Union Bank of the Philippines (UnionBank)’s Private Banking recently won two international awards – the Best NextGen Offering from The Digital Banker’s Global Private Banking Innovation Awards 2020, and Best for Wealth Transfer/Succession Planning from Asiamoney Private Banking Awards 2020, for its pioneering program Next Generation (NextGen) Academy.
The Digital Banker awards ceremony, meant to honor the world’s best-in-class private banks that demonstrate unrivalled drive and innovation to meet the sophisticated need of their high net worth clients – lauded the NextGen Academy that seeks to empower and set the entrepreneurial foundation for next-generation family business leaders.
Meanwhile, Asiamoney, in a statement, recognized UnionBank’s “digital-first approach” that is “already likely to appeal to younger clients, who demand instant access to their banking services through mobile apps rather than visits to branches.”
Asiamoney commended the NextGen Academy for being a sensible way to break into the wealth transfer business by putting emphasis on the next generation of clients and ensuring that UnionBank will be among the next generation of private banks of choice.
While still relatively new to the wealth and asset management landscape in the Philippines, UnionBank Private Banking understands the importance of pairing global expertise and networks with local experience and relationships, thus establishing an academy for the Next Generation – the first-of-its-kind in the local private banking landscape.
“We want to be a part of our client’s wealth management journey, to grow, to keep and to pass on their wealth to their successors. This award is an affirmation of UnionBank Private Banking’s commitment to unlock possibilities and empower our clients to navigate their wealth towards financial legacy,” said Atty. Arlene Agustin, UnionBank’s Private Banking head.
Starting as a standalone conference in 2016, the Next Generation Academy has evolved into a program of multiple relevant modules, spanning several months of classroom sessions and workshops.
What differentiates the program is that it mirrors the structure of an academy, wherein the so-called NextGen would enroll, attend, and actively participate in all the prescribed modules.
Each classroom session is carefully curated to focus on a certain aspect of wealth management and succession, allowing the participants to be fully immersed in the discussion.
The NextGen Academy is an excellent avenue for participants to gain valuable insights and training from subject matter experts to help prepare them not only for their roles in the family business, but also for the reins of their families’ legacies to be handed over to them.
The academy also allows the NextGen participants to further network and develop invaluable close ties with regional peers from Thailand, Indonesia, Taiwan, Singapore, Hong Kong, Japan, and China, among others, through a premier platform called the Masters Series that is organized by UnionBank Private Banking’s strategic ally, leading global wealth and asset manager Lombard Odier.
The International Stock Exchange (TISE) has announced that Jon Moulton will be retiring as parent company Chairman and stepping down as a Director at the end of the year.
Jon Moulton, Chairman of The International Stock Exchange Group (TISEG)
He will be succeeded as Chairman of The International Stock Exchange Group (TISEG) by Charlie Geffen, who currently occupies the Chair role within the regulatory subsidiary, The International Stock Exchange Authority (TISEA).
Mr Moulton said: “We have significantly changed the business since I got involved seven years ago and I am pleased to be handing over the reins with it in a much stronger position. I’d like to thank my fellow Directors and the Executive teams for everything they have done to assist in making this difference and I’m delighted to be leaving the business in the highly capable hands of Charlie Geffen.”
Charlie Geffen, Chairman of The International Stock Exchange Authority (TISEA)
Mr Geffen has been TISEA Chairman since January this year. He will remain in that role until the end of 2020, at which point he will relinquish his position as Chairman and Director of TISEA. He will become TISEG Chairman from January 2021.
Mr Geffen was previously at the law firm Ashurst for 32 years, the last five as the firm’s senior Partner and latterly, at the US law firm Gibson, Dunn & Cutcher where, as Chair of the Corporate Practice in London, he led the growth of its Transactional Practice which secured a number of high-profile M&A mandates. He is a trustee of the Institute of Cancer Research and a member of Council at Surrey University.
Mr Geffen said: “The period since I joined the group at the start of the year has coincided with the COVID-19 pandemic and the way in which the business has continued to operate smoothly is testament to our professional, committed teams. Jon will leave us in very good shape and I am looking forward to working with all internal and external stakeholders as we continue to improve the business.”
As a consequence of Mr Geffen’s appointment to the TISEG Board, an additional Non-Executive Director of TISEA will be recruited later in the year at which point there will be an announcement about the appointment of the new TISEA Chairman.
Anderson Whamond, Non-Executive Director of TISEG and Chairman of the Nominations Committee, said: “On behalf of the Board of Directors, I would like to place on record our utmost thanks to Jon for his extremely valuable contribution to the transformation of the business over the last seven years. At the same time, I’m delighted that he will be succeeded by Charlie, whom I look forward to joining the TISEG Board from the start of next year as we execute the next phase of the group’s strategy.”
Following the initial announcement in February, it has been confirmed that TISEG CEO, Fiona Le Poidevin, will leave the company on 27 July.
Mr Whamond added: “Once again, I’d like to thank Fiona for her significant contribution and commitment to the development of the company over the last five years. The process for recruiting her successor is progressing well, despite the difficulties and uncertainties posed by COVID-19. However, it will be some months before a successor is in place and in the meantime, the existing senior management team will assume those responsibilities, with additional oversight from the Board.”
Figures released today show that despite the continuing impact of COVID-19 on the broader market environment, volumes of new applications to list on TISE held up unexpectedly well during the second quarter of 2020.
Overall, there were 390 new listings admitted to the Official List of TISE during the first six months of 2020, which represents a rise of more than 60% year on year and takes the total number of securities listed on the market up to 3,030 at 30 June 2020.
About TISE
The International Stock Exchange provides a responsive and innovative listing facility for international companies to raise capital from investors based around the globe. TISE offers a regulated marketplace, with globally recognisable clients and a growing product range, from a premier location.
Headquartered in Guernsey and with offices in Jersey and the Isle of Man, TISE offers a convenient and cost-effective service for listing a wide range of securities, including trading companies, investment vehicles and specialist debt.
The webinar entitled, “IsDB Group Private Sector Action Response to COVID-19” will discuss the challenges facing the private sector and global economy during the COVID-19 outbreak.
30 June, 2020, Dubai, UAE – The Islamic Development Bank Group in partnership with the UAE Ministry of Economy and Annual Investment Meeting, will conduct a live webinar entitled “IsDB Group Private Sector Action Response to COVID-19” on the 6th of July at 01:00 PM (KSA Time) to discuss the challenges facing the private sector and global economy during the COVID-19 outbreak.
H.E. Eng. Sultan Al Mansoori
The live session will also present the immediate joint action response of the IsDB Group Private Sector Entities namely, the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC), in order to overcome the COVID-19 pandemic.
The webinar will discuss the future outlook to overcome the COVID-19 pandemic. In addition, the webinar will highlight the IsDB Group’s US$2.3 billion Strategic Preparedness and Response Programme for COVID-19 under its 3Rs approach “Respond, Restore and Restart”.
The keynote speakers who will share their in-depth perspectives in the webinar are Mr. Ousama Kaissi, the Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); Mr. Ayman Sejiny, the CEO & General Manager of the Islamic Corporation for the Development of the Private Sector (ICD), Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and Ms. Cornelia Meyer, the Chairman & CEO of Meyer Resources.
Mr. Ousama Kaissi, the Chief Executive Officer of The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and one of the keynote speakers in the webinar, stated: “While the disruption to global trade and investment flows is unavoidable due to the unprecedented nature of the coronavirus pandemic, it is essential that institutions with the mandate and means to stabilize the trade ecosystem during the crisis heighten their efforts to do so. ICIEC is honoured to be a part of this webinar with the UAE Ministry of Economy and our IsDB Group peers in order to share how we are employing our multilateral insurance solutions toward the collective recovery of member countries.”
H.E. Dr. Bandar Hajjar
“The private sector can play a pivotal and proactive role to close funding gaps in the COVID-19 response. It is capable to minimize short-term risks to employees and long-term costs to businesses and the economy as a whole. ICD will work closely with 100+ local and regional financial institutions in its network to provide necessary support so they can continue to fund private sector, particularly SMEs in affected sectors within the markets they operate in” stated Mr. Ayman Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), and one of the keynote speakers in the webinar.
Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and one of the keynote speakers in the webinar, stated: “Since the outbreak of the pandemic, ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed. Our COVID-19 ‘Rapid Response Initiative’ (RRI) has made US$ 300 million immediately available. This has facilitated the immediate access to medical equipment, the supply of staple foods and critical energy needs. Continuing to work closely with IsDB and partners, ITFC is moving forward with its Recovery Response Plan (RRP) with the provision of US$550 million for deployment over the next two years. The RRP is aimed at fixing the socio-economic damage which is expected to last longer than immediate impact of the virus; including the provision of lines of financing to fund the private sector and SMEs.”
“It is a great privilege to be in collaboration with the UAE Ministry of Economy and Islamic Development Bank Group in organizing this live webinar session that will tackle the major challenges currently being confronted by the private sector and the global economy as a whole,” Mr. Walid A. Farghal, Director General of the Annual Investment Meeting mentioned.
“The private sector is indispensable to economic growth. In fact, it contributes up to 90 per cent of employment and provides over 80 per cent of government revenues in developing countries. Thus, it is essential to highlight this huge initiative by the IsDB Group that enables the sectors adversely affected by COVID-19 to continue their business activities,” he furthered.
During the webinar, 3 online initiatives will be launched jointly by IsDB Group Private Sector Entities and AIM. These initiatives will support the private sector, trade and exports in OIC member countries and will be focusing on:
Digital Country Presentations: to promote and showcase the investment and trade opportunities in OIC member countries which will serve as a virtual gathering and strategic innovative platform to support the investors, government agencies, private institutions, investment promotion agencies to discuss the best possible means to attract FDI.
Startups Virtual Pitch Competition: to connect Startups globally and support them in meeting potential partners and investors from other parts of the world.
MADE IN…..SERIES: this digital platform is open to all SMEs who want to showcase and present their local products, project and services to international audience.
The webinar will gather more than 700 participants from multiple sectors across the globe such as government officials, Chairmen, Presidents & CEOs of local and international companies, multilateral and financial institutions, Chambers of Commerce & Industry, business associations, investment promotion agencies, individual investors, and entrepreneurs.
About the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
Established 26 years ago in 1994 as a multilateral institution and member of the Islamic Development Bank Group, ICIEC was tasked to promote cross-border trade and foreign direct investments (FDI) in its Member Countries. To fulfill its mandate, ICIEC provides risk mitigation solutions to Member Country exporters. By protecting them from commercial and political risks, exporters are enabled to sell their products and services across the world. The multilateral credit insurer also provides risk protection to investors from across the world that seeks to invest in ICIEC’s Member Countries. To promote the sustainable economic development of its Member Countries, ICIEC – on a limited basis – can also support international exporters selling capital goods or strategic commodities to ICIEC’s Member Countries. In addition to its core business, ICIEC also offers technical assistance to Member Countries’ Export Credit Agencies. ICIEC’s mission is to make trade and investment between Member Countries and the world more secure through the Shariah-compliant risk mitigation tool. Its vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compliant insurance and reinsurance solutions. Today, ICIEC supports trade and investment flows in 47 Member Countries spanning across Europe, Asia, Middle East and Africa. Its target clients are corporates (both exporters and investors), banks and financial institutions as well as Export Credit Agencies and insurers.
About the Islamic Corporation for the Development of the Private Sector (ICD)
ICD is a multilateral development organization and a member of the Islamic Development Bank (IsDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its 55-member countries through providing financing facilities and/or investments in viable projects sponsored by eligible enterprises in accordance with the principles of Shari’ah. ICD also provides technical assistance and advisory services to member countries and their public and private enterprises with a view to improving the environment for private investment, facilitating the identification and promotion of investment opportunities, privatization of public enterprises and the development of the Islamic capital markets. ICD applies Fintech to make finance more efficient and inclusive. ICD set up a platform built and centered on ICD relationship with 119 Financial Institutions. Through them, the IsDB Group in general and ICD in particular leverage access to the country and avail financing opportunities. For more information about ICD, visit www.icd-ps.org.
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC Member Countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$51 billion to OIC Member Countries, making it the leading provider of trade solutions for the Member Countries’ needs. With a mission to become a catalyst for trade development for OIC Member Countries and beyond, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
About the Islamic Development Bank Group Business Forum (THIQAH)
The Islamic Development Bank Group Business Forum (THIQAH) is the window of IsDB Group that facilitate contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique and innovative platform for dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. THIQAH’s vision is to position itself as the leading business platform of the IsDB Group serving the private sector and maximizing the achievements of successful investment projects. Through facilitation and catalyst roles, THIQAH will be leveraging IsDB Group’s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector in order to capitalize on their expertise and know-how on one hand, and to synergize with IsDB Group entities on the other. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group’s financial products and services. (www.idbgbf.org).
About Annual Investment Meeting (AIM)
Annual Investment Meeting (AIM), the World’s Leading Investment Platform in the Middle East and North Africa, will hold its 10th at the Dubai World Trade Centre, Dubai, United Arab Emirates.
Under the theme ‘Investing for the Future: Shaping the Global Investment Strategies’, AIM will gather high-ranking government officials, decision makers, corporate leaders, policy makers, businessmen, regional and international investors, entrepreneurs, leading academics and investment experts to address the global challenges of securing viable investment aimed at contributing to economic growth.
AIM has evolved from assisting emerging economies to attract FDIs. On its 10th edition, AIM will embrace a bigger challenge of enabling economic growth through its five pillars – FDIs, Startups, Future Cities, SMEs, Foreign Portfolio Investment, and special event One Belt and One Road.
AIM 2019 saw the participation of over 16,000 visitors, 436 exhibitors and co-exhibitors, 66 high-level dignitaries, more than 150 experts and investment specialists, and 143 country representations.
30 June 2020, Budapest, Hungary – Almost 1 500 innovators from 44 countries applied for the EIT’s € 60 million Crisis Response Initiative. The funds have now been unlocked by the EIT Governing Board to ensure critical support swiftly reaches entrepreneurs. This will allow high-impact start-ups, scale-ups and SMEs to benefit from additional funding under the ‘Venture Support Instrument’; and will enable the launch of new innovation projects tackling COVID-19 related challenges as part of the ‘Pandemic Response Projects’. By deploying a rapid response mechanism, all EIT Crisis Response activities will be completed by the end of 2020 to help Europe recover.
Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, responsible for the EIT said: ‘This action of the EIT is part of the EU’s comprehensive response to the COVID-19 crisis, including substantial support to innovation. I am glad to see the efficient mobilisation of all EU instruments that we have at our disposal. Thanks to the EIT’s funding, hundreds of innovators and companies will be given the opportunity to participate in the collective effort to overcome this crisis and rebuild our economy sustainably.’
Under the EIT Crisis Response Initiative, each EIT Knowledge and Innovation Community launched Calls for Proposals for ventures and for innovation projects. Close to 1 500 proposals were received from 44 countries (including all 27 EU Member States as well as the Israel, Northern Macedonia, Norway, United Kingdom, Serbia, Switzerland and Turkey).
Dirk Jan van den Berg, Chair of the EIT Governing Board, added: ‘This is the EIT in action: agile mobilisation of Europe’s largest innovation community to deliver innovative solutions and a boost to Europe’s economy. With the EIT’s rapid response and additional € 60 million funding, our Knowledge and Innovation Communities will now ensure high-impact ventures and ground-breaking projects help accelerate Europe’s recovery. The submission of almost 1 500 proposals highlights the depth of talent of innovators and the need for crisis recovery support in Europe and beyond.’
The quality and relevance of the EIT’s eight Knowledge and Innovation Communities’ Calls for Proposals under the EIT Crisis Response Initiative were evaluated. Based on this, the EIT Governing Board decided to allocate the following grants:
Following the EIT Governing Board decision, each EIT Knowledge and Innovation Community will now finalise its selection processes based on the available budget. It is foreseen that 60% of the EIT Crisis Response funds will be awarded to highly innovative start-ups, scale-ups and SMEs as part of the ‘Venture Support Instrument’, and 40% to innovation projects under the ‘Pandemic Response Projects’. More details on the selected ventures and innovation projects to be financed will be announced in the coming weeks.
BACKGROUND: EIT- MAKING INNOVATION HAPPEN!
What is the European Institute of Innovation and Technology (EIT)?
The EIT strengthens Europe’s ability to innovate by powering solutions to pressing global challenges and by nurturing entrepreneurial talent to create sustainable growth and skilled jobs across Europe. The EIT is an EU body and an integral part of Horizon2020, the EU Framework Programme for Research and Innovation. The Institute supports the development of dynamic pan-European partnerships – EIT Knowledge and Innovation Communities – among leading companies, research labs and universities.
What is the EIT Crisis Response Initiative?
The EUR 60 million EIT initiative launched in May 2020 consists of two main tracks of activities to be implemented by the EIT’s eight Knowledge and Innovation Communities across Europe:
Venture Support Instrument: Start-ups, scale-ups and SMEs have been enormously impacted by the COVID-19 crisis. Additional EIT support (financing, technical assistance and network) will help highly innovative ventures weather the crisis and accelerate their growth.
Pandemic Response Projects: More than ever, innovations and new solutions are needed to tackle the current crisis and prevent its resurgence. The EIT ecosystem is agile and will mobilise innovators to address the COVID-19 crisis, both in terms of the immediate health concerns and the wider response needed.
Learn more about the EIT Crisis Response Initiative in this factsheet.
EIT powers innovative solutions to global challenges
The EIT’s eight Knowledge and Innovation Communities work to accelerate the transition to a zero-carbon economy (EIT Climate-KIC), drive Europe’s digital transformation (EIT Digital), lead the global revolution in food innovation and production (EIT Food), give EU citizens greater opportunities to lead a healthy life (EIT Health), achieve a sustainable energy future for Europe (EIT InnoEnergy), strengthen the competitiveness of Europe’s manufacturing industry (EIT Manufacturing), develop raw materials into a major strength for Europe (EIT RawMaterials), and solve the mobility challenges of our cities (EIT Urban Mobility).
Together with their leading partners in Europe, they offer a wide range of innovation and entrepreneurship activities. This includes education courses that combine technical and entrepreneurial skills, business creation and acceleration services and innovation driven research projects.
EIT Facts & Figures
Proposed budget of EUR 3 billion between 2021 and 2027 under the EU’s Horizon Europe Research and Innovation Framework Programme
Europe’s largest innovation network: 2 000+ partners from top business, research and education organisations across Europe in 60+ innovation hubs across Europe
Europe’s tried, tested and proven innovation engine: powered more than 2 000 start-ups and scale-ups, created more than 900 new products and services. To date, EIT-supported ventures have raised more than EUR 1.5 billion in external capital. More than 2 200 students have graduated from EIT labelled master and doctoral programmes.
Union Bank of the Philippines (UnionBank) recently rolled out more cash-out options for customers via 11,000 remittance counters across the Philippines, including in rural areas where most of the unbanked and underserved population are located.
This makes UnionBank the first Philippine bank to launch the largest cash-out network in the country – a crucial step seen to significantly improve access to financial services for communities amidst the current pandemic.
Recognizing that sending funds to families and relatives living in provinces has been challenging, especially in far-flung areas where ATMs and bank branches are scarce or unavailable, UnionBank identified that the best course of action to address this concern was to enable customers to send money from home via its app to remittance counters in underserved areas.
The Bank leveraged existing partnerships with top Philippine fintechs such as Dragonpay and Coins.ph, as well as remittance centers Cebuana Lhuillier, LBC, PeraHub and Palawan Express. Integrating the service on UnionBank’s app was made possible in a short amount of time through Application Programming Interfaces (APIs) exposed on the Bank’s API Developer Portal/ Marketplace. This also enabled rural banks, who are currently on the UnionBank’s i2i network, to connect to the payout counters, allowing their account holders to send or withdraw funds from these non-traditional outlets.
In just a couple of weeks, UnionBank secured approval from the Central Bank of the Philippines, to perform a live pilot remittance and roll out the feature in the UnionBank Online app.
“With the onset of this pandemic, it has become crucial that our products and services quickly adapt to the challenges presented in this new digital normal,” said Edwin Bautista, UnionBank President and Chief Executive Officer. “This cash-out service is just one way for UnionBank to demonstrate its commitment to financial inclusion as we continue venturing forth in tech-ing up the Philippines.”
Upon the launch of this service, UnionBank noted an immediate high uptake by its customers. At the end of April 2020, with all major remittance centers available through the service, transactions have more than doubled. The Bank also recorded a 20% increase in daily digital account opening as a result of this feature.
“Through collaboration with various UnionBank teams and our fintech partners, we have demonstrated that the spirit of community is very much alive as we address the needs of our countrymen,” said Arvie de Vera, UnionBank Senior Vice President and Fintech Group Head. “This is a testament that we can use technology and digital services to ensure that no one gets left behind, especially as we weather through this ongoing crisis.”
There has been a “sudden surge” in the demand for multi-currency cards as holidays and overseas trips are planned and as the pound remains weak, reveals the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The observation from Nigel Green, chief executive and founder of deVere Group, which in 2017 launched the pioneering global e-money app and multi-currency card, deVere Vault, comes as international borders are gradually re-opened around the world following the pandemic and ahead of the busiest time for holiday travel.
Mr Green comments: “There’s been a sudden surge in the last week from clients looking to use our e-money app and multi-currency payment card.
“This spike, we believe, is due to a steady relaxation of travel restrictions releasing a pent-up desire to escape lockdown, take a summer holiday, and/or see friends and relatives overseas as the world gradually gets back on its feet after a highly unusual few months.”
He continues: “But the fragile global economy together with the weakness of the pound, which is making almost every destination in the world more expensive for Brits, are making people even more pro-active in searching low-cost exchange rates and low-cost banking.
“The pound continues to be one of the worst-performing currencies in the world as we head into peak summer holiday season – and it could get further battered should the current Brexit negotiations fail.
“Against this backdrop, it is sensible that people are seeing the value in managing, spending and receiving money anywhere in the world without hassle and excessive exchange rates by using deVere Vault.”
Launched shortly after the Brexit referendum caused a significant drop in the value of the pound, deVere Vault is a trailblazing app and its Prepaid Mastercard®️ allows clients to spend, receive, store and transfer money in up to 27 different currencies.
Added to holidaymakers’ exchange rate concerns are excessive bank charges.
Mr Green says: “When you use your debit or credit card abroad in anything other than your destination’s local currency, you could be paying excessive exchange fees.
“Typically, an extra 6% is added on top, but these fees can be up to 10%. All too often the customer is completely unaware of these costs.
“This is simply not on. In an increasingly globalised world, people have the right to expect hassle-free, borderless access to and use of their money, without over-the-top charges.
“deVere Vault addresses these issues.”
It automatically pays in Sterling in the UK, U.S. Dollars in the States, Euros in the eurozone, and Swiss Francs in Switzerland, for example.
The multi-currency account also allows you to withdraw and spend money anywhere in the world where Mastercard is accepted.
The deVere CEO concludes: “The world is beginning to re-open, but, more than ever, those planning trips abroad don’t want to get caught out. They need and want to protect their holiday cash from excessive exchange rate and banking fees.”
Investors who have been “paying attention” have been topping–up their investment portfolios and will continue to do so, says the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The comments from Nigel Green, the chief executive and founder of deVere Group, which has $12bn under advisement, come as stock markets around the world further rallied on Tuesday after the U.S. Federal Reserve announced an expansion to its historic stimulus programme.
Mr Green affirms: “Global stocks have been buoyed by the news from the Fed – the world’s de facto central bank – to buy individual corporate bonds in addition to the exchange-traded funds it is already purchasing, to support the world’s largest economy.
“This extra stimulus acts as a ‘backstop’ or ‘floor’ for equities.
“The additional Fed support was widely expected by the markets and therefore, investors who have been paying attention have been topping-up their investment portfolios recently as entry points will inevitably continue to go higher as we move forward.”
He continues: “It is likely that savvy investors will continue to enhance portfolios as the backing is likely to be maintained for years, not quarters.
“Also, it has been reported that President Donald Trump’s administration is preparing to unveil a $1 trillion infrastructure package. This will further boost asset prices.”
The deVere boss called the additional measures last week.
He noted on Thursday June 11: “Further stimulus can be expected from the Fed – and also perhaps from Congress too – in the near future… This will support and likely boost asset prices moving forward. Investors will now be eyeing the opportunities before any fresh or enhanced stimulus packages are announced.”
London’s FTSE 100 and Frankfurt’s Dax both jumped 2.2% in morning trading on Tuesday, the pan-European Euro Stoxx 600 gained 2%. U.S. futures markets suggested that U.S. stocks would rise further when trading begins on Wall Street, with S&P 500 futures up 1%.
In Asia-Pacific, Tokyo’s Topix shot up 4% and Australia’s S&P/ASX 200 gained 3.9%. Meanwhile, Hong Kong’s Hang Seng rose 2.4% while China’s CSI 300 index was 1.5% higher.
Nigel Green concludes: “Few things can fuel markets like another stimulus injection.
“The message investors are taking away is that the U.S. central bank and government are prepared to do whatever it takes to support the recovery.”
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Growing fears of a no-deal Brexit will prompt an increasing number of British and international investors to move their financial assets overseas out of the UK, believes the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The observation from Nigel Green, founder and chief executive of deVere Group, which has $12bn under advisement, comes as the UK formally rejects an extension to the Brexit transition period – raising the risk of a no-deal departure at the end of the year.
Mr Green notes: “Due to the Covid-19 pandemic, the UK is suffering its deepest recession in 300 years. Nevertheless, the government is sticking with its hard Brexit plans.
“Concerns over the fallout from a no-deal Brexit will prompt an increasing number of British and international investors to move their financial assets overseas out of the UK.”
He continues: “Should the UK leave with no-deal, the already weak pound – which is one of the world’s worst-performing currencies this year – is likely to remain weak for several years to come until Britain and the EU readjust. It has already shed about 20% of its value since the EU referendum in 2016.
“A low pound can help to reduce people’s purchasing power and lead to a drop in UK living standards. Weaker sterling means imports are more expensive, with rising costs being passed on to consumers.”
The drop in sterling is good for UK exports some insist, however around half of the country’s exports rely on imported components. “These will become more expensive as the pound falls in value,” noted Mr Green.
“In addition, a weaker pound is, of course, bad news for British expats, amongst others, who receive income or pensions in sterling and as Brits looking to travel overseas,” he added.
The deVere CEO goes on to say: “Britain appears to be sleepwalking towards an economic blackhole.
“People are already becoming increasingly nervous about this situation. Many will, inevitably and quite sensibly be looking to build and protect their wealth by moving assets overseas through various established international financial solutions.
“The pace of this trend is likely to increase over the next few months as the issues look set to ramp-up.”
In the first 6 months of 2019 alone, £616m was stolen from banks in the UK due to fraud. In the Philippines, there were over half a billion pesos lost due to credit card fraud. Each year, banks, ATM systems, and credit card scanners come up with new ways to protect you against identity theft and fraud. These upgrades don’t seem to last, however. As quickly as the safety upgrades are made, it seems criminals are coming up with new ways to get around them. You can never be too safe and that’s why you need to learn about preventing fraud yourself.
The more knowledge you have about it, the better chances you have at avoiding it altogether. Don’t be a victim to identity theft, fraud, or any other type of financial scam. Continue reading below for six of the best tips to know about preventing fraud in your life.
1. Take Advantage of All Online Security Features
If you bank online, then you need to set up an account with as many security features as possible. Your banking app has these features set in place for you to ensure your information stays secure. If you’re not taking advantage of all the security features, then you could be placing yourself in a better position to get hacked.
Most banks will offer a multi-step authentication process when logging in accounts online or on the app. Make use of these. For example, to access your account, it might require you to give your fingerprint, log in using your credentials, send a security code to your phone, and make you answer security questions.
Use as many of these features as you can.
2. Check Your Bank Statements Frequently
Some criminals will gain access to your bank account and spend a large amount of money all at one time. Others will use your information to make purchases overseas. When either of these situations happen, it signals a red flag to your bank.
Other fraud criminals, however, are a bit smarter with their crimes. They’ll start out by only taking small amounts out here and there. This makes it less recognisable by you and your bank.
To catch them in the act, you’ll need to keep an eye on your bank statements on a regular basis. Log into your accounts and go through each withdrawal.
3. Avoid Accepting a Check and Wiring Money
One of the most common ways criminals scam innocent people is by sending them a check and asking them to wire money back in exchange. This mostly happens when someone makes a private purchase. A person will contact you saying they want to purchase something you have for sale.
They’ll explain to you that they only have a check for a certain amount, which is greater than the price of the item. They’ll send you the check and ask you to then wire them the difference. After you wire them the difference, you’ll soon learn that their check was bad.
If anyone approaches you with this scenario, decline. Avoid accepting checks with the intent to then wire money. Once you wire your money, it’s gone, and usually can’t be traced.
4. Never Use a Public Computer or Connection
When you do need to log into your bank account online, never use a public computer or a public connection. You only want to use your private phone network or a secure network at your house or someone’s house who you trust.
When you log into your bank accounts using a computer that isn’t yours or from a public internet connection, you take the risk of a scammer hacking your information.
5. Report a Card Lost or Stolen Immediately
Haven’t seen your bank card in a few days? Don’t wait to report your card lost or stolen. Even if you believe it fell in that hard-to-reach place in your car, don’t take the chance of not reporting it.
Replacing your credit and debit cards with your bank is quite simple. They’ll even give you a temporary card to use while waiting for your new one to come in the mail. Even if you have to go a few hours or days without access to your account, it’s better than allowing an unauthorised user to have access to it.
6. Contact Your Bank About Added Safety Features
Following these tips is a great way to reduce your risk of bank fraud. There is more you can do, though. If you feel you need an extra layer of protection on your account, then contact your bank directly.
Ask about what security features they offer. They might be able to put a high alert on your account. This sometimes means that you’ll have to go inside the bank to make any type of transaction and the slightest detail in your account statement could warrant a phone call to you from your bank.
Some of these features might seem like they’d become pestering, but it’s the best way to ensure no fraud is allowed on your account.
Preventing Fraud Is Simple When You Know These Tips!
Finding out your bank account has fraudulent transactions is a big hit to the gut. If not caught right away, it can sometimes take years for people to gain their identity back or get their life back together after a scam. Don’t be one of these people.
Preventing fraud is easy when you follow the tips listed in this post.
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