Nicholas Moore: Leadership, investing and philanthropy

… the current environment, the changing role of technology in our lives and his insights into the not-for-profit sector and the importance of philanthropy.

Nicholas Moore had a distinguished 33-year career at Macquarie Group, culminating in his decade long tenure as Chief Executive Officer from 2008 – 2018. It is worth noting that Moore guided Macquarie through the depths of the Global Financial Crisis and set the course for the subsequent recovery.

To launch the Future Generation Virtual Forum, Belinda Hutchinson AC will host a live interview with Nicholas Moore starting at 4:00 pm today. The discussion will cover Nicholas’ views on what is required to underpin Australia’s economic recovery, the outlook for markets, how he is investing in the current environment, the changing role of technology in our lives and his insights into the not-for-profit sector and the importance of philanthropy.

Click on the player below to access the live stream, a replay will be available immediately after the event via the same link.


Future Generation: Providing Social and Investment Returns

Future Generation Australia (FGX) provides investors with diversified exposure to Australian equities while supporting children at risk.

Future Generation Global (FGG) provides investors with diversified international equities exposure while changing the lives of our youth affected by mental illness.

Visit the Future Generation website to learn more about Future Generation Australia, Future Generation Global Investment Company and the charities that they support.

PNC sees bump in Q3 revenue as bank reaches ‘stable reserve levels’

The BlackRock divestiture net the Pittsburgh-based bank $14.2 billion. Demchak has hinted at the bank’s strategy to use its new capital to buy …

Dive Brief:

  • PNC on Wednesday reported profit of $1.5 billion, up slightly from the $1.4 billion it posted in last year’s third quarter but well below the $3.7 billion it saw in the second quarter, when the bank divested its 22.4% stake in asset manager BlackRock.

  • The bank set aside $52 million during the third quarter in preparation for bad loans amid the pandemic, a sharp decrease from the $2.4 billion it reserved in the previous quarter. Bill Demchak, PNC’s chairman, president and CEO, said the decrease reflects the bank’s “stable reserve levels.”

  • PNC’s total revenue was up 1% from the third quarter of 2019, to $4.3 billion.

Dive Insight:

“We continue to execute on our strategic priorities, including ongoing investments in our national expansion and digital offerings,” Demchak said. “We have substantial capital and liquidity flexibility, and remain well positioned to take advantage of potential investment opportunities to enhance shareholder value.”

The BlackRock divestiture net the Pittsburgh-based bank $14.2 billion. Demchak has hinted at the bank’s strategy to use its new capital to buy distressed assets amid the economic downturn caused by the coronavirus.

Demchaksaid in June the bank is interested in a sale that would push its assets past $700 billion. But on Wednesday, he said the bank is open to using the capital from the BlackRock sale for a series of smaller deals.

“They require a fair amount of work for less total return,” he said. “We could do a bunch of them over time.”

Demchak also reiterated the bank’s strategy to take its time as it seeks opportunities for an acquisition.

“The environment for banks, notwithstanding COVID, is going to be tough going forward for all the obvious reasons. So we continue to think that there’s going to be a lot of opportunities out there,” he said. “Trying to spend as much capital as we have all in a big hurry almost never works out or makes sense.”

During a call with analysts on Wednesday, Demchak was asked how the outcome of the 2020 election might affect PNC’s acquisition strategy.

Demchak downplayed the risk a Biden administration could pose to any future big bank deals.

“If we were to do a deal and not cause a systemic risk to the economy, ultimately it has to go through an approval process to be approved,” he said. “They can delay it, they can hold hearings, they can do all sorts of different things, but basically, it gets approved.

“Even in a change in administration, the assumption that somehow they either change laws on this particular issue, or even if they switch governors, the regulatory process is still the same. So I don’t know that that’s a real risk,” he said.

SocGen uses Tezos public blockchain to trial a digital Euro

A few enterprise applications use Tezos, including Brazilian investment bank BTG Pactual for security tokens. And the Association of Chartered Certified …

Société Générale (SocGen) Forge, selected by Banque de France to participate in its wholesale central bank digital currency (CBDC) trials, is using the Tezos public blockchain as the platform for the trials.

The tests aim to explore the settlement and delivery of securities with a digital Euro. Most of the experiments will focus on on-chain settlement.

Société Générale already has a track record with the Banque de France and CBDC. The Bank worked with SocGen Forge on the issue of EUR 40 million of covered bonds on a public blockchain. The transaction was settled instantly with delivery versus payment (DvP) using central bank issued digital euros. The bank confirmed to Ledger Insights that this transaction used Tezos.

According to the online publication, the Tezos blockchain has roots in France with a French founder and French development teams. A few enterprise applications use Tezos, including Brazilian investment bank BTG Pactual for security tokens. And the Association of Chartered Certified Accountants (ACCA) has partnered with a Tezos Southeast Asia to explore accounting applications.

Tezos has been the source of a fair bit of controversy. After a USD 232 million ICO in 2017, were sued by investors over the ICO, claiming it was an unregistered securities sale. The foundation eventually settled for USD 25 million without a ruling that the ICO was an unregistered securities sale.

More: Link

Brazil fintech Nubank raises $300 million -SEC filing

Existing investors in the Brazilian financial technology firm include TCV, Tencent Holdings Ltd, DST Global, Sequoia Capital, Dragoneer, Ribbit …

By Carolina Mandl

SAO PAULO, Aug 27 (Reuters) – Brazil’s most prominent financial startup, Nubank, has raised $300 million in equity investments, according to a filing with the U.S. Securities and Exchange Commission.

Five investors participated in the deal, according to the document, which did not disclose their names.

News of the document, which was filed on June 19, did not surface until this week when a Brazilian financial blog noted it.

Nubank declined to comment on whether the equity capital constitutes a new funding round, but data from Crunchbase described it as a “venture round.”

Existing investors in the Brazilian financial technology firm include TCV, Tencent Holdings Ltd, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital, Kaszek and Thrive Capital.

Nubank, which offers credit cards – which typically carry a fee in Brazil – for free, reached 26 million clients in June. That makes it Brazil’s second-largest credit card issuer, just behind the country’s top lender, Itau Unibanco Holding SA , according to a note by UBS analysts.

The Brazilian firm narrowed its first-half loss to 95 million reais from a loss of 140 million reais in the same period a year earlier, as the bank added 6 million new clients.

In contrast with Itau, Banco Bradesco SA and Banco Santander Brasil SA, which were hit by the coronavirus pandemic, Nubank’s credit card transactions rose 54% in the first half. It also presented a “healthy” asset quality trend, UBS added.

(Reporting by Carolina Mandl in Sao Paulo Editing by Matthew Lewis)

Banking-as-a-Service Market 2020 (COVID-19 Outbreak), Top Manufacturers – Dwolla, Authy …

… PayPal, Invoicera, Moven, SolarisBank, GoCardless, Intuit, Gemalto, Prosper, Sqaure, Fidor Bank, Finexra, Braintree, FinTechs, Coinbase, BOKU.

‘Latest industry research report on Global Banking-as-a-Service Market includes a detailed analysis of the market.’ The report looks in detail at the techniques, destinations, strategies, diverts, and challenges associated with this new research, and additionally, the report gives a far-reaching investigation of Banking-as-a-Service market which begins from an examination of Porters five forces, and SWOT analysis. i.e., Strength, Weakness, Opportunities, and Threat to the Banking-as-a-Service industry. The Banking-as-a-Service examination comprises notable advice which helps to make the accounts that a priceless advantage for industry administrators, deals and chiefs, advisers, specialists, as well as other individuals looking for inputting industry information in promptly open records together with apparently introduced diagrams and tables within this Banking-as-a-Service report.

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Segmentation Analysis of Global Banking-as-a-Service Market 2020

The Banking-as-a-Service market report is classified on the basis of distinct geographical segments, leading vendors, various applications and different types.

Leading players involved in the global Banking-as-a-Service market includes:



Dwolla

Authy

OANDA

iZettle

Currency Cloud

PayPal

Invoicera

Moven

SolarisBank

GoCardless

Intuit

Gemalto

Prosper

Sqaure

Fidor Bank

Finexra

Braintree

FinTechs

Coinbase

BOKU

Years considered for this report:

Historical Years: 2015-2019

Base Year: 2019

Estimated Year: 2020

Forecast Period: 2020-2027

Type-wise analysis divides Banking-as-a-Service market into:

API-based Bank-as-a-Service

Cloud-based Bank-as-a-Service

Application-wise analysis segregates the global Banking-as-a-Service market into

Banking

Online Banks

Major developments, supply chain statistics of Banking-as-a-Service and recent market activities will help existing market players as well as new entrants in devising Banking-as-a-Service market business strategies and to achieve their intended business objectives. The report is an accurate and quality research study on Banking-as-a-Service market. This report is established on the information and interviews conducted with Banking-as-a-Service manufacturers and their consumers with demand-side research. The amalgamation of checks and balances combined with involving the players in the industry and offers a clear and accurate picture of the entire Banking-as-a-Service market.

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Segmentation based on Chapters included in the Global Banking-as-a-Service Market Report:

Chapter 1: Banking-as-a-Service Market Summary, Introduction, and Review;

Chapter 2: Company (leading players) profiles together with earnings, and cost of International Banking-as-a-Service in 2018 and 2019;

Chapter 3: Analysis of rivalry One of the best makers with earnings, market and revenue share in 2018 and 2019;

Chapter 4: Regional evaluation with profits, and market share of global Banking-as-a-Service market for every single region, from 2014 to 2019;

Chapter 5, 7, 6, 8 and 9: Global Banking-as-a-Service evaluation by nations, by type, by the program, and from producers, together with earnings and market share by crucial countries in such areas;

Chapter 10, 11: Banking-as-a-Service market driven by significant players, types, and application;

Chapter 12: Banking-as-a-Service Market prediction by regions, and program, together with earnings and earnings, from 2020 to 2027;

Chapter 13: Sales station, traders, sellers and vendors of global Banking-as-a-Service market;

Chapter 14, 15: Research findings and judgment, appendix and Banking-as-a-Service information origin;

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