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[MedAware in DocWire News] Dr. Gidi Stein Discusses AI-Based Platform That Minimizes Physician Burnout and Enhances Patient Care

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Crypto Investment Platform Change Closes £3.7 Million Crowdfunding Round at Post Money Valuation of £175 Million

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Crypto exchange Change is reporting having closed a £3.7 million securities crowdfunding at a post-money valuation of £175 million.

According to the company’s website, investors had three options to participate in the firm:

  • a securities offering on Funderbeam
  • Purchase CNG tokens that gives you equity exposure through a convertible note agreement; For every 792,000 CNG tokens, you receive 1% ownership when converted to Change shares. CNGs can be bought via their app
  • A CAG token that can be used to purchase services through Change

Change said that 50 private investors backed the digital asset investing platform as it plans international expansion following trading volumes reaching $1 billion. Change said that it currently has approximately 85,000 verified customers an increase of 190% from May 2020. Change said the growth has come from retail investors.

Change said it will use the funding to grow the team, develop its platform further and expand into European and Asian markets.

Reportedly, interest from Change’s existing investment community resulted in the round being over-subscribed within 48 hours.

Investors are said to be primarily composed of Change’s original crowdfunding members from an earlier funding round, who have continued to be involved in the project since 2017, as well as existing shareholders.

Change notes that it is one of the few trading platforms which doesn’t charge fees on Bitcoin trades. It also has a minimum deposit of just €10.

Kristjan Kangro, founder and CEO of Change, commented:

“We started with a mission to empower everyone everywhere to benefit from investing – be it with cryptos or more traditional trading instruments. Not only did this mean creating a platform that was simple to use, but it also meant being independently funded and driven by our community. To see so many of our original investors from back in 2017 continuing to believe in and support us is incredibly inspiring. Together we’ve achieved tremendous growth over the past year especially, and our ambitious expansion plans aren’t showing any signs of slowing down.”

Change was founded in 2016 by Kangro and Gustav Liblik (CPO). Change is backed by Roger Cook, former Global CEO of DHL, and Hans van der Noordaa, former CEO of the Retail Division of ING Bank and Chairman of Deloitte.

Change claims over 7,000 private investors and has raised more than $21 million in funding to date.

Have a crowdfunding offering you’d like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176602-crypto-investment-platform-change-closes-3-7-million-crowdfunding-round-at-post-money-valuation-of-175-million/

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Basel Committee on Banking Supervision Initiates Consultation on Proposals for Treatment of Banks’ Digital Asset Exposures

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The Basel Committee on Banking Supervision, the main international standard-setter for the prudential regulation of banks and provides a forum for regular cooperation on banking supervisory matters (with 45 members comprising central banks and bank supervisors from 28 jurisdictions), has initiated a public consultation on preliminary proposals for the prudential treatment of banks’ crypto-asset exposures.

Although banking institutions’ exposures to digital assets are presently quite limited, the ongoing growth and innovation in cryptocurrency, blockchain/DLT, and various other related services, along with the increased interest of certain banks, might increase financial stability concerns and risks to the traditional banking sector in the absence of prudential treatment.

Due to the rapidly-evolving nature of this nascent asset class, the Basel Committee thinks that appropriate policy development for crypto-asset exposures should involve more than just a single consultation.

This first public consultation, which comes after a discussion paper released in December 2019, will allow further research and related work to continue with the added benefit of incorporating meaningful feedback from external stakeholders.

The suggested prudential treatment specified in the consultation categorizes crypto-assets into two main groups:

  • Group 1 crypto-assets: these satisfy a set of classification requirements and as such are eligible for treatment under the current Basel Framework (with a few changes/modifications and additional guidance). These may include various tokenized traditional assets and stablecoins.
  • Group 2 crypto-assets: are those, like Bitcoin (BTC), which don’t satisfy the classification conditions. Since these assets may pose additional and greater risks, they may be subject to a new and more conservative prudential treatment.

According to the statement, central bank digital currencies or CBDCs do not fall within the scope of this particular consultation.

The Basel Committee says it is seeking feedback on the proposals, which may be submitted by September 10, 2021 where all submissions will be shared on the Bank for International Settlements (BIS) official website (unless a respondent actually requests confidential treatment on the consultation).

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176557-basel-committee-on-banking-supervision-initiates-consultation-on-proposals-for-treatment-of-banks-digital-asset-exposures/

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True Cost of Financial Crime Compliance Global Report Reveals that Costs Reached $213.9 Billion in 2021

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LexisNexis Risk Solutions, a global data and analytics firm, has published its annual True Cost of Financial Crime Compliance Global Report.

The results shared in the new report have been prepared after conducting an extensive survey of 1,015 financial crime compliance decision-makers at established financial institutions such as banks, investment companies, funds managers, and insurers.

The expected total cost of financial crime compliance across various financial institutions reached $213.9 billion this year, exceeding the $180.9 billion reported during 2020. Most of the considerable YoY increase is due to financial activities taking place in Western Europe and the US.

The key decision-makers who participated in the research study are responsible for managing financial crime compliance procedures like sanctions monitoring, know your customer (KYC) remediation, anti-money laundering (AML) and transaction monitoring.

The main findings from the LexisNexis report are shared below:

Western Countries Continue to Spend Highest on Compliance – Western European countries and the United States (together) accounted for 82.7% of global total estimated costs.

Germany and the US reportedly cover or account for the majority of cost increases at $9.6 billion and $8.8 billion respectively. Germany notably outsized all other nations by a significant amount.

Mid to large financial institutions / service providers have been leading this growth where all regions, with the exception of the Middle East and South Africa, reported double-digit percentage growth in costs related to ensuring compliance.

Less Consensus on Operational Challenges – During the past several years, there has been general consensus on the top-ranked compliance issues within financial institutions. But there was considerably less uniformity in 2021’s survey.

Customer risk profiling, sanctions screening, regulatory reporting, identifying politically exposed persons (PEPs), KYC for account onboarding and efficient alerts resolution have been similarly ranked as significant challenges.

Different regions reported varying degrees to which particular challenges are more serious, however, less consensus was seen on the top or main challenges to compliance.

Pandemic Impact – The COVID-19 crisis has reportedly left a major imprint on compliance officials and their departments, which has made existing issues even worse and has also contributed to a rise in time and funds required to ensure due diligence.

Mid and large companies based in Canada and the United States and certain areas in Latin America (LatAm) reported considerable COVID-related expense increases.

The main operational challenges became even more prominent or significant in these particular markets since awareness about the pandemic became more widespread. The report from LexisNexis reveals that there’s been increased alert volumes and suspicious transactions, inefficiencies with alert resolution and due diligence, significantly more manual work required and limitations with proper risk profiling/sanctions screening/PEP identification.

Technology Investment Leads to Better Outcomes – Financial institutions adopting and implementing tech solutions to ensure financial crime compliance have generally been more prepared and less affected overall by rising regulatory requirements and the pandemiic.

When compared to companies that channeled considerably more of their yearly compliance costs to labor, those that set aside costs more toward tech are now reporting smaller YoY financial crime compliance operations cost increases, reduced overall costs per full-time worker and fewer COVID-related issues.

Leslie Bailey, VP, Financial Crime Compliance for LexisNexis Risk Solutions, stated:

“Criminals will never cease to become more sophisticated, but a multi-layered solution approach to financial crime compliance can facilitate a more cost-effective, efficient compliance approach, as well as one that benefits the larger organization. Financial institutions should investigate both the physical and digital identity attributes of their customers, leveraging data analytics to assess risks and behaviors in real time.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176559-true-cost-of-financial-crime-compliance-global-report-reveals-that-costs-reached-213-9-billion-in-2021/

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London’s DNA Payments Group Enters £100M Deal with Alchemy Partners

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London-based DNA Payments Group, the fast-growing “vertically integrated” payments firm, has entered a £100 million deal with Alchemy Partners (Alchemy).

With an operations based hub in Kent, DNA presently serves more than 45,000 merchants including established online and offline retailers to SMEs, offering them with  70,000+ terminals which make “over 20 million transactions worth over £600m a month.”

As mentioned in a release, DNA is one of just a few players in the United Kingdom and Europe with fully Cloud enabled omni-channel payment processing capabilities, and also “provides a variety of SaaS and PaaS solutions to major global acquirers and payment schemes.”

The investment by Alchemy “sees DNA well positioned to benefit from the strong market opportunity, with the UK beginning to see signs of a recovery from the Covid-19 pandemic,” the announcement noted.

Arif Babayev and Nurlan Zhagiparov, the founders of DNA, stated:

“Alchemy’s investment marks a historic day for DNA and is a huge endorsement of our company and our technology. We have been looking for the right partner with the right ethos, vision and experience and we are lucky to have found this partnership with Alchemy.”

The past year has been quite challenging for businesses, and at DNA they have been “fully dedicated to helping [their] customers manage through the pandemic,” the firm’s management noted while adding that during the last few months DNA has expanded its digital commerce solutions and payment methods, “providing merchants with Pay by Link, Checkout v3, ApplePay, Pay by Bank, PayPal, Open Banking and many other new capabilities.”

As noted in the update:

“This transaction will allow us to accelerate our growth, helping more merchants accept payments quickly and easily, both in-store and online. Our technology and vertical integration give us an unparalleled advantage in servicing our partners and customers, but also provide a great foundation for bolt-on acquisitions.”

This investment will allow us to further improve our product offering and continue with our business strategy of making key acquisitions to grow our presence “not only in the UK but also internationally,” the firm’s management added while pointing out that they have “more than doubled [their] estate size and turnover in the past 18 months.”

Toby Westcott, Partner at Alchemy Partners, remarked:

“We are delighted to be partnering with DNA. Alchemy is always looking for opportunities to partner with talented business founders and uncover attractive investments that others may not be able to access.”

Wescott also mentioned:

“We are focused on helping companies grow and develop, and having worked closely with both Arif and Nurlan during this extraordinary period caused by the Covid 19 pandemic, it was clear that DNA and Alchemy’s goals, missions and values were closely aligned. Merchants’ increasing need for omni-channel payments solutions combined with the strength of DNA’s product proposition creates a compelling investment opportunity and we are excited to join DNA on its journey to build a leading payments business in the UK and expand into Europe.”

DNA Payments was advised by Proskauer, Houlihan Lokey and EY and Alchemy was advised by Macfarlanes and PwC on this transaction.

Launched in 1997, Alchemy aims to target key opportunities across Europe to team up with and work with management teams, assisting them with creating value by addressing problems, helping “take difficult decisions and driving through change.”

Since introducing its services, Alchemy has finalized more than 190 transactions, investing  £4 billion+ into firms and organizations based in 14 different countries.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176583-londons-dna-payments-group-enters-100m-deal-with-alchemy-partners/

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