals f rom ING, ICU is Ukraine’s
million traders.
leading asset manager with over $500m in assets under management. ICU’s
InstaForex offers its customers vast
veteran investment team has experience
opportunities for effective work on the
in private equity & venture capital, high
international forex market, providing
yield corporate debt, distressed debt,
a variety of investment services from
restructurings and other special situations
registering a new account to profit
across a number of emerging markets.
withdrawal as well as on-time technical
Investment decisions are supported by
and client support.
robust macroeconomic and sectoral analyses f rom the firm’s in-house team of
From the very start, InstaForex has tailored
research economists.
its services to the customers’ needs. Streamlining our products, services, and
ICU aims to provide clients with superior
continuously improving technologies to
risk-adjusted returns across a number
maintain our leading position, InstaForex’s
of asset classes. The firm is expanding
priority is providing superior trading
its reach into key European markets via
services to its clients.
a combination of organic growth and acquisition and continues to expand the range its investment offerings.
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international investor Awards WI NN ER S
OMAN LNG
RIPOL ALLIANCE
SS&C ADVENT
Best COVID-19 Relief Program //
Multi-Family Office of the Year //
Best PE Software Provider (Geneva)/
Oman & Best LNG Company //
US 2020
Best Portfolio Management Software
MENA 2021
Attentive to the new wave of globalization,
Provider // 2021
Oman Liquefied Natural Gas LLC (Oman
RONALDO MARTINS & Advogados (Law
SS&C Advent helps over 4,300 investment
LNG) is a joint venture established by a
Firm), based in São Paulo and with other
firms in more than 50 countries—from
Royal Decree in 1994 and operates under
branches in Brazil, aware of the evolution
established global institutions to
the laws of the Sultanate of Oman. The
of the financial management and asset
small start-up practices—to grow their
Company engages in the business of
planning industry, through its partners,
businesses, minimize risk, and thrive.
producing and selling Liquefied Natural
structured RIPOL ALLIANCE Global
We have been delivering unparalleled
Gas (LNG) and its by-product Natural Gas
Wealth Strategies in Miami, USA, which
precision and ahead-of-the-curve
Liquids (NGLs). Last year the company
is a Multi-Family Office dedicated to the
solutions for more than 30 years, working
reached a record high production rate of
aspects and consequences of globalization
together with our clients to help shape
10.4 million tonnes per annum. Since the
inherent to the demands of clients to
the future of investment management.
inception, over 2,400 cargoes of LNG have
have under a single umbrella not only
Find out how you can take advantage of
been safely and reliably produced and
the legal treatment of their asset and
our industry-leading solutions to support
delivered to various destinations around
succession planning, but also the Financial
your business goals. To learn more about
the globe.
Management of their resources, thus
the right solutions and services for you,
providing a much greater robustness than
contact advent@sscinc.com.
HSE is the centre-piece of Oman LNG’s
clients are used to see in the legal and
world-class operations which enabled the
financial market in general.
company to break safety milestones to stand now at over 32 million man-hours worked without Lost-Time Injury (LTI). The company has strengthened its excellence in social responsibility by establishing “Oman LNG Development Foundation” in 2015, which today covers over 6,350 sustainable projects that extend across the entire country.
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LO’AI BATAINEH
UNION BANK
Financial CEO of the Year //
Best in Digital Transformation //
Oman 2020
Southeast Asia 2021
Lo’ai Bataineh is a seasoned and
Union Bank of the Philippines
successful investment banker with over
(UnionBank) is a publicly-listed universal
three decades’ track record in commercial
bank. UnionBank’s superior technology
banking, investment banking, asset and
allows the delivery of online, real-
wealth management. He is the founding
time business solutions to meet the
CEO of Ubhar Capital SAOC, a full service
customers’ changing and diverse needs
investment banking firm headquartered
through innovative and customised
in Muscat, Sultanate of Oman. He leads
cash management products and service
a team of 55 people at Ubhar Capital
offerings.
which has Assets under Management and Custody of over USD 1.2 billion. He
The bank offers a range of products and
is responsible for the firms’ business
services, such as deposit and related
strategy and vision and spearheading
services; corporate and middle-market
implementation of the same.
lending, and consumer finance loans, such as mortgages, auto loans and credit card;
Prior to Ubhar Capital, Lo’ai established
investment, treasury and capital market;
the Investment Banking business within
trust and fund management; remittance,
Oman Arab Bank SAOC back 1998, which
cash management and electronic
became the top-ranked investment
banking, and preneed insurance.
banking outfit in Oman. He currently serves on board of the Ubhar GCC Fund
Its unique branch culture ensures efficient
and has previously served on the boards
and quality service as well as mitigates
of several companies and funds. He has
operational risk. Centralised operations
advised, raised funds and successfully
enable the bank to provide responsive,
delivered over 50 corporate finance and
scalable, and secure transaction
advisory transactions, valued at over US$
processing.
8 billion. .
UnionBank has always been among the first to embrace technological innovations to empower its customers. With this, it has consistently been recognised as one of Asia’s leading companies, ranking among the country’s top universal banks in terms of profitability and efficiency.
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