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EU to assist Nigeria in governance, finance reforms

EU to assist Nigeria in governance, finance reforms

Wednesday, August 17, 2022

Samuela Isopi (Credit: MSN)

Samuela Isopi (Credit: MSN)

The European Union (EU) on Tuesday said it was committed to supporting Nigeria’s reforms at the federal and state levels.

EU ambassador to Nigeria and ECOWAS Samuela Isopi said this in Abuja at the United States Agency for International Development (USAID) State2State inaugural Policy Dialogue Series, with the theme ‘Post-State Fiscal Transparency, Accountability, and Sustainability (SFTAS): Incentivising Reforms’.

The ambassador, represented by the EU’s head of cooperation, Cecile Tassin-Pelzer, said reforms were integral to government and institutions.

She added that the reforms had no end as countries need to adapt constantly to the changing dynamics of socio-economic and geo-political circumstances.

According to her, the same goes for organisations such as the EU, which drives reforms at home and promotes them beyond its borders.

“At their core, reforms encourage transparency, accountability, fair and efficient distribution of resources and help countries make the most of their human and economic potentials. For Nigeria, reforms are important in order to capitalise on the country’s many endowments, mineral resources, and human capital, which is especially represented by its young population, diverse land and water resources, digital and creative drive, and leading economic and political position on the continent,” said Ms Isopi.

She added, “This is why EU stands by Nigeria, assisting the reforms at both federal and state levels in the design and implementation of policies, strategies and regulations. As well as helping to enhance the capacity of institutions that implement them.”

The envoy explained that some other projects in Nigeria concentrated on key systemic issues with support from the United Nations Development Programme and International Monetary Fund.

“To the Integrated National Financing Frameworks (INFF), which will help Nigeria finance the achievement of the SDGs in the most efficient way. Another state-level example is our support for public finance management, currently being implemented in Borno and Yobe. Importantly, our projects support good governance, peace, and stability or the electoral process,” she further stated.

(NAN)

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Trintech Announces Latest Release of CadencyDirect to Drive Greater Efficiency and Control across the Financial Close Process for ServiceNow Customers

Trintech Announces Latest Release of CadencyDirect to Drive Greater Efficiency and Control across the Financial Close Process for ServiceNow Customers



DALLAS, TX, Aug 16, 2022 - (ACN Newswire) - Trintech, a leading provider of cloud-based financial close solutions for the Office of Finance, today announced the latest release of CadencyDirect which extends digital workflows for the Office of Finance with new bi-directional workflows for close tasks, enhanced Journal Entry management capabilities, and a greater user experience.

"With this release, we are helping F&A teams continue to achieve enhanced visibility and control of critical financial data in order to handle risk with confidence," said Michael Ross, Chief Product Officer of Trintech. "With these new bi-directional workflows, ServiceNow customers are positioned to reduce complexity and risk, accelerate the overall process, and drive a greater experience for their teams."

Key capabilities of this release include:

- Bi-Directional Workflows: Users can individually or bulk close or reopen tasks within the ServiceNow(R) Application

- Enhanced Journal Entry Dashboard: Users can now filter and view all Journal Entry detail components

- Enhanced User Experience: Users can now access the CadencyDirect platform in a one-click, SSO-enabled user experience

"We are continuing to see companies driving digital transformation initiatives, including within the Office of the CFO," said Erica Volini, Senior Vice President, Global Alliances & Partner Ecosystem at ServiceNow. "Instrumental in our partnership with Trintech, CadencyDirect is representative of the technology investments companies must make to drive business transformation. CadencyDirect connects a historically siloed finance team to the broader enterprise for better collaboration, improved employee experience and enhanced operational excellence."

CadencyDirect is certified as part of the ServiceNow Built on Now(TM) program that complements and extends financial operations management so that CFOs and their teams can digitize workflows across the financial close process - helping to reduce complexity and risk, accelerating the overall process, and driving a greater experience for the entire enterprise. The platform combines all financial close activities into a single, seamless process, including operational matching, intercompany transaction management, balance sheet reconciliations, journal entry management, close task management and compliance and provides a connected, collaborative ecosystem by leveraging a mature and very robust set of financial controls, along with deep automation and integration capabilities that seamlessly connects with leading ERPs such as SAP(R), Oracle(R), and NetSuite(R).

Whether you're an experienced ServiceNow user looking to synchronize your mature or in-progress digital transformation, or just starting your transformation journey, CadencyDirect is where Financial Transformation meets Digital Transformation. For more information, please contact either your appropriate ServiceNow or Trintech representative or go to www.trintech.com/CadencyDirect for more information.

About Trintech

Trintech Inc., a pioneer of Financial Corporate Performance Management (FCPM) software, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance - Trintech's portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide - including the majority of the Fortune 100 - rely on the company's cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

ServiceNow, the ServiceNow logo, Now, Now Platform, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries.

Media Contact:

Kelli Shoevlin

Sr. Manager, Global Corporate Marketing & Communications

kelli.shoevlin@trintech.com

SOURCE: Trintech, Inc.

Topic: Press release summary

Source: Trintech, Inc.


Sectors: Exchanges & Software, Retail & eCommerce, Daily Finance, Cloud & Enterprise, Digitalization, Legal & Compliance

http://www.acnnewswire.com

From the Asia Corporate News Network

Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.




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Buy Equitas Small Finance Bank, target price Rs 52: Geojit

Buy Equitas Small Finance Bank, target price Rs 52: Geojit

Synopsis

Equitas Small Finance Bank Ltd., incorporated in the year 1993, is a banking company (having a market cap of Rs 5576.87 Crore).

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The bank reported net profit after tax of Rs 97.01 Crore in latest quarter.

Geojit has buy call on Equitas Small Finance Bank with a target price of Rs 52. The current market price of

is Rs 44.45. Time period given by analyst is one year when Equitas Small Finance Bank Ltd. price can reach defined target.

Equitas Small Finance Bank Ltd., incorporated in the year 1993, is a banking company (having a market cap of Rs 5576.87 Crore).

Equitas Small Finance Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2022.

Smart Talk

Financials

For the quarter ended 30-06-2022, the company reported a Standalone Total Income of Rs 1073.62 Crore, up 2.84 % from last quarter Total Income of Rs 1043.98 Crore and up 16.37 % from last year same quarter Total Income of Rs 922.59 Crore. The bank reported net profit after tax of Rs 97.01 Crore in latest quarter.

Investment Rationale

The brokerage initiates coverage on ESFBL by valuing at 1.35x FY24E Adj P/B with a target of Rs. 52 and recommend BUY rating considering better profit growth and improvement in ROA.

(Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.

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Print EditionWednesday, 17 Aug, 2022

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The potential of online transactions and the future of decentralised finance (DeFi)

The potential of online transactions and the future of decentralised finance (DeFi)

The growth of technology adoption in Nigeria and Africa has presented more opportunities for the region to partake in the 4th Industrial revolution. Since the COVID-19 pandemic, institutions have accelerated the acceptance of digital technologies and platforms. Although we cannot singlehandedly credit the growth of digitalization to the pandemic, it did spotlight the need for an urgent shift to digital payment solutions, bringing its complexity to the forefront of conversations.

At the core of the conversations is the need for better understanding of decentralised finance (DeFi) and its future in the African financial ecosystem. So, what is DeFi and how does it play in the future of online financial transactions? Basically, decentralised financial systems are best understood as parallel banking systems and has many terms like blockchain, decentralization, and cryptography that can frighten people. However, they are really nothing more than online financial transactions. They take place through a browser, are cross-border, non-jurisdictional, and involve almost no human involvement.

In other words. DeFi is nothing more than financial activity that takes place outside of the established banking system. If you see it from that angle, it truly is the future. The monthly volume of transactions in decentralised finance is about $50 billion. In addition, the lack of a single source entity holding the transaction outside of countries and giving access to many of the unbanked and underbanked makes it the financial industry’s next wave of the future.

However, the rise of decentralised financing faces a key barrier – regulation. How do we regulate decentralised finance? That dilemma is one that many countries are currently wrestling with. “How can you actually regulate something that is practically impossible to regulate“, is the question at hand. There are no middlemen. Transactions frequently take place in environments with no national identity, no tax monitoring, no national legislation, and peer-to-peer transactions. The main dilemma for all the various regulators is how to solve this problem. Peer-to-peer transactions are constant, and they are hard to regulate.

Opponents of DeFi may also cite the current bear market in the crypto space as the beginning of the end of decentralised financing without taking into cognisance the opportunity the bear market provides. I do believe that the bear market has led to a decline in overall value, but at the same time, we are also observing a surge of new capital into the decentralised finance sector.

Although a working regulatory environment for this is not yet popular, there is little that can hinder decentralised banking. Moreso, the field of decentralised finance is expanding. After the 2020 market corrections, there was still a 50% rise in transactions. The US market is now providing regulatory oversight, and most crucially, we are beginning to see critical mass adoption of these kinds of transactions. It is an exciting time because the fact that transactions are increasing clearly demonstrates that the future of decentralised money has begun!

We will realise that DeFi is basically just scratching the surface when we consider the coming iteration of the World Wide Web – Web3. Much is talked about this iteration that incorporates concepts such as decentralization, blockchain technologies, and token-based economics. If we look at pieces around these concepts, we will see a lot of interoperability between the chains which I think is one of the key aspects.

There was a 2021 report in the World Economic Forum where they were talking about how the international governments are  going to regulate Web 3.0 and how they are going to regulate decentralised finance. The reason I think about the law is that once it is in place, it validates a lot of things that were previously just hypotheses. So, we will start seeing governments trying to regulate, and validate the structure, usability, use-cases, interoperability, etc. I believe that with regulation coming in, it will help with Web 3.0 and all those various layers scale and become more ubiquitous as well.

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But how would the DeFi revolution impact Africa’s financial space and what is the perspective on the development of Web3 in Africa? First, we can establish that there is a lot of opportunity in the space in Africa just by looking at the numbers. Nigeria, for example, has about 220 million people. That is about 220 million opportunities, but there are only 168 thousand automated teller machines. However, the transition and pathways to innovation in the continent has been tremendous. There has been a significant amount of investment into fintech which is heavily concentrated on embedded finance.

Africa has been a great proving ground for advanced technology that’s been localized in a very challenging market and then scaled. QR codes are being adopted in Africa. QR codes are embedded with NFC and are used for completely different user journeys. Whether it is around mitigating forward or around tokenized payments, having static QR codes would be the right way to mitigate any of the challenges of connectivity. It is strongly believed that Africa is the next frontier. This is why it is one of the most important regions for NowNow to be able to focus on as a financial technology company.

For an emerging market like Nigeria and Africa, it is not just about the scale and the size. It is the opportunity that people see as well. The people, the opportunity, and the talent are what make the region special. There are a lot of parallels with other emerging markets, but the scale, opportunity, passion, excitement, and willingness to adopt new technologies are different.

Leigh Flounders is the Chief Commercial Officer of NowNow Digital Systems, a leading African digital banking platforms whose mission is to deliver best in class financial services in the continent.


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The United Nations to enable women-led digital businesses in Anglophone Africa scale up and expand to new markets

The United Nations to enable women-led digital businesses in Anglophone Africa scale up and expand to new markets

Women digital entrepreneurs have a lot to bring to the table. A recent study published by the International Finance Corporation revealed that, by 2030, women could add nearly $15 billion to the e-commerce sector if we manage to close the gender gap.

With the objective to contribute to narrowing this gap, the United Nations Conference on Trade and Development (UNCTAD), launched in 2019, the initiative eTrade for Women, which empowers women digital entrepreneurs based in developing countries to help them become changemakers in their societies. Rebeca Grynspan, the head of the organization made women’s empowerment a priority for the organization; she says “As UNCTAD’s Secretary-General, I commit to putting women’s empowerment at the heart of our work” (International Women’s Day, UNCTAD).

Each year, UNCTAD nominates influential women entrepreneurs leaders in their region, the eTrade for Women Advocates, to inspire future generations to follow their path and create more awareness of the challenges faced by women digital entrepreneurs. For the year 2022-2023, among the five outstanding women nominated, Damilola Olokesusi, the founder of Shuttlers in Nigeria, was selected to represent Anglophone Africa. Shuttlers is currently one of the fastest growing technology-driven transportation start-ups and is revolutionizing the way professionals and organizations commute in the busy cities of Africa. The company is also experiencing exponential growth as it just raised $1.6m seed funding to expand to new countries on the continent.

To support women entrepreneurs, eTrade for Women regularly organizes Masterclasses, which are uniquely empowering events that combine learning sessions, inspirational moments with influential leaders, networking opportunities, and Policy Dialogues. Further to the Masterclass, the opportunities to joineTrade for Women Communities, a global network that enables women entrepreneurs to interact with like-minded peers. The members of the Communities also benefit from the support of the United Nations to develop their skills, grow their businesses, and ultimately impact their ecosystem.

For the first time, the eTrade for Women initiative is being organized in Nigeria, a free Masterclass for women digital entrepreneurs based in Anglophone Africa. The event titled ‘Scaling Up Women-Led Digital Businesses, An Opportunity for Africa’s Development’ will be set up in collaboration with Damilola and will take place in Lagos from the 6th to the 9th of December. It promises to be innovative and enlightening.

The call for applications is now open. This Masterclass is for you if:

  • You are a woman, and you are the founder/co-founder of your business.
  • You have a track record of 2 to 5 years in this role.
  • Innovative technologies and digital tools are at the heart of your business model and operations.
  • You are based in one of the following countries: Cameroon, Ethiopia, Gambia, Ghana, Kenya, Liberia, Nigeria, Rwanda, Sierra Leone, Tanzania, and Uganda.
  • You want to make a difference and impact your ecosystem.

If you meet these criteria, you can apply here. Applications will close on 9 September 2022 at 11.59 pm.

eTrade for Women benefits from the support of Germany, the Netherlands, Sweden, and Switzerland.

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To know more about eTrade for Women:

Website

LinkedIn

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#womenempowerment #womenintech #digitaleconomy #unctad #womenentrepreneurs #itshereconomytoo #eTradeforWomen

Tags:

Damilola Olokesusidammyoloke

UNCTAD – UNCTAD

UN Geneva – UNGeneva

Netherlands (donor) – NLinGeneva

Germany (donor) – GermanyUNGeneva

Switzerland (donor) – swiss_un

Sweden (donor) – SwedenGeneva

eTrade for Women: etradeforwomen

LinkedIn:

eTrade for Women – https://www.linkedin.com/company/etradeforwomen/

UNCTAD – https://www.linkedin.com/company/unctad/


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Be abreast with PFM Act financial reporting …Minister to NTC management

Be abreast with PFM Act financial reporting …Minister to NTC management

The Minister of Public Enterprises, Mr Joseph Cudjoe, has urged the management of New Times Corporation (NTC) to be abreast with financial reporting in accordance with the Public Finance Management Act.

This, he said, would help the Public Enterprises Ministry and State Interest and Governance Authority (SIGA) to efficiently monitor the performance of the corporation more effectively.

Mr Cudjoe said this at a meeting with the Management of the NTC yesterday when he visited the corporation to obtain first-hand information about its operations, issues and way forward.

Present at the meeting was the Managing Director of the NTC, Martin Adu-Owusu; Editor of the Ghanaian Times, Dave Agbenu and the Deputy Editor of the Spectator, Mrs Georgina Quiattoo.

Others were Human Resources and Administrative Manager, Felix Acheampong; Marketing Manager, Alfred Koomson; Chief Accountant, Precious K. Kuagbedzi and Ismaila Attaul-lah, Internal Auditor.

According to him, the creation of the Ministry of Public Enterprises was in line with the President’s vision of changing the narrative about public enterprises by ensuring that they became more profitable.

While acknowledging the challenges faced by the NTC and the efforts being made by management of the corporation in turning its fortunes around, Mr Cudjoe implored management to leverage its resources to improve its operations.

Additionally, he asserted the readiness of his outfit to work with the NTC and other SOEs to ensure that they were profitably viable as some ideas such as the merging of SOEs was currently under consideration.

Furthermore, Mr Cudjoe challenged the Marketing Department of NTC to bring forth producst and service delivery innovative strategies by studying current trends in order to make the paper more competitive in the market.

The Managing Director (MD) of NTC, Mr Martin Adu-Owusu, receiving the Minister and delegation expressed his gratitude and appreciated their efforts at promoting efficient and profitable operations of the public enterprises.

Although the NTC had gone through challenging times which had affected its cash flow and expenditure, MrAdu-Owusu said management had taken pragmatic steps to improve its performance.

Mr Adu-Owusu further appealed to the Minister of Public Enterprise to help his outfit obtain the receivable-debt owed by Metropolitan Municipal and District Assemblies (MMDAs) and Ministries Department Agencies (MDAs) through the Controller and Accountant General’s Department to ensure its sustainability.

“NTC is passionately appealing to your high office to assist us by appealing to the Ministry of Finance to arrange the payment of our receivable-debt owed by the MDAs and MMDAs through the Controller and Accountant General’s Department to ensure the sustainability of the corporation,” he said.

BY BENJAMIN ARCTON-TETTEY & ANITA ANKRAH


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83% of Stolen Curve Finance Funds Recovered

83% of Stolen Curve Finance Funds Recovered

http://fullycrypto.com/

By

9 hours agoTue Aug 16 2022 08:49:30

83_-of-Stolen-Curve-Finance-Funds-Recovered

Reading Time: 2 minutes

  • 83% of the funds stolen in the Curve Finance hack have been recovered
  • The hackers tried to wash the funds through Binance, but they were frozen
  • Changpeng Zhao tweeted that $450,000 of the $570,000 worth of tokens came through the exchange

Over $450,000 of the $570,000 worth of tokens stolen in a recent hack on the Curve Finance DeFi protocol has been recovered, largely because the hackers sent the money to Binance. In a recent tweet, Binance CEO Changpeng Zhao explained how some 83% of the funds had come through the exchange in various ways, with the company able to track and freeze the coins, in a sign that exchanges are starting to win over hackers.

Hackers Changed DNS Details

Curve.Finance was hacked last week when someone was able to change the domain name system (DNS) entry for the protocol’s website, forwarding users to an imitation site and approving a malicious contract that stole their funds. Zhao tweeted about the hack himself and warned people to avoid the site, before adding that Curve used web hosting company GoDaddy for its DNS, which he called “insecure”, adding:

“No web3 projects should use that. Very susceptible to social engineering.”

Zhao added that Binance was “monitoring” the situation, something that turned out not be an idle threat – over the weekend he revealed that the hackers, despite being smart enough to re-route the Curve website, weren’t quite up to speed with what to do with the funds afterwards:

Exchange Network Proving Fruitful

The fact that such a large amount of the funds was caught by Binance shows how the blockchain tracing conducted by major exchanges is paying off. Of course, not all exchanges can afford such a large scale operation as Binance, but those exchanges typically have lower volume, meaning that large scale hacks are difficult to cash out. It is also known that exchanges of course talk to each other, and can warn each other of incoming illegal transactions.

This network and the action that exchanges can take is a great example of the crypto space regulating itself and trying to stop illegal activity in the sector.


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CLS Sees 8% YoY Rise in July’s FX Volumes

CLS Sees 8% YoY Rise in July’s FX Volumes

One of the leading providers of settlement services in the FX market, CLS Group released trading volumes for July 2022 today. During the reported period, the average daily traded volumes touched $1.88 trillion, which is up by almost 8% compared to the same period last year.

The details shared by CLS show that solid growth was observed in FX forward and spot activity. FX swap volumes increased marginally during July. Compared to June 2022, the average daily traded volumes decreased slightly.

“In July 2022, we saw average daily traded volumes of USD 1.88 trillion, an increase of 8% compared to July 2021. Over the same period, FX forward and spot volumes were up significantly – by 66% and 12%, respectively – while FX swap volumes were also up by 2%,” CLS highlighted in an official announcement shared with Finance Magnates.

CLS witnessed a strong jump in trading activity across a wide range of FX pairs. According to the company, activity in EURUSD and USDJPY increased significantly in the past month.

“FX swaps were up 2% compared to a year ago contributing USD 1.27 trillion to the total volume. Spot trades were up 12% contributing USD 471 billion to the total volume. Outright forwards were up 66% contributing USD 140 billion to the total volume,” the company added in the report.

2022

Compared to 2021, CLS saw a consistent jump in average daily traded volumes throughout 2022. However, on a monthly basis, the FX volumes witnessed few challenges. In March 2022, CLS Group’s ADV crossed $2 trillion.

One of the leading providers of settlement services in the FX market, CLS Group released trading volumes for July 2022 today. During the reported period, the average daily traded volumes touched $1.88 trillion, which is up by almost 8% compared to the same period last year.

The details shared by CLS show that solid growth was observed in FX forward and spot activity. FX swap volumes increased marginally during July. Compared to June 2022, the average daily traded volumes decreased slightly.

“In July 2022, we saw average daily traded volumes of USD 1.88 trillion, an increase of 8% compared to July 2021. Over the same period, FX forward and spot volumes were up significantly – by 66% and 12%, respectively – while FX swap volumes were also up by 2%,” CLS highlighted in an official announcement shared with Finance Magnates.

CLS witnessed a strong jump in trading activity across a wide range of FX pairs. According to the company, activity in EURUSD and USDJPY increased significantly in the past month.

“FX swaps were up 2% compared to a year ago contributing USD 1.27 trillion to the total volume. Spot trades were up 12% contributing USD 471 billion to the total volume. Outright forwards were up 66% contributing USD 140 billion to the total volume,” the company added in the report.

2022

Compared to 2021, CLS saw a consistent jump in average daily traded volumes throughout 2022. However, on a monthly basis, the FX volumes witnessed few challenges. In March 2022, CLS Group’s ADV crossed $2 trillion.


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Crypto.com Signs a Pre-Registration Undertaking with OSC in Canada

Crypto.com Signs a Pre-Registration Undertaking with OSC in Canada

One of the largest digital asset trading platforms, Crypto.com recently confirmed that the Ontario Securities Commission (OSC) has granted the company a pre-registration undertaking for operations in the Canadian region. With that, Crypto.com has become the first international cryptocurrency platform to sign an undertaking with Canada’s OSC.

The latest announcement from Crypto.com came just a few days after the company secured regulatory approval in the Cayman Islands. In the past few months, Crypto.com has accelerated its efforts to provide cryptocurrency services in a regulated environment. To achieve that, the company obtained the virtual asset service provider registration in South Korea during the second week of August 2022.

With the recent signing of a pre-registration undertaking with the OSC, Crypto.com aims to boost its presence in the growing cryptocurrency market of North America.

“Compliance underscores everything that we do at Crypto.com,” said Kris Marszalek, the CEO of Crypto.com. “The North American market, and Canada specifically, represent a significant area of potential growth for the crypto market, and we are proud to work with the OSC and the CSA in providing Canadian customers access to a safe, secure and reliable global platform.”

Regulations

Crypto regulations have now become more important than ever before. Several leading digital asset firms, including Binance and FTX increased their regulatory efforts in the past few months and obtained approval from authorities around the world. In July 2022, Binance obtained VASP registration in Spain. In March this year, FTX Europe enhanced its international reach and received a license to operate VA Exchange in Dubai.

“Crypto.com continues to actively grow and expand its ecosystem, with more than 50 million users worldwide. Today’s announcement continues Crypto.com’s regulatory license momentum, having recently received in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore,” the company added.

Earlier this year, FIFA inked a sponsorship deal with Crypto.com for World Cup 2022.

One of the largest digital asset trading platforms, Crypto.com recently confirmed that the Ontario Securities Commission (OSC) has granted the company a pre-registration undertaking for operations in the Canadian region. With that, Crypto.com has become the first international cryptocurrency platform to sign an undertaking with Canada’s OSC.

The latest announcement from Crypto.com came just a few days after the company secured regulatory approval in the Cayman Islands. In the past few months, Crypto.com has accelerated its efforts to provide cryptocurrency services in a regulated environment. To achieve that, the company obtained the virtual asset service provider registration in South Korea during the second week of August 2022.

With the recent signing of a pre-registration undertaking with the OSC, Crypto.com aims to boost its presence in the growing cryptocurrency market of North America.

“Compliance underscores everything that we do at Crypto.com,” said Kris Marszalek, the CEO of Crypto.com. “The North American market, and Canada specifically, represent a significant area of potential growth for the crypto market, and we are proud to work with the OSC and the CSA in providing Canadian customers access to a safe, secure and reliable global platform.”

Regulations

Crypto regulations have now become more important than ever before. Several leading digital asset firms, including Binance and FTX increased their regulatory efforts in the past few months and obtained approval from authorities around the world. In July 2022, Binance obtained VASP registration in Spain. In March this year, FTX Europe enhanced its international reach and received a license to operate VA Exchange in Dubai.

“Crypto.com continues to actively grow and expand its ecosystem, with more than 50 million users worldwide. Today’s announcement continues Crypto.com’s regulatory license momentum, having recently received in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore,” the company added.

Earlier this year, FIFA inked a sponsorship deal with Crypto.com for World Cup 2022.


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Iraq’s finance minister resigns over political crisis

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Reference #18.e6cd417.1660672879.276e9b84


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