Helping To Create A Better Future With Startups

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Helping To Create A Better Future With Startups

LG Electronics announced the first group of startup companies that have been accepted into LG NOVA’s Mission for the Future global challenge program.

As a part of the Proto Challenge, a preliminary startup competition designed to feed into LG NOVA’s global challenge program, eleven companies were selected based on their proposed solutions for a better life in the areas of connected health, energizing mobility, smart lifestyle, the metaverse and innovation for impact. These are key areas that LG NOVA is focusing on in its effort to build for the future with innovative startups.

The startups selected from the Proto Challenge competition will be joined by 40 additional companies selected in the Mission for the Future Challenge to become the First Fifty to work with LG NOVA’s incubation team. LG NOVA and the selected startups from both challenges will work closely together to refine their business and engagement ideas to potentially unlock resources and funding for proof-of-concept development and grow a business in collaboration with LG.

The companies were selected based on the following criteria: a clear vision to growing business with LG, a convincing pathway to commercialization and the uniqueness of the proposed solution or product. LG NOVA intends to provide up to USD 20 million in funding and resources to support the top 10 chosen businesses from the challenge.

In Connected Health:

  • Quiqmeds – A SaaS platform providing an alternate solution to retail pharmacies that use dispensing units for prescription fulfillment in physicians’ offices at the point of care. The solution puts the prescribed drug in the hands of the patient within minutes when they are still at the doctor’s office.
  • XRHealth – XRHealth operates state-of-the-art Virtual Clinics, utilizing proprietary FDA registered medical virtual reality (VR/AR) applications. XRHealth integrates immersive VR/AR technology, licensed clinicians and advanced data analytics on one platform, providing a comprehensive therapeutic care solution for patients to receive treatment from the comfort of their home. The company focuses on three main therapeutic areas: pain management, neurological disorders and behavioral health.
  • MayaMD – MayaMD develops and sells engaging artificial intelligence (AI) platforms that improve healthcare. Maya’s solutions quickly gather a user’s symptoms, past medical history and/or laboratory results and convert this data into a list of potential diagnoses and follow-up care suggestions. By enhancing communication between patients and clinicians, the tools create an opportunity for better health outcomes.
  • In Energizing Mobility:
    • Driivz – An end-to-end EV charging management platform offering operations management, energy management, user management, public and workplace and EV fleet charging management, as well as various advanced billing capabilities and EV driver applications.
    • Resilient Power – EV charging stations that reduce the grid upgrades, size, permitting and installation labor by 90 percent.
    • SparkCharge – One of the world’s first mobile and intelligent on-demand EV charging network. 

    In Smart Lifestyles:

    • EveryKey – Military-grade smart key that wirelessly unlocks your devices and online accounts when you’re nearby, then locks everything down when you walk away.
    • Chefling – The first AI-powered kitchen assistant providing a single platform to connect all your kitchen and cooking needs in today’s smart home.
    • In The Metaverse
      • IQ3Connect– A web-based VR/AR platform for rapidly delivering scalable remote collaboration and training solutions.
      • I3M.tv – Lets people connect, communicate and experience together in lifelike, immersive and interactive environments optimized for 3D and VR. The platform is updated with new experiences and features weekly. I3M.tv is backed by multinational investors and is poised to expand across multiple verticals such as entertainment, virtual travel, hospitality and more.

      And Lastly in Innovation for Impact:

      A.KIN – Women-led company that uses AI avatars and robots to help users run their homes, specifically providing support for people living with disabilities and caregivers.

      Following the close of the challenge applications, LG NOVA will be hosting Mission Launch, a virtual event series for startups, from November 15-19.

      The event will feature industry leaders from across corporate technology companies, domain experts, founders and entrepreneurs, all innovating to address global issues and challenges. In addition, during the week, attendees will hear advice from VCs, advisors, corporate and marketing leaders on positioning their business for growth in this changing landscape. All applicants are invited to join LG NOVA and experts across the industry to discuss the key topics that will impact our future.

Q3 2021: UBA’s Gross Earnings Hit N490.3 Billion, Reports 37% Growth In Profit

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Q3 2021: UBA’s Gross Earnings Hit N490.3 Billion, Reports 37% Growth In Profit

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced impressive performance in its unaudited financial results for the third quarter ended September 30, 2021, recording impressive growth across all its major indices, replicating the commendable performance it achieved in the first two quarters of the current fiscal year.

Specifically, the bank’s Gross Earnings rose to N490.3 billion, up from N454.4 billion recorded in September 2020, while Operating income grew by 13% year-on-year to close at N331.7 billion as at September 2021, up from N293.7 billion achieved a year earlier.

In the report filed with the Nigerian Stock Exchange (NSE) on Monday, UBA reported a 37% rise in Profit Before Tax to close at N123.4 billion compared to N90.4 billion recorded at the end of the third quarter of 2020, while profit after tax rose significantly by 36% to N104.6 billion up from N77.1 billion recorded a year earlier, thus putting its annualised return on average equity for Q3 2021 at 19.2% compared to 16.4% recorded in the similar period of 2020.

UBA continues to maintain a very strong balance sheet, with Total Assets of N8.3 trillion, an 8% increase over the N7.7 trillion recorded at the end of December 2020, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Customer Deposits rising to N6.1trillion, representing a 7.2% increase from N5.7 trillion at the end of the last financial year.

The shareholders’ funds remained very strong at N798.3 billion up by 10.3% from N724.1 billion recorded in December 2020, thus reflecting a strong capacity for internal capital generation and growth.

Commenting on the results, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka, said, “Once again, the bank has shown resilience in delivering on its commitment to shareholders, stakeholders, and the investing public, evident in the strong positive financial metrics recorded in the reporting period.

“Particularly, gross earning was up 8% to N490.3 billion in the nine-month period, mirroring the improvements seen in both the domestic and international economies as countries roll out vaccines, helping to return economic activities nearer to pre-pandemic levels. Similarly, our profit before tax was up by a record 37% to N123.4 billion, with an annualised RoAE of 19.2%, showing our renewed commitment to creating more value for our shareholders,” Uzoka explained.

The GMD pointed out that UBA’s prudent approach to risk management and the efficacy of its digital-first customer-centric business strategy, helped in keeping loan growth steady at double-digit, while still being able to moderate our cost in the period, adding “Through the help of our digital-first strategy, we were able to increase the number of our agent network in the period by over 140%, increasing our controlling stake in the market.”

Speaking on the expectations for the rest of the year, Uzoka said, “Looking ahead, we believe our huge investments in digital business following lessons learnt from the pandemic, will continue to pay off in delivering significant growth opportunities across our business operations even as the economy speedily heals from the impact/effect of the pandemic. We will continue to remain a bank holding company, leveraging on our robust balance sheet and diverse customer-base to deliver (above the expectation of our shareholders) sound rewards to our shareholders.”

Also throwing more light on the Bank’s financial performance and position, the Group CFO, Ugo Nwaghodoh said, “The performance reflects our progressive efforts in building on our robust balance sheet, strong customer base and our people, in delivering impressive earnings. Particularly, I am pleased at the 90bps improvement in Cost of Funds (CoF) from 3.2% to 2.3% in the period. This was despite the increase in our customer deposits by 7.2% to N6.1 trillion, portraying the Bank’s deliberate effort to substitute high-cost funds for low-cost deposits.”

He noted that UBA has continued to optimise its digital banking offerings, which has been paying-off hugely as evident in the 50.4% growth to N41.9 billion in income from electronic banking.

“As we continue to pursue a cautious loan growth strategy in 2021, we have strategically maintained strong capital adequacy and liquidity ratios at 23.9% and 43.9% respectively, ensuring adequate buffer to withstand impending shocks and good headroom for growth and the Bank will sustain this growth momentum, to ensure we consistently deliver sustainable value to our valued stakeholders,” the GCFO explained.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries.

Zenith Bank, GTB Ordered To Immediately Unfreeze Rise Vest’s Accounts

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Zenith Bank, GTB Ordered To Immediately Unfreeze Rise Vest’s Accounts

Zenith Bank and GTBank have been ordered to immediately grant Rise Vest Technologies Ltd, a fintech company, unfettered access to its accounts.

Brand Spur Nigeria reports that an Abuja federal high court gave this order. as it faulted the Central Bank of Nigeria (CBN) for directing the banks to block Rise Vest from accessing its finances.

The apex bank on Tuesday, August 17, 2021, secured, through an ex parte motion, an order freezing the accounts of some fintech companies for 180 days over alleged forex infractions.

Aside from Rise Vest, Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited, also had their bank accounts frozen.

Zenith Bank, GTB Ordered To Immediately Unfreeze Rise Vest’s Accounts

But Rise Vest filed a motion filed through its counsel, Seni Adio, who submitted that there was no evidence that it engaged in unlawful conduct, adding that the CBN did not meet its burden of proof in support of its allegations.

Responding, Mathew Onoja, CBN’s counsel, argued that the ex-parte order of the court was proper, lawful, and valid.

He contended that the order was in accordance with the provisions of Section 97 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2021, which empowered the plaintiff/respondent (CBN) to invoke the jurisdiction of the court via an ex parte application.

Ruling on the application, Justice Taiwo O. Taiwo held that the CBN could not rely on a circular to freeze the bank account of a company.

The judge noted that the CBN failed to provide any law showing that it is illegal to deal in cryptocurrency in Nigeria, adding that the CBN circular, referenced as BSD/DIR/PUB/LAB/014/001 of February 5, 2021, is not a law.

The judge, among others, held that although the CBN has the power to investigate any infraction, the infraction must relate to BOFIA or any other enactment administered by the regulator.

His words: “I have perused the counter affidavit of the respondent and I see that the reason for freezing the account of the applicant is based on the alleged infraction of the circular of the CBN. The law is trite that any conduct that must be sanctioned must be expressly stated in a written law.

“Being unknown to law, circulars cannot create an offence because it was not shown to have been issued under an order, Act, Law, or Statute.

“The learned counsel for the respondent has also raised the issue of public policy in his submissions against the application.

“Can this court decide this application based on public policy as being urged on it by the learned counsel for the respondent? I think not.

“I hereby discharge the interim freezing order of this court made on August 17, 2021, made against the defendant/ applicant.”

The judge ordered the banks – Zenith Bank Plc and Guaranty Trust Bank – to immediately grant the firm unfettered access to its accounts.

CBN explains why it freezes Rise Vest, others’ bank accounts

According to CBN, Rise Vest and other fintech firms have been engaging in “illicit forex transactions”, hence, it will need time to complete its investigation.

“That more specifically, there is a grave allegation that the defendants/respondents are engaged in illegal foreign exchange transactions, accessing/procuring of foreign exchange via their banks from the Nigerian foreign exchange market via several bureaux de change, international money transfer operators and have transferred cash deposit of more than S10,000.00 (Ten thousand dollars) to various accounts overseas contrary to provisions of extant laws and regulations and also traded in foreign securities and cryptocurrencies in contravention to CBN Circular referenced TED/FEM/FPC/GEN/01/012 and BSD/DIR/PUB/LAB/014/001 dated February 5, 2021, and July 01, 2015.

“It is evident that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited, and Trove Technologies Limited are complicit in operating without license as asset management companies and utilising FX sourced from the Nigerian FX market for purchasing foreign bonds/shares in contravention of CBN’s directive,” an ex parte motion by the CBN read partly.

Celebrating Graduates of the 11th Citi-HKCSS Community Intern Program

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HONG KONG SAR – Media OutReach – 26 October 2021 – The 2021 Citi-Hong Kong Council of Social Service (HKCSS) Community Intern Program (CIP) has come to a successful completion, marking 11 years since this unique cross-sector partnership began. The Recognition Ceremony shone a spotlight on the interns’ achievements, acknowledging their efforts and contribution to community affairs and their hard work in putting in at least 160 hours of work experience and 20 hours of in-depth training with Hong Kong’s non-governmental organizations (NGOs). Over the past 11 years, CIP has nurtured Corporate Social Responsibility (CSR) knowhow in 848 leaders of tomorrow.

 

Officiating at the recognition ceremony were Mr. Edward Yau, GBS, JP, Secretary for Commerce and Economic Development, Hong Kong SAR Government; Ms. Angel Ng, Chief Executive Officer, Citi Hong Kong and Macau; and Mr. Chua Hoi Wai, Chief Executive of the Hong Kong Council of Social Service.

 

Sponsored by Citi and co-organized with HKCSS, the program is the first-of-its-kind cross-sector collaboration between academia, business and NGO sector and offers a unique opportunity to students majoring in business studies to contribute their knowledge and expertise to NGOs and help them build capacity. The aim is to cultivate the concept of CSR in the students and provide them with a broadened understanding of the needs of the community.

 

The program gives future business leaders the chance to work with local NGOs to tackle problems within the Hong Kong community. This summer, 78 business school students from 9 local universities were selected and placed into 40 different NGOs, allowing them to put the knowledge they have gained at university to practical use.

At the ceremony, Ms. Angel Ng, Chief Executive Officer, Citi Hong Kong and Macau, said: “We at Citi are happy to have supported this great program for over a decade. Young people are our future leading Hong Kong to become a better place in which to live and work. It is increasingly important to empower our future leaders with the concept of Corporate Social Responsibility (CSR) and a broadened understanding of the community and social needs. I hope the students will treasure this valuable experience and learn from the insights gained during their internships, and that they will continue the concept of CSR wherever their careers take them.”

Mr. Chua Hoi Wai, Chief Executive of the Hong Kong Council of Social Service, added: “The program has been devoted to nurturing future business leaders with opportunities for understanding and practicing Corporate Social Responsibility. They can get a grasp of various social issues and the actual needs of the placement organizations. In view of the new normal and growing importance of big data, I am delighted to know that the student interns did not only apply their market acumen but also applied their knowledge of business information to assist the works of the NGOs. I would like to express my gratitude towards all partners again for supporting the program for 11 years and hope that more students will unleash their potential and contribute to the community.

Five participants were given the “Grand Award for Excellence” in recognition of their outstanding performance during the internships. They were Li Hoi Wan from the City University of Hong Kong and Tsoi Ka Wai from the University of Hong Kong who interned at Kids4Kids; and Chui Shing Hang from the Hong Kong Metropolitan University, Mak Chun Wai from the Hang Seng University of Hong Kong and Yim Sheung Ching from the City University of Hong Kong who interned at The Society for Truth and Light.

Grand Awardee Chui Shing Hang of Hong Kong Metropolitan University said, “During my internship at The Society for Truth and Light, I was responsible for animation production and educational board game design, and I assisted in organizing a seminar. CIP offered me the chance to apply my business knowledge in the operation of a NGO and gain a deeper understanding of the community. I made plenty of breakthroughs and I sincerely hope that I can utilize my business profession to contribute to society.”

The 78 interns served various community groups, including low-income families, the elderly and persons with disabilities, as well as helping with environmental conservation. They provided strategic and operational assistance to the NGOs in areas including network and brand-building, fundraising, social business strategies, operations and community service support. During the program, the interns received 20 hours of in-depth training in NGO operations and pressing community issues such as the poverty gap, the ageing population and environmental concerns. They attended seminars on CSR and cross-sector partnerships, visited non-profit and social enterprises, and were given opportunities to interact with various underprivileged groups.

Photos

1.    Photo 1

Mr. Chua Hoi Wai (first row 5th from left), Chief Executive of the Hong Kong Council of Social Service (HKCSS), Mr. Edward Yau (first row 6th from left), GBS, JP, the Secretary for Commerce and Economic Development, HKSAR Government, Ms. Angel Ng (first row 7th from left), Chief Executive Officer, Citi Hong Kong and Macau with Citi executives, representatives of business schools from Hong Kong universities, representatives from placement NGOs, and interns.

 

2.    Photo 2

Ms. Angel Ng, Chief Executive Officer, Citi Hong Kong and Macau, praises the achievements and contribution of the student interns in her opening remarks during the Recognition Ceremony.

 

3.    Photo 3

Mr. Edward Yau (3rd from right), GBS, JP, Secretary for Commerce and Economic Development, Hong Kong SAR Government, and Ms. Angel Ng (3rd from left), Chief Executive Officer, Citi Hong Kong and Macau, pictured with the students who won the “Grand Award for Excellence” and representatives of the NGOs.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About HKCSS

The HKCSS is an umbrella organization of more than 490 agency members that provide over 90% of the social welfare services in Hong Kong. HKCSS launched the Caring Company Scheme to build a cohesive society by promoting strategic partnership between business and social service partners and inspiring corporate social responsibility through caring for the community, employees and the environment. HKCSS puts much effort into building capacity for social enterprises through the Social Enterprise Business Centre (SEBC) to advance social entrepreneurship and mobilize social innovation.

Additional information may be found at www.hkcss.org.hk | Facebook: www.facebook.com/hkcssfans

#Citi #HKCSS

SuperYogo Reiterates Its Natural Healthy Quality In New Campaign

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SuperYogo Reiterates Its Natural Healthy Quality In New Campaign

For a brand that has positioned itself in the minds of consumers as the benchmark of quality in the Frozen Sweetened Yoghurt category, SuperYogo needs little introduction to consumers conscious of an on-the-go healthy snacking companion.

Notwithstanding, SuperYogo has launched a national awareness campaign to reiterate its refreshing goodness and healthy value to reinforce its leadership in the Frozen Sweetened Yoghurt category. The campaign tagged “It’s Yoghurt” highlights the brand’s quality refreshment value and stimulates positive consumer experiences as the preferred Frozen Sweetened yoghurt for on-the-go nourishment which is in line with Fanmilk-Danone’s vision of ‘One Planet, One Health’ – inspiring healthier and more sustainable eating and drinking practices amongst as many people as possible.

SuperYogo is natural, refreshing, healthy, filling and has a delicious taste. It is simply nourishing goodness on-the-go. It comes in trendy, convenient and affordable pack sizes, allowing consumers to take it along with them wherever they go and fits into the lifestyle of young upwardly mobile as well as health conscious consumers.

Wherever the setting, be it in transit, during an office meeting, after school, or at home, SuperYogo comes in handy to enrich your snacking experience. It is a smart and tasty way to fit extra nutrients into your diets.

According to Olusola Adeleke, a brand executive with Brandedge Limited, it takes a lot of conviction for a brand to project itself as the ideal snack companion like SuperYogo has done.

“From its great taste which complements various snacks to its pack sizes which offers convenience, the brand has subtly positioned itself in the minds of consumers such that whenever snacks are mentioned, SuperYogo readily comes to mind as the preferred healthy snack companion.” he said.

Brand Manager, SuperYogo, (Abimbola Odimayo-Olabode), said, the new campaign tagged “It’s Yoghurt” is to remind Nigerian consumers of the healthy and nourishing value of SuperYogo and reinforce its leadership in the Frozen Sweetened Yoghurt category.

“We are excited that for the past 20 years, Superyogo has become a household name. SuperYogo has built an affinity with consumers across all ages who are health conscious, young, upwardly mobile and love to bring out the best in their snacks by savoring it with this great tasting and refreshing yoghurt.”

 

According to the Marketing Manager (Jennifer Balogun), ‘Superyogo is a brain and body snack which is very refreshing, can be consumed anywhere to refuel and refresh the body. Indeed, we believe this campaign will help in solidifying our proposition of providing Nigerians with healthy treats on the go’.

SuperYogo is affordable, accessible, convenient and its availability in On-the-Go packs sizes ensures that consumers continue to enjoy quality refreshment and nourishment anytime & anywhere. The product comes in 70ml, 160ml & 180ml pack sizes. It is available in Plain Sweetened and Lemon flavour respectively.

Hong Kong Baptist University to host QS APPLE 2021 Conference to explore emerging trends in higher education in the Asia Pacific

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HONG KONG SAR – Media OutReach – 26 October 2021 – Hong Kong Baptist University (HKBU) will host the QS Asia-Pacific Professional Leaders in Education (QS APPLE) 2021 Conference with the theme “Future Rebalance: Emerging trends and workforce in the Asia Pacific” from 1 to 3 November.

Pension Funds Invested In Banks Rise To N2.05tn – PenCom

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Pension Funds Invested In Banks Rise To N2.05tn – PenCom

The total amount of pension funds invested in banks by Pension Fund Administrators rose to N2.05tn at the end of July from N1.48tn in January.

The National Pension Commission disclosed this in its report, titled ‘Unaudited report on pension funds industry portfolio for the period ended 31 July 2021’.

It said total assets under the Contributory Pension Scheme stood at N12.78tn as of the period under review.

The commission said the operators had invested a substantial part of the pension funds in the Federal Government’s bonds, treasury bills, and state government securities.

The PenCom report said some of the funds were invested in agency bonds, supra-national bonds, commercial papers, foreign money market securities, and open/close-end funds.

Other investment portfolios where the operators invested the funds are real estate investment trusts, private equity funds, infrastructure funds, cash, and other assets.

According to Agusto & Co, a pan-African credit rating agency, the Nigerian pension industry’s net assets are expected to hit the N20tn mark by 2023, recording an average growth of 18 per cent in the next three years.

It said in its 2021 insurance industry report that the growth in the pension industry’s managed assets had been largely driven by investment returns and additional contributions, to a lesser extent.

OIKOCREDIT Invest $3.5m in Valency Agro Nig. Ltd

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OIKOCREDIT Invest $3.5m in Valency Agro Nig. Ltd

Cashew processing at Valency Agro Nigeria Ltd have received a boost in capacity with USD$3.5m funding from social impact investor and worldwide cooperative, Oikocredit, to support the cashew nuts processing and exportation and generally improve sustainable corporate governance.

The funding by Oikocredit to Valency Agro Nigeria Limited will help the company to expand its processing of raw cashew nuts into high quality cashew kernels for export and to better manage sustainability-related matters in the company’s operations and value chain with respect to social and environmental concerns.

According to Mr. Sumit Jain, CEO, Valency Group, the fund will support value addition, sustain over 1000 jobs comprised of mostly women; create more permanent and seasonal jobs, improve the livelihood of smallholder farmers and their families; and support girl child education.

He said, “In view of the expansion of production and processing of cashew nuts into high quality cashew kernels for export, the funding focus on long-term sustainable value creation that aims to align Valency’s interest alongside stakeholders’ and the society especially our host communities.

“It will be recalled that our expansion program in agro products such as sesame, cocoa, ginger, soya bean and black eye bean for export which birthed five peeling centers fully equipped with the state-of-art modern processing machineries in Ibafo and Abule-oshun area of Ogun State resulted in the employment of 400 female employees in addition to the existing 600 in our workforce and also empower them with the skills to perform.

“At a time as this where many households have lost their livelihood due to the impact of the COVID-19 pandemic on the economy, we have remained resolute in our commitment to continue to enhance the enterprise value for shareholders and stakeholders alike which implies sustaining the well-being of our people- our employees.”

In the same vein, Ufuoma Eghwerehe, Oikocredit’s Country Manager for Nigeria, said: ‘’We are excited about our new partnership with Valency Agro, Oikocredit’s first agriculture partner in Nigeria.

“Our loan will boost their cashew processing capacity and value addition, generate employment, especially for disadvantaged women, improve the livelihoods of smallholder farmers and their families in this Covid-19 era, and make a positive social impact in the communities we serve.

With investments like these, Oikocredit can help African countries move beyond relying on exporting raw products and increase their trade in higher-value finished agricultural goods.’’

Valency Agro Nigeria Ltd, a subsidiary of Valency International. Its principal activities include agro products processing. The company purchases agriculture commodities through its wide range of branches and has deep origination and product knowledge through its reach close to the farm gate.

With nine procurement and distribution centers across Nigeria and owning the largest and fully integrated cashew processing facility in Nigeria running at 35 metric tonnes RCN per day, the company have a strategic advantage to expand to 100 metric tonnes RCN per day in the next two years.

Oikocredit is a social impact investor and worldwide cooperative with over 45 years of experience funding organizations active in financial inclusion, agriculture and renewable energy.

Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably. Oikocredit finances over 529 partners, with total outstanding capital of EUR835.5m (€835.5m as of June 2021).

Moving Insurance From Detect & Repair To Predict And Prevent

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Moving Insurance From Detect & Repair To Predict And Prevent

Insuretech is fundamentally changing how insurers operate as they seek to accelerate and embrace a new era of customer-centric services – based on the observed behaviour of customers.

The question remains how the traditional insurance industry will respond to these changes.

The insurance industry is rapidly shifting from being product-led to being service-led to deliver a holistic CX, with the future of insurance being a blend of talent, technology and business models.

The current wave and evolution of emerging technologies such as Artificial Intelligence (AI), deep learning and neural networks, have the potential to drive fundamental change in the way that customers interact with service providers.

Optimised user experience

The next stage of evolution in the insurance space is expected to be a shift away from the current “detect and repair” approach to one of “predict and prevent”, and this is also likely to transform every other area of the industry in the process.

Numerous factors are currently shaping and accelerating the pace of this change.

The most important is the use of these technologies to improve decision-making and productivity, reduce costs and optimise the user experience – which continues to be the Achilles’ heel for many enterprises and organisations.

Amid this wave of transformation, insuretech (insurance technology) has fast become one of the most widely used buzzwords in the financial services industry.

This is thanks to upcoming insuretech companies that are proving to be more creative, ambitious and tech-savvy than their traditional counterparts, and have the potential to alter the way insurance companies cover risk.

Catalyst for digital transformation

As a result, established insurers are being compelled to consider partnering with or acquiring insuretech start-ups to strengthen their customer relationships, tap into their technology and build scalable networks.

Insuretechs are increasingly serving as a catalyst and driving force for the digital transformation of the insurance industry.

This is particularly apparent in the area of customer relationships and Customer Experience (CX).

Changing risk assessments

Insurers must recognise how the increased presence of robotics in everyday life and across various industries is likely to transform risk pools, change customer expectations and enable new products and channels.

The increased personalisation of these technologies will also give insurance companies access to models that are constantly learning and adapting to the world around them, which will enable the advent of new product categories and engagement techniques.

To remain relevant, established insurance companies must focus on how insuretech redefines customer-centricity in the industry, as modern customers are fundamentally different from previous generations.

Not only did their needs, knowledge and expectations expand over the past decade, but the blending of technology with everyday life has created a new kind of consumer – the “digital native”.

Customers driving disruption

Considering their focus on instant gratification and demand for endless choice, these customers are the real disruptive force within the insurance industry, meaning that consistent changes are now omnipresent.

For companies to maintain a good CX requires rapid research to understand the changing dynamics, new pain points and expectations as well as the leveraging of agile innovations to address them.

Organisations that manage to master this approach will add value for the customer in high priority areas.

In terms of incorporating insuretechs into their service offerings, traditional insurers can combine the advantage of disruptive new changes in technology, especially in the field of customer engagement, with the benefits associated with their established reputations, networks and customer reach.

Traditional insurers will have to reconsider their ICT investments in the context of customer needs, knowledge and expectations that have expanded significantly in the age of immediacy, where constant change is an overwhelming choice and customer loyalty is no longer a given.

Aiven Achieves $2B Unicorn Valuation with its Series C Extension

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Aiven’s existing investors increase capital investment to double down the company’s exponential growth and global open-source innovation

SINGAPORE – Media OutReach – 26 October 2021 – Aiven, a software company that combines the best open-source technologies with cloud infrastructure, announced a $60M Series C extension at a $2B valuation today, bringing the total Series C round to $160M. This extension brings Aiven’s total funding to date to $210M. The round was co-led by existing investors World Innovation Lab and IVP, and with the participation from Atomico and others. In a testament to the growth and potential Aiven showcases in its capabilities, a number of investors increased their capital commitments to Aiven just seven months after the company’s successful $100 million Series C.

As the latest unicorn of the Nordics, Aiven is experiencing growing revenue of over 100% year on year and aims to continue maximizing its growth in a journey to becoming the global category leader in managed cloud data infrastructure. Aiven currently has more than 230 employees scaling global hubs from Helsinki, reaching Berlin, Boston, Toronto and Sydney. Following the fundraise, the company will expand its reach in the Asia-Pacific region by opening an office in Singapore.

 

The move to expand to a South-East Asian (SEA) is influenced by the high momentum of digital transformation in the region. With more and more investments allocated to digitalization and open source software, the economic growth potential and access to talent are strong, making Singapore a key market for Aiven. Future regional expansion locations include Indonesia and Malaysia.

 

“This is an exciting step for Aiven on our journey and indicates that our team is successfully delivering on our mission to champion open source and make the lives of developers better in all that we do,” said Oskari Saarenmaa, CEO and co-founder at Aiven. “The additional funding from our existing investors will allow us to rapidly expand our global footprint, significantly contribute to the open source community and support the growth of other tech startups.”

In an effort to give back to the open source community, Aiven continues its open source investment with its recently launched open source program office, solely focused on contributing to the projects that are key to Aiven’s customers. Additionally, Aiven will support promising entrepreneurs and launch its own startup program in December. The program participants will get access to Aiven’s expertise and data platform for free for one year.

“IVP originally invested in Aiven in January of 2020 behind a belief that the company’s outstanding product and platform would enable companies of all sizes to manage their exploding data needs easily and efficiently,” said Eric Liaw, General Partner at IVP. “Under Oskari’s leadership, the Aiven team is delivering tremendous value for their customers, and the proof is that the company has more than quadrupled since our original investment and growth is accelerating.”

With Aiven’s fully managed services for popular open source projects like Apache Kafka and Cassandra, OpenSearch, M3, PostgreSQL and more in the public cloud, businesses can enjoy a modern, fully-functional open source data infrastructure globally in minutes. According to a recent IDC whitepaper[1], companies leveraging Aiven’s offerings report a 340% ROI over three years thanks to reduced cost of using open source solutions, increased development team efficiency, as well as increased revenue through enhanced agility and scalability.

For more information on Aiven, visit https://aiven.io/.


[1] Source: IDC Business Value Snapshot, sponsored by Aiven, The Business Value of Aiven Data Cloud, doc #US48198621, August 2021

About Aiven

Headquartered in Helsinki and hubs in Berlin, Boston, Toronto and Sydney, Aiven provides managed open source data technologies, like PostgreSQL, Kafka and OpenSearch, on all major clouds. Through Aiven, developers can do what they do best: create applications. Meanwhile, Aiven does what they do best: manage cloud data infrastructure. Aiven enables customers to drive business results from open source that trigger true transformations far beyond their own backyard. To learn more about Aiven, visit aiven.io and follow @aiven_io on Twitter.

#Aiven

About World Innovation Lab (WiL)

World Innovation Lab (WiL) is a US & Japan-based venture capital firm with capital from governments and leading global corporations in Japan and throughout Asia, including Sony, Suzuki, NTT, KDDI, and 7-Eleven. WiL helps US startups expand to Japan and Asia, and Japanese startups expand globally. With our corporate investors as partners, we invest in digital transformation. WiL direct company investments include Aiven, Asana, Auth0, DataRobot, Kong, MURAL, Sendbird, Wise, and Unqork. In addition to direct investment, WiL invests in exceptional venture funds – both established and emerging. Our mission is to be the bridge between startups and corporates across the globe – starting with Japan and the US. For more, visit wilab.com or twitter.com/wilabcom.

About IVP

Founded in 1980, IVP is one of the premier later-stage venture capital and growth equity firms in the United States. IVP has invested in over 400 companies, 126 of which have gone public. IVP is one of the top-performing firms in the industry and has a 40-year IRR of 43.1%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. IVP investments include such notable companies as Amplitude (AMPL), AppDynamics (CSCO), Attentive, Brex, Coinbase (COIN), Compass (COMP), CrowdStrike (CRWD), Datadog (DDOG), Discord, Dropbox (DBX), GitHub (MSFT), Glossier, Grammarly, HashiCorp, Hims & Hers (HIMS), Hopin, Klarna, LegalZoom (LZ), Looker (GOOGL), Marketo (MKTO), MasterClass, Mindbody (MB), MuleSoft (CRM), Netflix (NFLX), Niantic, Podium, Robinhood (HOOD), Rubrik, Slack (WORK), Snap (SNAP), Supercell (Tencent), Twitter (TWTR), UiPath (PATH), Wise (WISE), ZipRecruiter (ZIP), and Zynga (ZNGA). For more information, visit www.ivp.com or follow IVP on Twitter: @ivp.

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