International Investor Magazine Winter 2021

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MISHAEL PHILLIP

EDITOR’S NOTE

After a turbulent year that left the world unsettled, we welcome 2021 with open arms, with the optimism that things will soon improve. The new vaccines created to combat COVID-19 have become the starting point to recover our now lost normality. The road ahead will not be easy, and supply chains face a challenge of unprecedented proportions (p.36). The investment community has received the news of the vaccines with rises in the markets. In this first edition, we explore how businesses have worked through a pandemic and we will delve into the specific nature of the projections they hold for this new year.

To face the pandemic, many businesses have turned to innovation and technology. Baiduri Bank tells us how it is to lead Brunei’s Banking Industry in the digital era (p.50). Our interviewees discuss the foremost methods to succeed in the investment world in times like this. We also examine how European governments have been financing through bond emissions at low interest rates during the current recession (p.10).

On the other hand, we observe how the financial ecosystem changed in 2020. The fall in global stock markets as the result of the pandemic forced investors to seek alternatives. The crypto-asset industry presented itself as an option, with Bitcoin as the biggest winner. We look at what regulations await the industry (p.22) and the huge potential of asset tokenization (p. 14).

There is no better way to start the year than by acknowledging the individuals and companies that are part of International Investor Awards (p.81). Here’s to the new opportunities and challenges that this year may bring.

Enjoy,

Domenica Andrade

10

Big debt and the illusion of safe assets

Analysis of how European governments have been 昀椀nancing through bond emissions at low interest rates

14 Asset Tokenization

Security tokens and their potential to shake up the world of 昀椀nance in 2021

17

Interview with Kaia Parv, Head of Investment Resarch at FXPrimus

22 Bitcoin and other Crypto-assets in 2021

What the cryptocurrency industry holds for 2021 after a phenomenal year 36 The vaccine supply chain challenge

26

A trustful ecosystem to save, send & spend gold

COVID-19 vaccines are a global supply chain challenge of unprecedented proportions

G – Coin combines stability and sustainability of responsible gold 40

Invest in Nicaragua

The country has become one of the best places to invest in Central America

Discusses the differences between retail and institutional trading 32 The Bombardier 7500: The pinnacle of business travel

An aircraft able to connect Cairo to Los Angeles 46 Long term vision and genuine partnership

Director of Ezdehar, Emad Barsoum shares his story in being awarded Mid-Cap Fund Manager of the Year

50

Leading Brunei’s Banking Industry

Baiduri Bank shares the role of technology in the success of economies and businesses

55

Digiterre leading the way in technology for investment managers

How investment management 昀椀rms should manage data at a time of technology disruption

64 Spotlight on Global Payroll

How to build organizational resilience after a game-changer year

69 The challenges of being Multi-Family Of昀椀ce

Interview with Rodrigo Martins, CEO of Ripol Alliance winner of MultiFamily Of昀椀ce of the Year

58 A healthy portfolio requires an innovative partner

Arche Associates consist of three entities that adjusts on the advice the client requires

5060

60 The arrival of Decentralized Finance (DeFi)

A movement that aims to create a new 昀椀nancial ecosystem

How clean is the air in your cabin?

businessaircraft.bombardier.com/purair

BIG DEBT, CHEAP MONEY AND THE ILLUSION OF SAFE ASSETS.

By Luis E. Rojas

The COVID-19 crisis has stopped the recovery that Europe had been enjoying after being hit by the Great 2009 Recession and the subsequent sovereign debt crisis. The lower tax revenues and the increased spending needs generated by the health emergency have forced European governments to increase their debt positions by amounts that equal and for some countries even exceed those characterizing the worst years of the previous recession.

To put the signi昀椀cance of the phenomenon into perspective, none of the four largest Euro economies (Germany, France, Italy and spain) had seen their outstanding debt increase by more than 100 billion euro in a single year since 2013. In 2020, all four of these economies surpassed that threshold, recording a combined debt increase of nearly 900 billion Euro, which represents about 77% of the entire Euro area growth Figure 1 shows the annual sovereign debt increases recorded in Germany, France, Italy and spain over the past 昀椀fteen years. It strikes that the COVID-19 debt surge does not only challenge the previous peaks in terms of magnitude, but also features unprecedented international coordination in terms of timing.

In the year 2020, the market has thus been 昀氀ooded by an extraordinary supply of sovereign debt. now, what has its reaction been? In particular, how has this large expansion of sovereign debt been priced? surprisingly, despite the uncommonly large swell on the supply side, interest rates on sovereign debt have not interrupted their downward trend, which has lasted for several years now. In December 2020, interest rates on French and German government bonds were actually negative, and basically zero in spain. Figure 2 shows the time series of the 10-year bond yields in our four economies. We can observe that while the Great Recession saw a divergence in interest rates between European countries, 2020 has witnessed clear convergence at the international level.

First, one has to consider the role that European monetary and 昀椀scal policy has been playing in shaping investors’ beliefs about risk, thus affecting the price of risk-taking itself. Back in Figure 2, notice the timing of the famous speech made by the then-president of the European Central Bank (ECB), mario Draghi. On July 26th, 2012 he remarked: “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.”. This statement was highly credited as a key turning point for the dynamics of interest rates on European sovereign debt. Basically, Draghi assured the market that in case of turmoil the ECB would step in to buy sovereign debt off Eu states, thereby insuring investors against a collapse in the price of the security. It seems reasonable to assume that the effects of that statement still resonate today, so that the implicit guarantee offered by the ECB back then still incentivizes investors to hold bonds with low yields, even if their default probability is not truly negligible.

Our next question is why an investor would acquire an asset with a negative or zero nominal return. This is particularly odd when talking of sovereign debt, given it can be defaulted. One way to interpret the low interest rates is that investors expect low in昀氀ation and negligible default probability. This optimistic interpretation has been widely promoted in order to sustain the claim that the recent increases in government debt, used to 昀椀nance crisis relief policies, are warranted by the availability of “cheap money” and the ability to provide safe assets to the market. However, there are at least three reasons for which the above interpretation appears in fact overoptimistic, and the next paragraphs will proceed to illustrate each of the three.

now to the second factor. The recent surge in sovereign debt supply has been accompanied by generous liquidity provision from the ECB to European 昀椀nancial institutions. The cheap and easily accessible funding made available throughout 2020 via instruments such as TlTRO III (Targeted Longer-Term Re昀椀nancing Operations) has been substantially lowering the cost of expanding banks’ balance sheets: 昀椀nancial institutions have been increasing their liabilities towards the ECB on one side and their sovereign debt holdings on the assets side. In other words, the fact that the large supply of sovereign debt has been matched by an equally large increase in demand, pushed by cheap money, may well explain the result of continuing low interest rates on the market. Figure III shows the outstanding amounts of debt securities issued by EU governments that are being held by EU 昀椀nancial institutions. notice how the downward trend that had characterized this series around 2013 was swiftly reverted in 2020, bringing bank-owned sovereign debt levels back to those observed in 2012.

Back then, the high exposure of the 昀椀nancial system to sovereign debt raised fears of what became known as the “Doom loop”: a tight, circular interconnection between sovereign risk and 昀椀nancial risk. If sovereign risk is perceived to be high, the asset-side of banks holding large amounts of sovereign bonds loses value, thereby increasing 昀椀nancial-sector risk. The higher 昀椀nancialsector risk in turn increases the likelihood government昀椀nanced bailouts to become necessary, creating further sovereign risk in昀氀ation. This loop exposes the economy to a belief-driven crisis, in which investors’ fears of sovereign debt defaults can become self-ful昀椀lling. The timing of the current recession exacerbates Doom-loop concerns even further with respect to previous years, since in 2019 the 昀椀nancial sector held almost twice the amount of sovereign debt with respect to 2008.

Finally, let us turn to the third element casting doubts on the interpretation of low interest rates on government bonds as a signal of low sovereign default risk. This element concerns the role that bank’s limited liability plays in their evaluation of asset-risk, and of sovereign bond-risk in particular. Their already very large exposure to sovereign debt distorts banks’ assessments of the cost of further risk-taking through additional sovereign debt acquisitions. In fact, the additional risk that a bank incurs into when buying further sovereign debt might not be fully born by its shareholders and instead partially fall on the bank’s creditors, including depositors, through the bank’s limited liability regulation. This phenomenon is known as ‘risk-shifting’. For instance, in case of a default of the Italian government, the capital of Italian banks would not suf昀椀ce to absorb losses, leading to bankruptcies across the sector, limited liability kicking in, and a partial shift of those losses to the banks’ creditors. It is important to notice how the risk-shifting mechanism becomes all the more signi昀椀cant when the pre-existing exposure to the risky asset is already high enough to cause bankruptcy in case of default. Risk-shifting generates the consequence that when it comes to investment decisions, the bank does not fully internalize sovereign-debt risk and is therefore willing to buy sovereign bonds yielding lower returns. Given that 昀椀nancial institutions are key players on sovereign debt markets and are in昀氀uencing the price

of sovereign debt, their risk-shifting dynamics may be holding the observed interest rates below the level that would re昀氀ect the actual sovereign-debt risk.

To complete the picture, one also ought to consider the alternatives currently available to European banks. In general, in an environment characterized by generous liquidity provision, banks could expand their balance sheets 昀椀nancing any private investment projects rather than buying government bonds. However, this alternative appeared particularly limited due to the exceptional circumstances characterizing 2020. prominently, the Eu15 net capital stock increased in 2020 by only 186 billion euro, which is the lowest expansion recorded over the last three decades and about 20% lower than at the previous trough (2013). A compelling indicator illustrating the lack of advantageous investment alternatives that banks are currently facing is their heavy use of overnight deposits with the Eurosystem during the past year. The annual growth rate was higher than 70% in the third quarter of 2020, revealing how banks have seen themselves forced to expand their balance sheet through high-liquid assets yielding very low return. In fact, the annual interest rate on overnight deposits is -0.5%, and this 昀椀gure helps to appreciate the appeal of the near-zero returns offered by sovereign debt assets.

In sum, European governments have been obtaining 昀椀nancing through sovereign bond emissions at very low interest rates during the current COVID-19 recession. This has been happening despite the massive increases in sovereign debt levels and the uncertainty associated with the medium- and long-term effects of the pandemic. Our takeaway today should be that this scenario does not necessarily imply questionless future repayment by governments and uncommonly low risk in sovereign assets. Instead, our interpretation of interest rates as sovereign solvency indicators should include the role of the ECB as an implicit buyer-of-last-resort to reassure investors, the recent unusually large liquidity provision coupled with times of low alternative investment opportunities, and the combination between banks’ limited liability and their already-high exposure to sovereign debt. Taken altogether, these considerations sound a note of warning over the perils of making public 昀椀nance decisions under the apparently safe assumption that interest rates will remain low in the near future.

ASSET TOKENIZATION: REPRESENTING REAL-WORLD ASSETS ON THE BLOCKCHAIN

Just like cryptocurrency coins which serve as a medium of exchange, security tokens have tremendous potential to shake up the world of 昀椀nance in 2021 and beyond. These security tokens represent real-world assets and can make even the most seemingly intangible assets more attractive for trading and investment. let’s take a look at what exactly asset tokenization is, what industries could be affected, and whether there is any chance 2021 could be the year for asset tokenization to go mainstream

WHAT IS ASSET TOKENIZATION?

There is much mainstream awareness these days about cryptocurrency coins like Bitcoin and Ethereum. These coins use blockchain technology to ensure the security of transactions. Tokens also use blockchain technology, but they are not currencies in and of themselves. They can represent products, services, or assets. When an asset is represented by a token, this is called asset tokenization.

While cryptocurrency coins are often thought of as an investment, to bene昀椀t from a rise in value in comparison to 昀椀at currencies or other assets, their primary use case is as a medium of exchange. security tokens that represent assets are a representation of assets themselves. These

security tokens can represent real-world assets or they can even abstract other digital tokens or cryptocurrency coins.

WHAT INDUSTRIES COULD BE MOST AFFECTED BY ASSET TOKENIZATION?

Real estate and intellectual property are two areas of economic activity that are often cited as having the greatest potential as it relates to asset tokenization. These two 昀椀elds both involve assets that are not easily possessed. Real estate is too large to 昀椀t in your pocket and intellectual property is an amorphous concept to begin with. Representing these assets in the blockchain actually gives the ownership of them a sort of tangibility they do not have in the real world. Whether you are selling a property or selling intellectual property, the tokenization of it makes it as easily tradeable as a cryptocurrency token. Investing in these assets becomes as easy as buying a stock. Indeed stocks, commodities, and any other asset can be tokenized in the same way.

BENEFITS OF ASSET TOKENIZATION

The additional investment base that comes from the divisibility of assets that are often hard to sell as a single unit can greatly increase the liquidity in the market for such assets.

Once an asset is tokenized, it can be easily divided. you wouldn’t sell a house a room at a time, but you could easily sell shares in a property since tokens are divisible, much like stocks in a company. Real estate and 昀椀ne art are two examples of assets that are often too expensive for many people to invest in. But when they can invest in a portion of the asset by buying a share of its digital representation, this type of investment becomes accessible to a vastly greater portion of investors

since the record of ownership is right there on the blockchain, the buying and selling of an asset can be automated through the use of smart contracts. This opens up the possibility of eliminating expensive middlemen like lawyers and brokers from the process, leading to fewer fees and a quicker turnaround.

Transparency also increases when the legal rights and responsibilities of both parties are embedded into the token itself.

POTENTIAL SPEEDBUMPS TO ADOPTION OF ASSET TOKENIZATION?

since the assets that these tokens represent can reside in the world, there is plenty of pressure from governments to apply the same regulations to their digital forms. Doing so would weaken many of the bene昀椀ts of tokenization in the 昀椀rst place.

many countries are still in the early stages of attempting to decide what exactly cryptocurrency is, not to mention any 昀椀ne distinctions between security tokens, utility tokens, or stablecoins. While many consumers see only the good side of the potential bene昀椀ts, for governments and regulators looking to control and manage an economy, they could be viewed as problematic.

If real estate became a more liquid market, would that be a good thing? most people who advocate for market freedom would say yes, but regulators often would not. It could destabilize the housing market in ways not easily understood. Furthermore, being able to buy property in a country is considered buying part of the land of a country—something nations feel particularly obligated to regulate and control. similar arguments can be made for other assets that are typically tokenized, such as stocks and commodities.

WILL ASSET TOKENIZATION TO BREAK THROUGH IN 2021?

The key to widespread tokenization of assets lies in legal clarity and cooperation between all the various jurisdictions in the world. switzerland, malta, and Bermuda are among the vanguards in the adoption of blockchain technology. The Eu is in the process of developing a regulatory framework to deal with the various forms of cryptocurrency.

Cryptocurrency is becoming more and more an aspect of mainstream society. The time is near when it would be immensely dif昀椀cult to “get the toothpaste back in the tube”, so to speak. Though Janet yellen, us president Biden’s nominee for Treasury secretary and former Federal Reserve chairman, has mentioned concerns about Bitcoin, there are few who take her threats seriously. she has also spoken about Bitcoin and other digital currencies providing potential bene昀椀ts “for the U.S. and our allies.”

What exactly any level of increased Bitcoin regulation would mean for asset tokenization is unclear, as the concerns about Bitcoin center around its use as a store of value and its potential in being used for money laundering or other illegal activities. Bitcoin’s centralized design is intended to make it resistant to debasement and manipulation. This same decentralized design philosophy also makes it dif昀椀cult to control who or what is using Bitcoin. Asset tokenization platforms need not be so open or free and could conceivably be heavily regulated and still provide some bene昀椀t over the way many assets are currently bought and sold.

CONCLUSION

Tokenization of assets like commodities and currencies is not much of a leap. Buying a digital token that represents a piece of real estate or a work of 昀椀ne art is quite another. younger generations are beginning to take their place as adults and the world will eventually reach a critical mass of “crypto-natives” who have grown up with and feel comfortable with the technology. These younger generations can also have an impact on their parents and even grandparents, in昀氀uencing them to take a chance on these opportunities—even if they don’t make sense from the fundamental sensibilities of older generations. The point where consumer and investor demand meet central government concerns is where the future of asset tokenization will be decided.

1. KAIA, TELL US A FEW WORDS ABOUT YOUR BACKGROUND AND YOUR JOURNEY TO WHERE YOU ARE TODAY.

I’ve been in the industry since 2012. up until 2018, I worked in investment banking, speci昀椀cally in Bank of America merrill lynch, carrying out a number of jobs and my last position held was that of the Vice president of south-East Asia business controls. In 2018, I joined a singapore-based hedge fund and worked as a senior Investment Associate, overseeing around us$230 million dollars in capital. In 2020, I was offered a role at FXpRImus and decided to test myself in a different kind of role in retail-oriented 昀椀nance.

2. HOW DOES IT FEEL TO BE A WOMAN IN SUCH A MALE-DOMINATED ENVIRONMENT? DID YOU EVER FEEL THAT YOU HAD TO TRY HARDER THAN YOUR MALE COLLEAGUES TO PROVE YOUR WORTH?

It’s indeed a male-dominated industry. However, in my opinion, being great at what you do it’s rewarding, regardless of how one looks. I think the #meToo movement came at the right time as I see a lot of discussion happening in the workplace and in the industry around diversity and inclusion.

3.AFTER SPENDING MOST OF YOUR CAREER IN INVESTMENT BANKS AND ASSET MANAGEMENT COMPANIES, WHICH ARE ESSENTIALLY INSTITUTIONAL MARKET PLAYERS, YOU HAVE NOW MADE A TURN IN YOUR CAREER AND ARE WORKING FOR A RETAIL BROKER. CAN YOU PLEASE TELL US WHAT IS THE DIFFERENCE BETWEEN INSTITUTIONAL AND RETAIL TRADING?

To begin with, institutions tend to manage clients’ money, which is pooled and can be quite substantial. Retail, on the other hand, manages its own capital.

moreover, the ability to negotiate fees, spreads and interest is different. Institutions managing large sums of pooled funds have the ability to negotiate with service providers, whereas retail investors, unfortunately, tend to be price takers.

Another difference lies in the risk-taking ability. Institutional traders are generally more sophisticated in terms of understanding the risks involved in trading complex and exotic instruments. Retail traders do not always have the background to thoroughly understand some of the nuances of trading complex instruments.

4. WOULD YOU SAY THAT THE RETAIL SPACE IS MORE REGULATED THAN THE INSTITUTIONAL?

No, de昀椀nitely not. The regulatory burden is much heavier for institutional market players, especially those operating in the Eurozone and the us. However, protecting retail investors has received more attention from regulators following the 2008 crisis, and this will most likely continue to be at the forefront of our industry’s regulatory updates.

5. YOU MENTIONED EARLIER THE SERVICE PROVIDER FEES. HOW WOULD ONE BE ABLE TO UNDERSTAND THOSE FEES?

The fees, spreads and interest are generally indicated on a brokers’ home page or on the account statement. look out for brokers that have hidden fees that only appear on the account statement. We, at FXpRImus, try to be as transparent as possible in terms of fees, and we take pride in consistently being recognized as one of the safest places to trade.

6. HOW WOULD YOU DESCRIBE THE DIFFERENCE IN TRADING STYLE BETWEEN INSTITUTIONAL AND RETAIL?

Generally speaking, institutions have a certain mandate they need to follow. This means they usually don’t have the luxury of not participating in the markets. In retail, on the other hand, traders do not have any obligation to trade or take action. Having worked on trading 昀氀oors in large banks, I can tell you these guys are always stressed out! It’s not easy simultaneously looking at 6 to 8 monitors for prices, listening to market updates AnD actively trading.

7. WE HAVE SEEN RETAIL TRADING GOING THROUGH THE ROOF THIS YEAR. WHY DO YOU THINK IS THAT?

There are a few reasons. First and foremost, people are working from home or they are unemployed. This means they have more time to look at the markets and participate actively by trading. Also, in many cases, people used the government subsidies and bene昀椀ts they received as a result of the pandemic to trade. lastly, with sporting events being cancelled, there are people who miss the rush they get from gambling. so, they have turned to the stock or currency markets instead.

8. BUT CLEARLY THE PEOPLE WHO PARTICIPATE IN THE MARKETS OUT OF BOREDOM OR SEEKING EXCITEMENT ARE SEVERELY DISADVANTAGED COMPARED TO INSTITUTIONAL TRADERS?

Institutional traders do this for a living, so they clearly have an advantage as they have easier access to market updates and more information in general. Having said that, a retail investor with a well thought-through thesis, execution plan and proper risk management has a high likelihood of being successful. That’s where using a trustworthy broker like FXpRImus really comes in handy. my colleagues and I are constantly keeping an eye on the markets so we can present our clients with a complete market overview that will hopefully help them make the right decisions.

9. CAN YOU GIVE US SOME TIPS AND TRICKS ON HOW CAN SOMEONE REALLY GET AN EDGE AS A RETAIL TRADER?

I always emphasize the importance of risk management. A good trader is one who has a plan that he or she follows quasi-religiously. There are times when one might deviate from the plan but, in most cases, the plan is sacrosanct. Institutional traders have the bene昀椀t of running systems with incorporated stop losses and restrictions. Retail traders have to decide on their own to cut their losses early and exit a position when their plan is no longer valid.

10. HOW DOES FXPRIMUS SUPPORT ITS CLIENTS WHO ARE ESSENTIALLY RETAIL TRADERS?

Firstly, we do a lot of educational and market update videos that aim to teach our clients how to position themselves in the markets, focusing on risk management, technical indicators, fundamentals and market moving events. Additionally, a large number of dedicated account managers review their clients’ portfolios and discuss their strategies. Occasionally, I am also looped into client calls to discuss market events, technicalities and strategies.

BITCOIN AND OTHER CRYPTOASSETS IN 2021 WHAT DOES REGULATION HOLD FOR THE INDUSTRY?

By Dr Iwa Salami

2020 was a phenomenal year for the crypto-asset industry. Bitcoin which was just over $9500 in January 2020 rose to almost $29000 by December 2020. The reason for this rise included the fall in global stock markets resulting from the Covid-19 pandemic which led investors to seek alternative investments in crypto-assets. Other contributing factors were the interest, investment and adoption of crypto-assets by institutional investors and mainstream institutions such as paypal and square.

2021 appears to be continuing this trend with cryptoassets kicking off to a 昀氀ying start as bitcoin hit a record high of just under $41,000 on 8 January. since the year began it has experienced a bit of volatility but is still generally on the upward trend. Despite this upward trend in the price of bitcoin, it is likely that as regulators prepare to regulate the industry in 2021 this could result in a fall in price. Suf昀椀ce to mention also that bitcoin still has some notable critics such as the economist nouriel Roubini, who believe it has no real value and the rise in its price is driven by speculation. In fact, Roubini, in an interview given to Bloomberg on 4 December 2020, stated categorically that the future of 昀椀nance is not cryptoassets; it is not decentralized 昀椀nance and it would not be achieved through blockchain technology

One of the drivers of regulation in 2021 would be the exponentially growing decentralised 昀椀nance market (Defi) which allows people to engage in 昀椀nancial services such as borrowing, lending and investing using blockchains and cryptocurrencies but without intermediaries such as banks. As at today, 8 January 2021, DeFi has $22.6 billion locked into it, according to DeFi pulse. The industry saw a 700% increase in 2020.

Although believed to have the potential to facilitate trade 昀椀nance and 昀椀nancial inclusion. Defi platforms carry signi昀椀cant money laundering risks and in 2020 were noted as money laundering havens particularly for stolen crypto-assets. The money laundering risks they carry call for the application of KyC requirements if the DeFi industry is to be credible. At the moment DeFi platform do very little KyC, if any at all.

On the regulatory front, the last few months of 2020 saw the release of quite signi昀椀cant regulatory proposals with potential implications on the price of crypto-assets and for the crypto-industry in general. In september, the Eu Commission proposed the markets in CryptoAssets (miCA), Regulation which, if passed, will prohibit crypto-assets businesses (including decentralized 昀椀nance platforms) from trading within any Eu member state without being legally incorporated in an Eu member state. Going by the proposals, the operations of cryptoasset issuers could be required to comply with licensing requirements and capital requirements and, more so, if the crypto-asset they issue are deemed as systemically important or signi昀椀cant, and have a signi昀椀cant crossborder element. Crypto-assets issued would also be required to ful昀椀l AML/KyC requirements (under the EU Aml directive). These rules would most certainly cover Defi platforms issuing stablecoins that 昀椀ts within any of the six categories outlined in the proposed regulation. This regulation, which is planned to come into force by June 2021, is likely to have a persuasive effect on the global regulation of the space, especially as the proposed regulation was done in consultation with international 昀椀nancial standard setters such as the G20 and financial stability Board.

Also, at the more global level, the Financial Action Task Force (FATF) – the global watchdog against money laundering and terrorism 昀椀nancing – is closely monitoring the DeFi market to assess and identify new and emerging risks and plans to release an updated guidelines in June 2021. It also plans to provide clarity on issues such as peerto-peer transactions and unhosted wallets not provided by a regulated Virtual Assets services provider (VAsp)

This is, however, closely linked to the position taken on 18 December 2020 by the u.s. Financial Crimes Enforcement network (FinCEn) which released a proposed rule to stop regulated exchanges from transacting with unhosted wallets. Thus u.s. crypto-assets users wishing to transfer their holdings from an exchange to any personal wallets may need to comply with new KyC requirements under this proposed rule. This is likely to affect the DeFi platforms as it may mean the prohibition of transactions from centralized exchanges to unhosted wallet addresses such as those that transact on DeFI platforms.

Other regulatory activity around the crypto-assets industry in December 2020 included the publication by the uK Hm Treasury of its national risk assessment of money laundering (AML) and terrorist 昀椀nancing (CfT) 2020 (nRA) in the uK. This report found that the uK’s risk-rating for AML/CfT has increased from ‘low’ in 2017 to ‘medium’ including risks from crypto assets. The report attributed this to the use of crypto-assets mixers and tumblers, privacy coins; crypto-assets accessibility online, global reach, inconsistent regulatory requirements and regulatory arbitrage in certain jurisdictions on Customer Due Diligence (CDD), Aml and CFT. It also stated that crypto-assets remain a key tool in cybercrime (including ransomeware and extortion attacks).

This is bound to trigger more regulatory activity of the crypto-assets space in the uK and as at 16 December 2020, the uK FCA had announced, on its website, that any crypto-asset business existing prior to 10 January 2020 must comply with the money laundering regulations and register with the FCA by 10 January 2021 or cease operations. If they continue to operate, they will face a potential criminal conviction. Also, the website states that crypto-asset businesses include those facilitating peer to peer exchange or arrangements with a view to exchange one crypto-asset for another (which is the forte of the DeFi platform providers) must comply with the money laundering and Terrorism Financing Regulation Amendment Regulations 2019 (mlRs) which requires the ful昀椀lment of KyC. The MLR 2019 was passed to implement the Fifth Aml Directive, so it expanded the regulated sector to include crypto-assets dealers and custodian wallet providers which are now required to carry out CDD and KyC where the value of the transaction exceeds €10,000. The uK is also in the process of incorporating FATF recommendation 16 (on the travel rules for crypto-assets transactions) into the mlRs and is exploring options for its implementation. This will require crypto-assets 昀椀rms to obtain, hold and transmit identifying information of both parties in any crypto-asset transaction.

nonetheless, in somewhat contradiction to the direction of regulation for the industry, is the news release of the US Of昀椀ce of Comptroller of Currency (OCC) on 4 January 2021 that national banks or federal savings association may validate, store, and record payments transactions by participating in an Independent Node Veri昀椀cation networks (InVn) and use stablecoins for payment activities. such banks may use InVns and related stablecoins to carry out other permissible payment activities.

Although highlighting that in using these technologies those banks must engage in safe, sound, and fair banking practices and comply with applicable law (such as compliance with KyC requirements), it sends a signal that banks can now be deemed as InVn nodes even of decentralised blockchains stablecoin networks. This is in stark contrast with the us Financial Crimes Enforcement network (FinCEn) proposed rule, referred to above, to stop regulated exchanges from transacting with unhosted wallets that signi昀椀cantly transact on decentralized networks – in order words stopping regulated entities transacting with clients transacting within unregulated decentralised entities. It is yet to be seen how effective KyC standards would be applied in a decentralised networks involving regulated and unregulated entities. Cryptocurrency prices jumped after the OCC announcement - Ethereum rose by 12% and bitcoin gained 5%. One thing to draw from this news release, however, is that there is need for regulatory coordination amongst us regulators on the approach to be taken to regulate the crypto-asset industry.

On 7 January, the uK Hm Treasury released a consultation paper calling for evidence on the uK’s regulatory approach to crypto-assets and stablecoins. The consultation represents the 昀椀rst stage in the UK government’s consultative process with industry and stakeholders on the broader regulatory approach to crypto-assets and stablecoins. This consultation, which closes on 21 march 2021, is an indication that uK authorities are aware that there is now an urgency in developing a regulatory framework for the industry which, although facilitates innovation, does not do so at the expense of 昀椀nancial stability and consumer protection. It is also likely that the Eu Commission’s proposed approach to regulating the industry would prove persuasive to the uK.

All the proposed regulatory activities highlighted above (but for the OCC news release on 4 January 2021) are likely to have an adverse impact on the price of bitcoin and other cryptocurrencies this year. nonetheless, if the pandemic persists; the vaccination and its roll out across the world do not go as planned; stock markets fall again; the adoption of bitcoin by mainstream 昀椀nancial institutions continues; millennials globally continue to invest in bitcoin as the ‘digital gold’; the demand for bitcoin, as would its price, would continue on the upward trend.

BY COMBINING THE STABILITY AND SUSTAINABILITY OF RESPONSIBLE GOLDTM WITH THE BENEFITS OF BLOCKCHAIN, G-COINTM TOKEN

AIMS

TO CREATE A TRUSTED ECOSYSTEM

SO MORE PEOPLE AROUND THE WORLD CAN SAVE, SEND, AND SPEND GOLD

1. DESCRIBE G-COIN IN A NUTSHELL

A G-Coin token (XGC) is a digital title of ownership to one gram of a physical Responsible Gold kilobar. Responsible Gold, 99.99% pure gold with irrefutable provenance records and best practice responsible sourcing standards, is digitally minted into G-Coin tokens. Individuals and businesses use G-Coin Wallets to save and send G-Coin tokens to other ecosystem participants with zero transaction fees and real-time settlement (1 second). G-Coin tokens thereby provide an alternative as a store of value and a medium of exchange. G-Coin tokens can be redeemed at any time for the physical gold. more info on gcoin.com

2. WHAT MAKES G-COIN AN ETHICAL PRODUCT?

The Responsible Gold kilobars, from which G-Coin tokens are minted, are certi昀椀ed as con昀氀ict-free and responsibly sourced. Gold is tracked from mine to re昀椀nery to vault on the blockchain with the Responsible Gold supply Chain Application (RG SCA). The RG SCA is the 昀椀rst fully automated supply chain custody tracking mechanism, optimizing transparency, traceability, and ef昀椀ciency across the gold supply chain. Each supply chain participant from miner to vault operator conforms to the Responsible Gold standards (standards). The standards developed by Emergent Technology ltd, encompass industry best practice regulatory and EsG requirements that mandate independent assurance of the supply chain against con昀氀ict 昀椀nancing, money laundering, and crucial environmental, social, and labour issues. Responsible Gold therefore provides unprecedented visibility into gold provenance, supply chain security, and EsG validation.

In 2018, the shariah supervisory Board of Amani Advisors declared that the technology supporting Responsible Gold and G-Coin tokens exceeds shariah requirements for transparency and ethical trading.

In 2019 a un focus group on the Application of Distributed ledger Technology recognised the Responsible Gold Ecosystem as a positive contributor to the un sustainable Development Goals. more info on responsiblegold.com

The Responsible Gold Ecosystem forms a groundbreaking, blockchain-based platform of trusted participants that provides the means for responsibly sourced gold to be transacted on a globally available 昀椀nancial network.

3. WHAT MAKES G-COIN DIFFERENT FROM OTHER CRYPTOCURRENCIES AND DIGITAL ASSETS?

Price Stability: The one-to-one link between G-Coin tokens and gold, which has historically held its intrinsic value, has minimal price volatility, and an immunity to government and market instabilities, effectively ensures G-Coin tokens will maintain value throughout time and across borders.

Speed, Scalability, and Cost: The G-Coin Wallets run on top of the QOs Blockchain platform, a 3rd generation blockchain, based on Quorum, an enterprise-focused version of Ethereum, developed by J.p. morgan. It is a public/permissioned type blockchain custom designed to offer a high speed and high-volume transactions (in excess of 1000 transactions per second, better than point of service transaction speeds). It has high scalability

potential, and the chosen governance and consensus mechanism provides network consistency and safety. In may 2020 we were awarded a patent for our method of issuing, managing, and transferring asset-backed asset tokens.

Robust Compliance: participants of the Responsible Gold Ecosystem including all G-Coin token customers, supply chain partners and QOs Blockchain node operators, are onboarded after meeting stringent, globally recognized KyC / AML standards. The compliance program encompasses jurisdiction-speci昀椀c requirements that demand the mandatory identi昀椀cation and screening of customers to prevent money laundering. permissioning participants generates trust in the Ecosystem’s users, applications, and smart contracts, making the QOs Blockchain more reliable and secure than recent blockchain offerings.

4. HOW HAS G-COIN BEEN RECEIVED BY THE MARKET?

We soft launched our G-Coin mobile app. in August 2019, in the united states. While much of 2020 was spent on a programme of incorporating customer feedback into enhanced features, functionality and user experience G-Coin sales have grown consistently throughout the year. The impact of Covid-19 on 昀椀nancial markets and the subsequent gold rally has boosted the demand for digital gold as tech-savvy customers, keen to avoid physical storage burden and costs, or bitcoin volatility, are increasingly attracted to the platform. Average monthly sales have almost doubled during the pandemic with monthly buy orders per user also increasing by 24%, and we’re expecting to hit an all-time record high in January 2021.

5. WHAT’S NEXT?

Since inception, we have devoted signi昀椀cant time and resources to develop a regulatory strategy and roadmap to grow G-Coin’s global footprint in a fully compliant manner within an evolving regulatory framework. In 2021 we will launch new markets starting with switzerland and Ghana where we have af昀椀liate businesses with presence on the ground. To fully support our customers’ ability to transfer value across borders we have partnered with moneyGram, a global leader in cross-border p2p payments and money transfers serving more than 200 countries and territories. With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world’s best customer experience moneyGram is leading the evolution of digital p2p payments. G-Coin token’s settlement ef昀椀ciency, speed, and reduced cost ensures a mutually bene昀椀cial partnership.

In addition, we plan to launch a G-Coin pre-paid card to enable customers to spend in G-Coin tokens and, in the near future, the goal is to embed G-Coin tokens into merchant paywalls for virtual point-of-sale transactions.

The digital asset revolution is here, and we have a very exciting future ahead of us.

THE BOMBARDIER GLOBAL 7500 AIRCRAFT: THE PINNACLE OF BUSINESS JET TRAVEL

With three leading aircraft families, Bombardier Aviation offers the most comprehensive line of business jets of any original equipment manufacturer. The company’s three platforms of learjet, Challenger and Global business jets allow customers to grow within the Bombardier business aircraft family as their travel requirements evolve

The crowning jewel in Bombardier Aviation’s portfolio is without a doubt the Global 7500 aircraft, the world’s largest and longest-range business jet. since entering service in December 2018, this aircraft has created a new era for aviation, rede昀椀ning what is possible aboard a business jet. With unparalleled performance, countless innovations and a growing list of recognitions, the Global 7500 aircraft is the 昀氀agship of the industry.

THE WORLD WITHIN REACH

With its outstanding range of 7,700 nautical miles, the Global 7500 aircraft is the ultimate tool for busy executives, able to connect city pairs that were previously out of reach. The Global 7500 aircraft can connect Cairo to los Angeles, Tehran to Rio de Janeiro or Dubai to new york, non-stop.*

In addition, the Global 7500 aircraft is the largest business jet with short-昀椀eld performance and steep approach capabilities able to operate out of london City Airport and to connect any city in the continental u.s., Africa or the middle East.* Its long-range performance can go even further traveling eastward, reaching most major cities in Asia.

The Global 7500 aircraft’s unmatched range capability holds true in real-world conditions. In fact, Bombardier’s Global 7500 demonstrator business jet successfully connected Sydney and Detroit in one non-stop 昀氀ight, the longest city-pair in business aviation in history 昀氀own by a purpose-built aircraft.

YOUR HOME AND OFFICE IN THE SKIES

Given its capacity for long 昀氀ights, the Global 7500 aircraft is designed to create the ultimate passenger experience. It offers four separate living areas: the Club suite, the Conference suite, the Entertainment suite and the master suite, all this in addition to a dedicated crew rest area. The Global 7500 aircraft also boasts the largest and most wellappointed kitchen in business aviation for a wide variety of meal options.

setting the benchmark for the most exceptional cabin interior, the Global 7500 aircraft features industry昀椀rst innovations such as Bombardier’s Nuage seat, meticulously designed to cradle and support the body on longer 昀氀ights. Rede昀椀ning comfort with its revolutionary deep recline feature, Bombardier’s patented nuage seat is the 昀椀rst new seat architecture in business aviation in 30 years.

Another innovation in cabin experience aboard the Global 7500 aircraft is the soleil lighting system, featuring Dynamic Daylight simulation to assist in regulating the sleep-wake cycle and help synchronize passengers’ circadian rhythms to the time at their destination. The soleil lighting system can also be customized to a passenger’s preference for either extended sleep or

productivity via the system’s unique circadian adjustment setting.

The soleil lighting system can conveniently be programmed to schedule optimal times for meal services, allowing the cabin crew to better prepare and plan more ef昀椀ciently.

Cabin entertainment reaches new heights aboard the Global 7500 thanks to Bombardier’s l’Opéra, the industry’s 昀椀rst audio system featuring full-range speakers, advanced digital signal processing and seat-centric sound technology for a rede昀椀ned—and redesigned—cabin audio experience.

passengers can control the cabin easily and intuitively thanks to the revolutionary nice Touch cabin management system, featuring business aviation’s 昀椀rst application of an OlED display.

The master suite aboard the Global 7500 aircraft features a full-size bed for a comfortable night’s sleep. And whether for work or rest, the Global 7500 aircraft offers the smoothest ride for the best passenger experience.

BOMBARDIER PŨR AIR

As passengers grow increasingly concerned about air quality during 昀氀ights, Bombardier’s business aircraft offer the ultimate peace of mind. All Bombardier business jets have excellent cabin air quality, with leading cabin air refreshment rates. In addition, Bombardier’s long-range, large-cabin Global family also equipped with a highly sophisticated air puri昀椀cation and circulation system known as pũr Air.

Bombardier pũr Air features an advanced HEpA 昀椀lter that captures up to 99.99% of allergens, bacteria and viruses while completely replacing the cabin air with 100% fresh air in as little as 90 seconds. Bombardier pũr Air delivers cleaner air with better humidity levels and quicker heating and cooling than “100% fresh air”-only systems.

HEpA 昀椀lters are a proven technology that clean the air of airborne contaminants and are relied upon every day in critical settings such as hospitals. The HEpA 昀椀lter for Bombardier pũr Air systems has a demonstrated test ef昀椀ciency of up to 99.99% in capturing particles 0.3 microns in size, versus the minimum ef昀椀ciency of 99.97% for the HEpA standard.

ACCOLADES AND ACHIEVEMENTS

With its unmatched combination of performance and cabin experience, it’s no wonder the Global 7500 aircraft has been receiving industry awards, including the 2019 Aviation Week Grand laureate Award and a Red Dot award for design. The nuage seating collection has also been singled out, winning the 2019 International yacht & Aviation Award for seating Design.

Bombardier recently announced the delivery of the 昀椀rst Global 7500 aircraft equipped with a dual head-up display (HUD). This 昀椀rst-in-class capability provides additional safety and redundancy to what is already the most advanced and pilot-friendly cockpit in business aviation.

ENVIRONMENTAL COMMITMENT

In June 2020, Bombardier was proud to announce that the Global 7500 business jet received business aviation’s 昀椀rst-ever Environmental product Declaration.

The Global 7500 aircraft EpD is third-party veri昀椀ed and discloses fully transparent environmental information about the product’s life cycle, such as CO2 emissions, noise, water consumption and other key environmental impact indicators. Bombardier has committed to communicating the environmental performance of all new aircraft programs through EpDs.

The publication of the Global 7500 aircraft EpD is an important milestone in the advancement of Bombardier Aviation’s overarching environmental sustainability

strategy, which encompasses increasing the adoption of sustainable Alternative Fuels (sAF), reducing CO2 footprint, enhancing aircraft recyclability, and sustainably sourcing, all as a part of its Eco-Design approach and in support of industry-wide carbon reduction goals.

WORLDWIDE CUSTOMER SUPPORT

As Bombardier grows its customer service capabilities around the world, it is committed to making sure its customers around the world have access to excellent service. With its growing network of service centers, line maintenance stations, and a mobile Response Team that is available 24/7, Bombardier Aviation is proud to offer an exceptional customer service experience.

*under certain operating conditions

THE LONG ROAD AHEAD THE VACCINE SUPPLY CHAIN CHALLENGE

By Liz Breen and Sarah Schif昀氀ing

The good news many around the world had longed for arrived in late 2020: the 昀椀rst Covid-19 vaccines gained authorisation in December 2020 and the 昀椀rst countries started their immunisation programmes. 2021 brought fresh hope that the end of the pandemic seemed within reach.

Even prior to 2020, the global vaccine market had shown escalating growth. It was expected to reach total revenues of nearly us$ 60 billion by 2020, nearly doubling its size since 2014. This growth has been driven by an increase of various infectious diseases such as in昀氀uenza, swine 昀氀u, hepatitis, tuberculosis and Ebola. Big pharma companies like GlaxoSmithKline and p昀椀zer are the leading manufacturers of vaccines.

Immunisation programmes have helped to eradicate the devastating smallpox virus and have signi昀椀cantly lowered numbers of those suffering from diseases such as polio or tetanus. According to the WHO, vaccines help to prevent two to three million deaths annually.

never has the development of a vaccine been more anticipated, or indeed as closely followed by billions worldwide, than with the Covid-19 vaccines. It is indeed a global phenomenon, directly impacting on people, their views and behaviours, and our economy and society. The race for effective immunisation resulted in the authorisation of several vaccines (p昀椀zer/BioNTech, moderna and Oxford-AstraZeneca) less than a year after development began. This is an unparalleled achievement at a time when societies around the world have been heavily impacted by the effects of the virus and the efforts to curtail it.

The race is not over. The next challenge is to get the vaccines to everyone who is able and willing to receive them. This is a global supply chain challenge of unprecedented proportions.

THE BIGGEST SUPPLY CHAIN

Delivering a sensitive pharmaceutical product simultaneously to every corner of the globe is an overwhelming prospect for the international transport and logistics industry. The number of 昀氀ights needed to distribute the Covid-19 vaccine is estimated to be between 8,000 and 15,000. At a time of severely reduced air freight capacity because of the decrease in passenger 昀氀ights, this is a very signi昀椀cant number.

production locations in昀氀uence onwards transport. The UK authorisation of the p昀椀zer/BioNtech vaccine stipulates that it should only be moved up to four times as it degrades with each move and can ultimately become inactive. This is common among some types of vaccines, for example mRnA vaccines, which are known to be “labile”.

For such vaccines, production facilities should be as close as possible to the locations where the vaccines are expected to be deployed. Highly centralised production, on the other hand, would make transport, especially to harder to reach areas like the Indonesian archipelago, dif昀椀cult, and might result in waste due to deterioration.

This is not a new supply chain problem. many other industries have located production closer to their largest markets to avoid lengthy and complicated shipping on the way to their consumers. As vaccines are rolled out globally, questions will arise over where they should be produced. The Eu has already provided €100 million to German 昀椀rm BioNTech, to help build production capacity in an effort to alleviate bottlenecks.

ULTRA-COLD CHALLENGES

One of the most frequently discussed issues of vaccine distribution is the need for temperature control. According to the uK drugs regulator, the medicines and Healthcare products Regulatory Agency, the p昀椀zer/BioNtech vaccine needs to be transported and initially stored at -75°C, a temperature far beyond what a standard freezer can maintain.

Demand for ultra-cold freezers has soared in recent months and operators of large freight transport hubs like Germany’s Frankfurt Airport have expanded their capacity to handle such shipments. There has been much reporting in the media on how dif昀椀cult these ultra-cold chains are to maintain.

However, these requirements are not unprecedented. The Ebola vaccine deployed across West Africa to end recent large-scale outbreaks has similar requirements. Through using special packaging and dry ice, public, private, and non-pro昀椀t organisations were able to distribute it effectively in areas like the con昀氀ict-affected north-eastern region of the Democratic Republic of the Congo, where power supplies are unreliable, and infrastructure is poor.

It is also important to keep in mind that not all vaccines require ultra-cold temperatures. The Oxford-AstraZeneca and moderna vaccines have both been approved for use with storage at higher temperatures. Even the p昀椀zer/BioNtech vaccine does not need to be kept at -75°C throughout. According to the uK authorisation, it has a shelf life of 昀椀ve days at 2-8°C. This allows for easier storage in the 昀椀nal days before use and simpli昀椀es the last-mile delivery and storage at doctor’s surgeries and pharmacies.

THE WASTE PROBLEM

The vaccine development for Covid-19 was rapid. similarly, the planning for the supply chain and delivery had to be done at an unprecedented pace. much concern has been voice over the rapid research and development process and assurance of robustness has since been provided. In terms of the supply chain, the key concern is that a lack of training and insuf昀椀ciently tested planning might result in a high potential for waste. Considering the heightened demand for supply, waste is unforgivable. But there are already reports of cold-chain interruptions resulting in vials having to be thrown out.

people receiving the vaccine have a key role to play in eliminating waste. As vials are usually shipped and stored in quite large batches and have a limited shelf-life, it is essential to plan their deployment carefully. If there are not enough patients to be vaccinated at a certain location at a certain time, doses might have to be disposed of.

The vials of the Covid-19 vaccines are multi-dose vials, so multiple people get vaccinated from the same vial. The Moderna vaccine vials hold ten doses, and the p昀椀zer/BioNtech vaccine vials are supposed to hold 昀椀ve. However, pharmacists administering the latter have suggested that the expected 5

doses per vial can be extended to 6 or 7. This has received regulatory approval in the usA. After vials have been punctured, they need to be used up within a certain timeframe. This requires robust planning of how many people will be vaccinated when.

With vaccines that need to be administered in two doses several weeks or months apart, ensuring that everyone who received one dose returns for the second is essential. This is easier in countries that have decided to 昀椀rst vaccinate healthcare workers, like the US, but more dif昀椀cult in those whose vaccination strategy rests on protecting the most vulnerable elderly people 昀椀rst, like the uK.

Delaying the second dose to offer wider immunity coverage is an approach 昀椀rst announced in the UK. This gives more time to source more supplies given the early demand being so much higher than supply. However, the practice also raises questions over whether or not people will return for their second dose and has instigated confusion as to the timing of the second dose (3 weeks or 12 weeks). Any dose given to a person who then does not receive a second, would be wasted in terms of achieving full immunity. Concerns have been raised as to the capacity to respond to the demand for both doses.

Vaccine hesitancy is a signi昀椀cant concern on a national level. An insuf昀椀cient percentage of people being vaccinated would result in herd immunity not being achieved. In a December 2020 poll by the uK’s Royal society for public Health, people from a minority ethnic background were less likely to take the vaccine. This is worrying as minority ethnic communities in the uK, as well as in other countries, have suffered a disproportionally high impact throughout the pandemic.

STEMMING THE INFODEMIC

Information is crucial in convincing people of the safety of vaccines and their bene昀椀ts. The high amounts of misinformation being spread throughout 2020 have coined the term “infodemic”. Additionally, shifting of昀椀cial advice and a lack of understanding of the supporting scienti昀椀c knowledge have contributed to much vaccine hesitancy.

managing public information will be a crucial element of the vaccine distribution going forward. This cannot solely rely on celebrity endorsements but needs to bundle the expertise of many different parties. This could involve pharmacists, who are trusted accessible medicines advisers in our communities and other healthcare professionals. There are also humanitarian organisations that have decades of experience with elaborate information campaigns, resulting in great improvements in vaccine coverage in many developing nations.

VACCINE DIPLOMACY

ultimately, the vaccine supply chain, like the Covid-19 pandemic, is a global challenge that requires global solutions. Vaccine nationalism is rife as countries race to inoculate their own population 昀椀rst and pre-order vast amounts from vaccine manufacturers, in the case of Canada securing 昀椀ve times as many doses as needed. Given that not all vaccine candidates have received approval, this applies pressure to speci昀椀c vaccine supply chains and results in shortages.

pope Francis has stated that it is morally imperative for poorer countries to receive vaccines. However, many of them are not in a position to pre-order vaccines and rely on the COVAX initiative which aims to deliver equitable access to the vaccines and support countries to introduce the Covid-19 vaccine effectively.

China’s vaccine diplomacy offers a promising alternative to many countries. China exercises soft power by offering its vaccines to other countries for the public good, in sharp contrast to the vaccine nationalism seen elsewhere. The vaccine developed by Chinese company sinopharm is about 86% effective according to the authorisation it gained from the uAE in December. It is also relatively cheap to make and only requires refrigeration, making it appealing to many lower-income countries.

FUTURE RESILIENCE

learning from previous pandemics and crisis responses often seems limited and not applicable to what has so often been called “unprecedented”. But vaccination programmes are not new. We have a wealth of healthcare, logistics and humanitarian aid expertise to draw on

The difference with this vaccination initiative is the virus itself. The pace and scale of impact on our populations and the threat of new emergent strains is a major concern. This was illuminated further in December 2020 with new virus mutations 昀椀rst identi昀椀ed in the UK and in south Africa, but quickly found around the globe.

many lessons have been learned in this pandemic and our response will continue to develop and improve over the coming months. It is already evident that the intense interconnectedness of our world is inescapable. The pandemic is not over. many months, if not years, of disruption still lie ahead with further waves of infection and the growing awareness of long-Covid symptoms emerging. The global effort needed to meet the challenge of making vaccines accessible to all is immense.

INVEST IN NICARAGUA, A SAFE BET

With a proven strategy that includes a market-oriented, business-friendly economy, integrated into the global commercial and 昀椀nancial markets, Nicaragua has become a place for all-comers to invest.

nicaragua is one of Central America’s highest growing economies of the last decade, but most importantly, one of the steadiest. In the last ten years the country’s GDp averages a growth rate of 3.3 percent per year. This has been fueled by stable fDI in昀氀ows, which have diversi昀椀ed increasingly in terms of source countries, doubling from 34 countries in 2007 to 68 in 2019.

As a result, the country’s total exports increased 5 percent in 2019. One of the reasons for this positive performance is that, according to the World Bank, nicaragua has the lowest export management costs in Central America, which makes it a very attractive country for exportoriented companies.

DIVERSIFYING THE KEY INDUSTRIES

nicaragua is traditionally recognized as an agribusiness location but has been evolving and developing to embrace new industries, as evidenced by its 2019 top 昀椀ve export products: textile and apparel, automotive harnesses, bovine meat, coffee, and gold.

The country’s light manufacturing industry has become an important economic engine and one of the most dynamic sectors, contributing 45 percent of the country’s total exports. Additionally, the manufacturing of goods has evolved and diversi昀椀ed its processes, becoming gradually more sophisticated. particularly, nicaragua’s automotive components industry has grown to become the main exporter of automotive harnesses in Central America, and provider for brands such as FORD, GmC, BmW, VOlKsWAGEn, CHRyslER.

In addition, the advantages nicaragua offers to agribusiness companies are unquestionable. The combination of fertile soil available at competitive prices, the favorable climate conditions and the abundance of hydric resources, provide the perfect scenario for the establishment of an impressive variety of agricultural production investments.

nicaraguan coffee is traded in over 50 markets worldwide, the country has been of昀椀cially acknowledged as a 昀椀ne and 昀氀avor cocoa producer by the International Cocoa Organization (ICCO), it is the main cigar exporter in Central America, the largest producer of livestock and beef in Central America and the fourth largest exporter of shell昀椀sh to Europe in Latin America (#1 in Central America).

nicaragua has also become an attractive destination for the outsourcing services industry, offering even more specialized and higher value-added services. The country’s outsourcing industry currently has over 45 companies operating and providing BpO, ITO and KpO services. This growing industry employs over 10,000 people.

NICARAGUA’S FREE ZONE SYSTEM

Nicaragua offers attractive 昀椀scal incentives through its Industrial Free Zones for Export law (917) that can reduce the operating costs for companies interested in establishing export-oriented operations of either goods or services. The tax incentives granted by this law include 100 percent exemption from payment of Income Tax (IR) during the 昀椀rst ten years of operation, as well as exemption from custom duties and other taxes such as municipal taxes and sales taxes, among others.

The Free Zones have played a crucial role in the economic development of nicaragua, in terms of the country’s industrialization and job creation. In 2020, there were 222 companies operating under this system in nicaragua, which generate 118 thousand jobs and export almost us$2 billion in total, 30 percent of the country’s total exports. The main sectors that this system houses are agribusiness, automotive harnesses, outsourcing services, tobacco, and textile and apparel.

This system has been exceptionally successful and groundbreaking thanks to the “Tripartite Alliance” between business owners, the government and labor unions. When the global economic downturn hit in 2008-9, nicaragua’s Free Zone community turned to an innovative approach to deal with the crisis.

Representatives from the government, the business owners, and the labor unions met, worked out and signed a Tripartite Agreement designed to give the business sector increased predictability as to wage increases and give the labor sector more assurance of continued employment, wage stability, and access to social bene昀椀ts. The original Tripartite Agreement was so successful that it has now been extended three times, and the process has become semi-institutionalized as the “Tripartite Alliance”.

The spirit of success of the original Agreement caused nicaragua to become the only Central American country to of昀椀cially join the “Better Work” labor program jointly promoted by the International labor Organization (IlO)

and u.s. Department of labor. The Better Work program has helped propel the successful Tripartite Agreements that has been so important in boosting recent Free Zone growth and stability.

DOING BUSINESS IN NICARAGUA

The government of nicaragua recognizes the importance of foreign direct investment as a key element of the country’s growing economy, which is why it strives to continue making the country a great investment destination for investors, by providing a series of fundamental guarantees through the Foreign Investment promotion law (344), bilateral agreements for the reciprocal protection of investments, and the mediation and Arbitration Law (540), as well as 昀椀scal incentives to different sectors.

Additionally, the country’s privileged location, with proximity to north, Central and south America, combined with the commercial relations nicaragua maintains with most countries of the world, make it an ideal export platform for export to the largest markets in the world.

moreover, nicaragua was recognized by the World Economic Forum for the progress made in the development of its infrastructure, coming in ahead of Costa Rica, Guatemala, Honduras, and El salvador and ranked with the sixth best roads in all latin America.

Furthermore, nicaragua’s young and dynamic workforce is known for being 昀氀exible and highly productive, with a good work ethic, great capacity for fast learning, and low rates of absenteeism and turn over. These qualities have positioned nicaragua as one of the most competitive and productive countries in the region in terms of human capital.

FREE AND CONFIDENTIAL SUPPORT FOR INVESTORS

pRONicaragua is the Of昀椀cial Investment promotion Agency of the Government of nicaragua, operating as an economic development program since 2002. Throughout the years, the Agency has become a key player in the implementation of a national strategy with the dual purpose of reducing poverty and fostering nicaragua’s sustainable development. The agency thus represents an agent of change in society, as it promotes nicaragua as a safe and strategic target for foreign investment. Because of its high-quality standards and implementation of world-class investment promotion best practices, the agency has earned a series of recognitions from prestigious international institutions related to the subject.

AN INTERVIEW WITH EMAD BARSOUM, FOUNDER AND MANAGING DIRECTOR OF EZDEHAR MANAGEMENT

Awardee of “Mid-Cap Fund Manager of the Year - MENA 2020”

WHAT IS THE STORY BEHIND EZDEHAR?

In Arabic, ‘Ezdehar’ means prosperity and the word represents an important part of our mission. Ezdehar de昀椀nes its core purpose as: Driving prosperity, Building legacies. We aim to contribute to the prosperity of the region and to the well-being of its people by helping build companies that are not only leaders in their 昀椀elds, but also establishing lasting legacies that all stakeholders can look at with pride. Only a few Egyptian companies have been established for longer than 30 years and many are still managed by their founder and still need to take steps to institutionalize and establish themselves for the long-term. This is central to Ezdehar’s investment strategy; by working with independent, founder-owned, or family-owned businesses, who share a clear long-term vision for impact and sustainability. Despite operating in challenging times, on both the political and economic fronts, Ezdehar successfully raised its 昀椀rst fund in 2016 and has since managed to develop strong investor relationships and build a solid investor base of reputable international 昀椀nance institutions as well as family of昀椀ces and high net worth individuals. Today, we completed several successful investments, exited some of them, delivered great returns, and are in progress of raising our second fund.

WHAT DISTINGUISHES EZDEHAR FROM OTHER FUND MANAGERS IN THE REGION?

Ezdehar’s team, track record, and unique portfolio management approach position it as a differentiated fund manager that is well-equipped to drive signi昀椀cant value creation and deliver promising returns to fund investors. Ezdehar’s team of investment professionals provides their portfolio companies with strategic guidance, support to achieve operational excellence, and genuine partnership. Our combined industry knowledge, investment, and operational expertise helps support our portfolio companies while leaving them the space they need to truly build and create. This enables us to adopt an on-the-ground, hands-on approach with our portfolio

companies through alignment and developing trusted, productive relationships. Ezdehar’s investment process is characterized by looking deeper than others for the right opportunities - with a focus on mid-cap or middle market 昀椀rms with the potential to transform into champions and leaders in their areas. To date, Ezdehar has made investments across a range of sectors, almost completing deployment of our 昀椀rst fund and positioning Ezdehar 昀椀rmly as a leader in the regional private equity landscape.

DESCRIBE EZDEHAR’S INVESTMENT PROCESS?

We believe that long-term vision and genuine partnership are the basis for collective success. This is why we look for partners who want to ‘rede昀椀ne the 昀椀nish line’ and build not only a great company but a lasting legacy Ezdehar adopts a rigorous approach across every step of the investment process, from screening to portfolio management. The 昀椀rm is particularly distinguished by a proactive multi-stage portfolio management approach that it has built, de昀椀ned, and tested since establishment, and that is also based on the team’s deep operations experience. This entails the implementation of a comprehensive planning, governance, and followup system with the portfolio companies by establishing formal governance structures while working on the vision, strategy, and plans that are cascaded through the organization. Ezdehar builds environmental, social and governance (EsG) improvements into its approach from the start to create sustainable value. With the support of specialized consultants, we devise an Environmental and social Action plan (EsAp) that becomes a key component of our post-investment plan. Ezdehar strives to ensure that working conditions, health and safety practices, corporate ethics, diversity and the environment are prioritized within the working practices of the businesses we work with – while also focusing on strong 昀椀nancial performance. The aim is to balance creative potential of the organization with the necessary oversight and risk management with a shared goal of stability and longterm success.

HOW IS EZDEHAR AFFECTING POSITIVE CHANGE IN THE WORLD?

Creating a company is relatively straightforward: thousands are created every year. Capturing market share, developing and growing capabilities and generating pro昀椀ts are not easy but relatively common in successful businesses. However, few companies build real strength and the ability to create a legacy. This requires strategic thinking and vision, and an exceptional leadership team. It needs constant evolution, a focus on impact and the building of distinct brands. legacies are not built overnight – it takes discipline, rigor and hard work coupled with vision and strategy.

At Ezdehar, we do not only build companies; we transform them with genuine partnerships, operational excellence, and a long-term view that can last for generations to come. As we begin fundraising for our second fund, we strive to build on our track record to partner with more companies that share our drive and vision and are committed to improvement and transformation. We are experiencing challenging times once again, but through expertise, rigor, and genuine partnership, we will ensure that our portfolio companies and our investors continue to advance and prosper. Companies are the building blocks of society, and as we build sustainable organizations, creating employment and improved conditions, we believe we have a positive impact on the community at large.

LEADING BRUNEI’S BANKING INDUSTRY

from a humble shop lot of昀椀ce in 1994 to becoming the largest conventional bank in Brunei and a leader in Brunei’s banking industry, Baiduri Bank has grown in strides over its 25 years of operation in Brunei Darussalam and its achievements have been recognised by numerous international publications.

According to Ti Eng Hui, Chief Executive Of昀椀cer of Baiduri Bank, “Our successes and position in the economy can be attributed towards our commitment to local projects, interests and clients, our responsiveness to react to changes and the foresight to anticipate changes in the global and regional economy, as well as our global outlook.”

Baiduri Bank’s core businesses comprise Retail Banking, Corporate and Institutional Banking, while its wholly owned subsidiaries Baiduri Finance and Baiduri Capital specialise in consumer 昀椀nancing and investment solutions respectively.

Today, technology plays a pivotal role towards the successes of economies and businesses, and in improving 昀椀nancial accessibility for the general public, banks need to adopt more technological solutions to cater to customers’ evolving needs and requirements.

TECHNOLOGICAL ACHIEVEMENTS

With technology now playing a more pronounced role in how businesses and individuals conduct their banking, Baiduri Bank has developed several user-friendly mobile applications in keeping with the digital banking movement. The Bank’s latest tech offering, Baiduri B. Digital personal, is a digital banking and lifestyle platform. With a plethora of new features that put emphasis on enhanced customer experience and engagement, the Baiduri B.Digital personal mobile app sets out to be the go-to solution targeting the young, tech-savvy generation who demand mobile services as their default way of banking. Additionally, Baiduri Bank also has a dedicated internet banking platform for businesses, known as Business i-Banking, which provides a modern, convenient and secure channel for businesses to manage their banking needs ef昀椀ciently.

meanwhile the Bank’s subsidiary, Baiduri Finance, also offers a standalone mobile app, the Baiduri Finance mobile App, a tool catering primarily to hire purchase payments among others. understanding and being able to cater to the unique needs of the Bruneian customers is crucial towards the success of any new offerings, and with automobile 昀椀nancing being a necessity for many, the Baiduri Finance mobile App provides an easier and faster alternative towards meeting their hire purchase needs.

Among their other digital innovations is the introduction of Brunei’s 昀椀rst online securities trading platform.

“Through our subsidiary, Baiduri Capital, we provide the opportunity for our customers to invest in major stock markets including Singapore, Hong Kong (including the Shanghai-Hong Kong Stock Connect), Malaysia and the United States,” Ti explained. “Our secure online trading portal allows customers to obtain quotes, place orders and review their account status and balance at their convenience.”

Baiduri Bank is still the 昀椀rst and only bank in Brunei to offer an e-payment solution through merchantsuite, an online platform facilitating the issuance of invoices and card payments without requiring a dedicated, and often costly, e-commerce website. merchantsuite enables local small and medium enterprises to extend their market reach by allowing shopper to pay online with any Visa, mastercard or American Express cards.

Baiduri Bank is also partnering with DsT, one of Brunei’s largest telecommunications providers, to launch an e-wallet. This partnership allows Baiduri Bank, the country’s largest card issuer with the largest merchant base, and DsT to share resources and create the largest digital payment ecosystem in Brunei with connectivity to regional and international payment platforms. While technology has been the driving force behind practically all modern-day innovations within the banking sector and beyond, a crucial aspect which must never be

taken lightly is data security. Baiduri Bank is the 昀椀rst and only bank in Brunei to be pCI-DSS certi昀椀ed, re昀氀ecting the Bank’s steadfast commitment to uphold the global data security standard for processing, transmitting and storing cardholder data. Baiduri Bank is certi昀椀ed to the latest industry standard, pCI-Dss Version 3.2.1.

BUILDING FOR THE FUTURE

In line with the nation’s agenda to build a highly skilled workforce, Baiduri Bank has invested heavily towards human capital development.

“We have an agreement with world renowned Moody’s Analytics for the provision of a structured e-learning solution for our employees under various divisions of the Bank. This is a 昀椀rst of its kind for a Brunei bank,” said Ti.

“This solution, as well as others, is part of our plan to create a future-ready, dynamic and highly skilled workforce in line with one of the goals of Wawasan 2035, the nation’s long-term development plan for an economy that is dynamic and sustainable.”

Other initiatives include the implementation of sAp success Factors, a world-leading provider of human capital management systems covering core human resource processes and talent management, as well as the launch of the Baiduri management Associate programme, a year-long development programme aimed to provide successful candidates with a solid foundation in banking through job rotations under the guidance of experienced managers.

NURTURING THE LOCAL ENTERPRISES

In support of the nation’s economic agenda to diversify beyond the oil and gas sector, Baiduri Bank continues to play an active role in various local business development programmes.

The Bank has introduced the Baiduri smE Empowerment series in partnership with Darussalam Enterprise (DARe), a statutory body with the aim to nurture and support local enterprises in the early and middle stages of the business life cycle. Ti said,

“This initiative is aimed at implementing a series of skills training workshops designed to complement existing training programmes o昀昀ered by DARe, thereby providing a more comprehensive, wellrounded training curriculum to local entrepreneurs, empowering them to achieve greater success in their business ventures.”

Baiduri Bank also offers a wide range of solutions for local SMEs to optimise their cash 昀氀ow and 昀椀nance their growth.

Some of the 昀椀nancing solutions include Working Capital Financing, Instalment loan, property loan as well as trade 昀椀nancing options such as Indent financing and Account Receivables financing. Through these 昀椀nancing solutions, local smEs have access to short and medium-term capital to fund their operations or grow their business.

Other products designed to serve smEs include business credit cards, payroll processing and other day-to-day banking services such as fund transfers and bill payments.

ACTIVE SUPPORT MEASURES

speaking on the Bank’s response towards the COVID-19 pandemic,

“We activated our Business Continuity Plan (BCP) for a Pandemic on 12 March 2020 after the World Health Organisation declared COVID-19 a pandemic. But prior to the activation of BCP, Baiduri Bank had already begun taking precautionary steps as early as January, when Singapore announced its 昀椀rst con昀椀rmed case,” Ti said.

The Bank activated split operations with alternate teams working in separate physical locations away from the primary site. The Bank also performed professional sanitization of all branches including its subsidiaries. mandatory temperature screening, social distancing measures as well as fabricating acrylic shields at teller counters to form a protective barrier were swiftly implemented across all branches. The Bank also provided personal care kits for all employees as part of its efforts to ensure that their health, safety and well-being.

In support of efforts led by the ministry of Finance and Economy and the Autoriti monetari Brunei Darussalam (AMBD) to assist 昀椀nancially impacted individuals and businesses during the COVID-19 outbreak, Baiduri Bank has introduced several support measures to help mitigate the impact.

SUPPORT FOR INDIVIDUALS AND BUSINESSES

for eligible individuals who are 昀椀nancially affected by the pandemic, the Bank introduced a deferment of principal payment for personal and mortgage/property loans, an option to convert credit card balances to term loans and deferment of Hire purchase principal payments through Baiduri Finance.

The Bank’s support measures for corporate clients include a deferment of loan principal repayments for companies in all business sectors. Additionally, businesses under eligible categories including tourism, hospitality, air transport and food & beverages were also given waivers of fees and charges for trade and payment transactions.

These measures were primarily intended to help alleviate the short-term cash 昀氀ow problems for local businesses that were adversely impacted by the COVID-19 outbreak.

PROMOTE DIGITAL CHANNELS

In addition, the Bank also implemented fee waiver for online fund transfers between local banks to encourage its customers to utilise digital channels such as online or mobile banking or via the ATms, in line with safe distancing measures.

BRAND REFRESH

Baiduri Bank launched its refreshed brand in september 2020, following an intensive year-long process of planning, research and assessment in partnership with an international team of brand consultants. It is a culmination of a journey to 昀椀nd out how the Baiduri brand was seen by its business partners and employees and de昀椀nition of a truer representation of who the Bank is and what it stands for.

Ti said, “Our community, and the world around us, is changing and we too must change with it. As we prepare ourselves for the next phase of growth, we want to take the opportunity to have a closer look at our core capabilities in the context of the changing world, and ask ourselves how we can rede昀椀ne our vision to be stay relevant, and to better communicate the strengths and values that make Baiduri unique. We also want to rally our people behind a shared purpose, so they are inspired to do their best to create meaningful impact in the communities we serve.”

WELL POSITIONED FOR SUSTAINABLE GROWTH

Baiduri Bank’s global outlook coupled with deep local insights, strong commitment to the domestic market and quick adoption of new technologies have contributed to its success as the leading conventional bank in Brunei.

On the digital payment front, the Bank fully supports the primary objective of AmBD’s Digital payment Roadmap to create a digital payment ecosystem by 2025. With plans to continue development and enhancement of its electronic payment capabilities and e-banking services, the Bank is on course to be a leading player in the digital banking realm in Brunei.

With a strong credit rating of BBB+/A-2 from Standard and poor’s coupled with high liquidity, Baiduri Bank is well-positioned to capture opportunities in the market and drive sustainable growth as the leading and preferred 昀椀nancial partner of Bruneian businesses and consumers.

DIGITERRE LEADS THE WAY IN TECHNOLOGY AND DATA FOR INVESTMENT MANAGERS

Technology is the single greatest source of competitive advantage in the digital age, and data is a critical component.

In this article, Digiterre considers how investment management 昀椀rms should manage data at a time of signi昀椀cant business and technology disruption.

In twenty years of working with investment managers, across every conceivable strategy, from event-driven to global multi-strat to insurance-linked securities (Ils), Digiterre has noticed a characteristic shared by the most successful fund managers. Those who grew bigger and faster than their peers all invested early in institutional class technology and data management in the areas of trading, valuation, risk and operations. By contrast, those who didn’t invest early, and relied for too long on manual processes and spreadsheets, typically paid the price down the line. As 昀椀rms scale, and manage portfolios of increasing size and complexity, the lack of investment in technology often leads to failed investor due diligence, poor risk controls, operational failures and lost investment opportunities.

Technology – and data management in particular – is the key to unlocking operational ef昀椀ciency and competitive advantage. For fund managers of all sizes, enterprisequality software is now a major differentiator and a clear sign to their clients and other stakeholders of their institutional quality. Businesses increasingly recognise that greater data accuracy, and better data management, mean greater value. However, the cost and complexity of data management is driving many investment managers to think more strategically about their approach.

Investment executives are under tremendous pressure to increase growth opportunities, reduce costs, address competitive threats and manage regulatory challenges. Continual transformation is the new normal for most businesses, and data transformation underpins most change – yet we are seeing constant increases in, and challenges with, data silos, volume, value, 昀椀delity and timeliness.

Data challenges often fall into three broad categories: market data, such as time-series and non-time-series data orchestration and analysis; operational data, including data ingestion, validation, enrichment, analysis and reporting platforms; and networks and relationships, for example global transactional look throughs, rebates management and pre- and post-trade analytics.

In response to these challenges, Digiterre launched Datamax, an enterprise platform for technology teams to manage and analyse big data and support operational resilience and business growth. It can be used by investment managers to integrate, manage and analyse

large and complex data sets, in the form of market, networks and relationships, or operational data, such as in trades and transactions, rapidly and in real-time. The platform is based on multiple years of technology research and development and builds on Digiterre’s award-winning work for clients in the investment management, energy trading and banking sectors.

many investment management and trading businesses continue to operate in data silos and face challenges with the quality, volume and timeliness of their data reporting and analysis. This challenge grows by the day as the volume of data, and the number of alternative data sources available to all market participants, continues to grow exponentially. Datamax is a catalyst for digital transformation as it accelerates an organisation up the data maturity curve to the point where a substantial proportion of business processes, or even entire business divisions, can be managed using true data-led decision making. Datamax helps organisations realise that goal faster and with lower risk.

The platform takes the most complex elements of real-time data management and makes them simple to develop, deploy and operate at scale. Coupled with Digiterre’s domain knowledge in the investment management sector, Datamax empowers technology teams with the tools to improve operational and organisational effectiveness and accelerate data maturity. This in turn provides a springboard for data-driven insights and digital innovation.

Datamax can be used to manage data challenges related to the data silos and disparate storage technologies so often associated with big data initiatives; data transport under volume and time constraints; data quality and validation; data enrichment to ensure 昀椀t-for-purpose information; and robust authentication and authorisation processes.

Deployed in the cloud or on-premise, Datamax can be applied to improve numerous organisational outcomes, including; analytics platforms for market data teams and traders; regulatory reporting, for example required by miFID II; more effective relationship mapping to maximise the performance of distribution networks; improved portfolio management through greater accuracy of trading positions and cash 昀氀ow.

Datamax modules have recently been used on new and exciting projects at leading 昀椀nancial and investment management organisations, where delivering high-risk, high-pro昀椀le and time-constrained projects is crucial to business success.

For example, working with the FX trading division of a global banking and investment management company, Digiterre is building a technology and operations platform for integrated FX reporting and analytics. This highly scalable and automated system provides a uni昀椀ed view of real-time requests, and client credit and regulatory status, across a highly complex, global FX franchise.

Digiterre is also partnering with one of Europe’s largest energy supply companies to build a cloud-hosted

platform for asset modelling and optimisation. The system enables the client’s quant teams to run models with greater 昀氀exibility and speed, including pricing forward curves, in real-time, for energy commodities.

Also, in energy and utilities, Digiterre is working with a leading independent energy and commodity group, based in switzerland, to build a settlement platform to support invoice generation, payment approvals and integration with accounting systems.

In addition, the consultancy is developing an operating platform for position transfer, and implementing a complex integration architecture between two subsidiaries, for another switzerland-based energy trading business.

A powerful big data and real-time platform, built to handle change, Datamax lies at the heart of Digiterre’s software and data engineering consultancy. Digiterre enables technological and organisational transformation for many of the world’s leading organisations by envisaging, designing and delivering software and data engineering solutions that users want, need and love to use. ultimately, this ensures that Digiterre can deliver high-risk, high-pro昀椀le and time-constrained technology in less time than competitors, often signi昀椀cantly so.

A HEALTHY PORTFOLIO REQUIRES AN INNOVATIVE PARTNER TO REALLY ACCRUE RESULTS.

Luckily, Arche Associates are available for all you private wealth management needs

One of Europe’s leading 昀椀nancial services companies, Arche Associates consists of three independent entities. so depending on the type of advice required, clients can choose from one of the following:

Arche Family Of昀椀ce: the 昀椀rst multi- family of昀椀ce to have obtained the approval of the luxembourg ministry of Finance under the law passed on 21 December 2012. Arche family Of昀椀ce is at the service of wealthy clients in search of expertise, transparency and independence in the overall management of their private wealth.

Arche Wealth Management: created and approved in 2013 after repeated demands from clients to provide tailor-made portfolio management services.

Arche Private Advisors: established in 2015 to consult, structure and accompany its clients’ real estate investments.

The creation of Arche Associates is based on a deep conviction that private wealth should bene昀椀t from innovative solutions tailored to individual needs.

The group is based in luxembourg due to the country’s political stability and relevant legal and tax structures, which allows Arche Associates to provide a range of high-

level services as demanded by an international clientele. luxembourg plays a key role in the professional quality and institutionalisation of the family Of昀椀ce and Wealth management businesses.

A CUSTOM-MADE SERVICE

Arche Wealth management is regulated by the supervisory Board of the Financial sector (CssF) in luxembourg. The division provides tailor-made portfolio management services; has extensive 昀椀nancial market experience, and is totally dedicated to its clients

Offering continual stability, Arche perfectly understands the situation of its families and maintains a close and constant dialogue with them. By selecting the world’s best investment funds, which give access to a 昀氀exible allocation, Arche provides a professional and specialised service in all traditional asset classes, as well as in custombuilt structured products and private equity investments. Arche takes pride in providing sophisticated solutions speci昀椀cally tailored to each client’s needs. Operating as an independent 昀椀rm, Arche avoids any con昀氀ict of interest and works exclusively for each client’s bene昀椀t.

Arche also manages dedicated investments on thematics to bene昀椀t from speci昀椀c trends.

Arche Wealth management creates portfolios with a customised allocation. It does this while maintaining a close dialogue with the clients, for whom transparency reports are provided, in order to follow the evolution of the portfolios. The wealth management division is also the architect of a tailored-made asset allocation. The portfolios are assembled to re昀氀ect the 昀椀rm’s market convictions while taking into account the speci昀椀c orientations as agreed with the client.

Arche manages on a discretionary basis and also offers an advisory management service in order to analyse the situation in accordance with market dynamics. The 昀椀rm also provides continuous portfolio monitoring with a high response capacity. It selects the best management specialists in the world.

Arche Wealth management’s investment committee relies on a network of strategists to help develop and put into perspective its own market scenario. Through an open architecture, the selection of investment funds enables Arche to provide a relevant and specialised service on all asset classes. Arche Wealth management is an independent management company that works with several depository banks. Clients entrusting the management of all or part of their assets may retain their historical custodian bank(s).

THE PARTNERS AT ARCHE ASSOCIATES

Clients can also bene昀椀t from the network of custodian banks with which Arche Wealth management has negotiated competitive pricing conditions.

ASSET ALLOCATION

Arche Associates’ objective is to create a steady appreciation of its clients’ capital by producing positive returns while maintaining investment risks and volatility at a level agreed upon with the client. The 昀椀rm’s investment philosophy is based on the following points:

• The core portfolio relies on selections of the best expertise over 昀氀exible asset allocation funds, which provides an anchor in the market by adapting the allocations depending on market conditions

• To enhance returns, the portfolio relies on speci昀椀c investments (thematic funds such as robotics, biotechnology)

• Absolute return strategies and structured products to diversify and increase portfolio’s protection

INNOVATION

The 昀椀rm’s strong growth prospects are made possible thanks to its pursuit of innovative solutions in order to always better serve each client’s interests.

An exclusive partnership developed with the national Bank of Canada is an illustration of this drive to provide clients with reasons to come and reasons to stay. This international partnership with Quebec’s main bank offers Arche’s clients a custodian bank service as well as a multitude of investment solutions in Canada. ultimately, this makes it possible to diversify the risk of holding assets by placing them on the north American continent.

The partnership provides access to structured products that are unique in their design as well as to real estate investment opportunities in Canada. Arche always looks for new ideas, products and concepts.

Another example of Arche’s innovative vision is the development of a partnership with swiss life and the national Bank of Canada authorised by the Insurance Commission of luxembourg.

This agreement allows Arche’s clients to use the national Bank of Canada (nBC) as the custodian of a life insurance contract by swiss life. It offers a unique solution that combines the bene昀椀ts of a Luxembourg life insurance while diversifying risk by placing assets in Canada and taking advantage of Arche’s asset management expertise.

With independence, transparency, innovation and excellence driving the company’s success since its inception 昀椀ve years ago, Arche Wealth Management will continue to be the perfect partner to its wide range of clients.

MOVE OVER BITCOIN, DEFI IS ARRIVING!

By Jeremy Cheah, Thong Dao, Linzhi Tan and Maurice Yap

Decentralised Finance (DeFi) is a movement which aims to create a new 昀椀nancial ecosystem which is transparent, open to all and, as its name suggests, doesn’t operate under a central authority.

Unlike traditional 昀椀nance, which uses centralised processes and intermediaries, DeFi uses technologies like blockchain and distributed ledgers to facilitate 昀椀nancial activities like lending and borrowing, creating derivatives and insurance. Today, DeFi assets are worth over us$22 billion - a ten-fold increase since July 2020

DECENTRALISED TECHNOLOGY

smart contracts and blockchains are the main building blocks of DeFi applications. smart contracts are computer programs which are automatically executed without human intervention to enforce the terms of an agreement between two parties by adding transactions to a blockchain. This could be the payment of a unit of a cryptocurrency (a crypto-asset) or the settling of an insurance claim. A blockchain is a cryptographicallysecure decentralised ledger. Because blockchain networks in DeFi are publicly-visible, smart contracts can be seen and audited by anyone.

A fundamental principle of DeFi is that it does not require trust in intermediaries like banks or insurance companies. This means that decentralised accounts (“wallets”) are non-custodial and so users take responsibility for protecting the funds in and access to their own wallets. While in traditional 昀椀nance, banks rely on expensive physical infrastructure to reach customers, DeFi networks are theoretically accessible to the over 1.7 billion unbanked people in the world and offer similar services with fewer barriers and lower entry costs. DeFi also brings other advantages, for example, international payments do not incur additional fees and exchanging crypto-assets for 昀椀at currency or other cryptocurrencies is not taxed. These could suggest why DeFi has surged in popularity during the COVID-19 pandemic.

EU, UK AND US REGULATORY FRAMEWORK

Despite the excitement over its potential, DeFi’s involvement in 昀椀nancial activities has attracted attention from regulators across many countries. DeFi trading poses many challenges to regulators in terms of protecting investors, market integrity and 昀椀nancial stability.

Differences across legal jurisdictions and a general lack of legal certainty about regulation hinder DeFi innovation. However, 2020 saw the start of a regulatory revolution for cryptocurrencies. In september 2020, the European Commission released a suite of proposals introducing a comprehensive Eu-wide regulatory system for issuers and service providers in the crypto-asset market. This aims to mitigate the risks of a growing crypto-asset market to consumers and to 昀椀nancial stability and has two key elements: a draft Regulation on markets in Cryptoassets (miCA) and a proposal for a blockchain regulatory sandbox. us lawmakers introduced the Crypto-Currency Act of 2020 which created a regulatory framework for crypto-assets and clari昀椀ed which federal agencies regulate different crypto-assets. Table 1 outlines cryptoasset classi昀椀cation and regulatory perimeters in different jurisdictions.

Table 1: Overview of major crypto-asset classi昀椀cation frameworks and regulatory perimeters

REGULATION AND THE CLASSIFICATION OF CRYPTO-ASSETS

Regulatory frameworks in the Eu, uK and us generally draw clear distinctions between the different types of crypto-assets as seen in Table 1. security tokens (cryptoassets which represent securities) and e-money tokens are within Eu, uK and us regulatory perimeters while exchange tokens (crypto-assets which give the holder a bene昀椀t on an exchange) are regulated in the EU and us. The uK Financial Conduct Authority (FCA) does not regulate exchange tokens, such as Bitcoin or Ether, since they do not meet any of the criteria for assets which it regulates. In most cases, the FCA also does not regulate utility tokens (crypto-assets which provide the holder with a product or service) unless they meet their de昀椀nition of e-money. utility tokens are also unregulated in the Eu. In the us, multiple regulators are responsible for different crypto-assets, with cryptocurrencies, crypto-commodities and crypto-securities overseen by the Financial Crimes Enforcement network (FinCEn), the Commodity Futures Trading Commission (CFTC), and the securities and Exchange Commission (sEC) respectively.

A recent development in DeFi is the emergence of stablecoins - cryptocurrencies whose value is pegged to a real-world asset like gold or the us dollar. stablecoins are treated as a special category in regulatory frameworks, given the complexity of their structure and arrangement. Deciding whether a stablecoin or ICO (initial coin offering) falls within Eu or uK regulatory perimeters is done on a case-by-case basis. In December 2020, the new stablecoin Tethering and Bank licensing Enforcement (sTABlE) Act was introduced in the us. It requires stablecoin issuers to secure bank charters and obtain regulatory approval before circulating stablecoins.

ANTI-MONEY LAUNDERING (AML) REGULATION

A major concern to regulators around DeFi is its potential to be used for money laundering because of its decentralised nature. In the Eu, uK and us, cryptocurrency platforms and wallet providers are required to perform know-your-customer (KyC) checks when customers open an account by checking their personal ID. large or suspicious transactions must also be reported to the authorities. The Financial Action Task Force (FATF), the global money-laundering watchdog, issued global binding standards on crypto-assets and related service providers to prevent the misuse of virtual assets for money laundering and terrorist 昀椀nancing. All G20 countries, including south Korea and south Africa, have declared their commitment to follow these standards. The proposed “travel rule” clause requires its 205 af昀椀liated countries to ensure domestic cryptocurrency exchanges share real-identity information with transmittal counterparties or face increased Aml monitoring. In south Korea, exchanges, trusts, wallet companies, and ICOs are now required by law to have a real-name veri昀椀cation partnership with an approved Korean bank.

TAXATION CHALLENGE

Taxation law for crypto-assets in the Eu, us and uK can be complex and subject to interpretation. Tax treatment for individuals and businesses may depend on the activity undertaken rather than the type of crypto-asset. In south Korea, individuals’ pro昀椀ts on crypto-assets are tax-free while in south Africa, income from and capital gains on crypto-assets are taxable.

Although there are some worldwide guidelines and regulations regarding DeFi, regulation and taxation are currently still up to individual countries. Bringing about a global regulatory framework will be a dif昀椀cult and lengthy process and will face obstacles in implementation and enforcement due to the ambiguity of jurisdictions. multiple governments and authority agencies developing their own laws and guidelines which may lead to complex compliance practices for regulated services providers. Regulators should be conscious of striking a balance between stringent regulation and allowing technical innovation. A form of RegTech could be adopted for regulation within the DeFi ecosystem where authorities design technology-based regulatory and supervisory systems with regulatory requirements which can be embedded into DeFi systems.

INVESTING WITH YIELD FARMING

yield farming is a recent development in DeFi cryptocurrencies. It involves lending your crypto-asset funds in a peer-to-peer money market to earn 昀椀nancial rewards in the form of fees and interest payments. The decentralised system means that there is no central exchange or institution, and every participant can be the counterparty of anyone else. This is a major difference to traditional lending and borrowing through banks. Taking part in and enjoying the bene昀椀ts of yield farming simply requires an internet connection and a cryptocurrency wallet which anyone can create online for free.

yield farming works in a similar way to the Automated market maker (Amm) model. Essentially, people with idle crypto funds can put them to work by depositing them in a liquidity pool (in other words, providing liquidity) and then those in need can borrow from the pool. Borrowers incur fees or interest payments which will be rewarded to liquidity providers as compensation for their contribution to the pool. smart contracts carry out transactions between lenders and borrowers including the application of fees and interest.

In this decentralised marketplace, there are various independent pools with a wide variety of fee structures. For example, at the date of writing this article, the annualised lending rate for Bitcoin (the 昀椀rst and largest cryptocurrency) ranges from 0.8% to 8.71%. Rates also depend on the cryptocurrency; in contrast with Bitcoin, the current rate for Ether (the second largest cryptocurrency but the most popular for yield farming) ranges between 0.02% and 6%. An important part of yield farming is keeping track of rates across a wide range of liquidity pools and cryptocurrencies to quickly take advantage of favourable rates. Farmers may also deploy advanced strategies to maximise returns and minimise risks, such as diversi昀椀cation using a portfolio of pools or reinvesting payments received in one pool into another.

YIELD FARMING IS DRIVING DEFI

A big reason why yield farming is attractive is its potential for signi昀椀cantly higher returns than conventional lending. Interest rates for savings accounts in the uK and us are mostly currently below 1%, which is at the very low end of yield farming rates.

However, yield farming also has several signi昀椀cant disadvantages. Firstly, the market is fast-paced so yields can be highly volatile. secondly, unlike traditional lending such as through banks, funds do not have any inherent protection. Thirdly, yield farming relies heavily on smart contracts which, being a relatively new technology, may contain bugs and errors - especially when many are created on limited budgets.

A common measure for the overall level of yield farming activity is Total Value locked (TVl), which shows the amount of funds currently involved in DeFi lending and borrowing. Although yield farming has been around since late 2017, it was not until mid-2020 that this phenomenon really exploded in popularity. In just a few short months in the second half of 2020, TVl surged from a meagre 1 billion usD to a whopping 12 billions usD (an increase of 1100%) with only minimal corrections and no signs of slowing down.

In summary, we are awe-struck in recent weeks by the large gains in Bitcoin price, but Bitcoin appears to be a subset of a much wider disruptive 昀椀nancial innovation taking place. Whilst DeFi is truly defying gravity in relation to its growth, it is still not accessible for the large swathe of population given the technical complexity and lack of user-friendly interface underpinning its ecosystem. It is also a very risky venture for those who are unfamiliar with the market as comprehensive legal enforcement and protection offered to investors within the existing regulatory framework is virtually non-existent. However, its true potential to revolutionize the wider 昀椀nancial landscape and architecture is currently undermined by yield farming activities.

HOW TO BUILD ORGANIZATIONAL RESILIENCE: A SPOTLIGHT ON GLOBAL PAYROLL

The best organizations are rooted in routine: it’s how they get things done. The task might be simple, such as completing a timesheet or signing a document, but there’s a process. These routines guide us. In crisis or uncertainty, organizations need to adapt quickly. never has that been truer than with the global pandemic. Organizations scramble, experiment, and land on alternative ways of working. The question is, how do you build organizational resilience when it comes to a high-stakes area like employee pay?

much has been written about engaging employees; it’s well documented that employee productivity plummets when retention risks increase. And there’s nothing more important to employees than getting their wages, on-time and accurately. That requirement – and challenge – is ampli昀椀ed when employees are dispersed around the globe. unifying payroll and payments can help unify the modern workforce as well, streamlining tax and labor complexities for the employer and raising employee con昀椀dence. It’s become even more important during the global pandemic’s challenges and the crying need for organizations to centralize business-critical functions digitally, fast.

2020 was the game-changer year for payroll. Organizations, for example, experienced upheaval of their routines and distribution of their employees. Added to the impact of COVID-19 and the sudden shift to sheltering at home has been socioeconomic instability given political and social unrest in previously staid markets. On the worker level, stress and high levels of burnout abound, as employees lost the bene昀椀ts of face-to-face interactions with colleagues and managers. Further to the decline in morale and increase in confusion were furloughs, layoffs and redeployment of talent. payroll became the single source of truth in organizations: the connective thread between employer and employee.

As organizations look to post-pandemic recovery, there are and will continue to be many changes. Employees have new expectations shaped by the uncertainties they’ve experienced. Financial stress is on the rise, especially among millennials, who were particularly hard hit. According to Charles schwab’s 2020 modern Wealth survey, 57 percent of Americans say COVID-19 has 昀椀nancially impacted them or a close family member. In addition to their heightened focus on 昀椀nancial wellness, employees require reassurance and empathy from their employer, qualities that are even more important during a crisis.

From new expectations come new ways of living. Employees 昀氀ed cities to live in the suburbs as the former became centers of the virus. such unanticipated changes in location – whether short-term or longer – have resulted in worries for already stretched HR and payroll professionals grappling with the related tax implications. Women have left the workforce in droves during COVID-19 due to family pressures such as homeschooling children and balancing eldercare. The may 2020 u.s. labor Report cited a shocking 2,651,000 women left the workforce at the start of the pandemic. Often, it’s these same workers who held service occupation jobs, crippling categories that were already in trouble.

With all of these changes and to the degree to which they’ve occurred, it’s readily apparent why unifying payroll and payments is a practical necessity. Having one system of record ensures data integrity, pay processing timeliness, and payroll and payments accuracy. The model reinvents traditional payroll, moving it from a decentralized model with varying process maturity levels to an elegant, centralized technology-driven standardized operation. Consolidating on a single platform means employees, managers and employers gain certainty in uncertain times through better tax and compliance reporting. Increased automation and digital transformation make for a more modern employer brand, attracting and retaining employees. And employees are empowered, loyal and more productive.

process automation is just one of the areas of improvement to consider. single-person dependencies were uncovered by the pandemic. For example, companies had not anticipated the number of unemployment claims and teams that did not have cross-trained staff couldn’t meet the corresponding deadlines. plus, documentation locked away in 昀椀le cabinets was of little use to those dealing with these high-volume situations. yet, another ringing endorsement for building one uni昀椀ed digital platform that can support organizational resilience.

A well-designed global payroll strategy isn’t an initiative lightly taken. Few organizations were fully prepared

for the pandemic. moving to this desired state requires careful consideration, especially in selecting the right outsourcing partner that can provide both treasury and payroll services. COVID-19 uncovered many moving parts and fragmentation. Isn’t it time to take those lessons to heart and document people, processes and procedures? paying your employees on time and accurately goes beyond meeting your compliance and regulatory requirements. Organizations that deal with fast-evolving situations know that it pays to prepare for the unexpected and build robust global strategies. A uni昀椀ed payroll platform ensures your organization is more resilient in the face of extraordinary challenges.

INTERVIEW WITH RODRIGO MARTINS CEO OF RIPOL ALLIANCE GLOBAL WEALTH STRATEGIES,

WINNER OF MULTI-FAMILY OFFICE OF THE YEAR

TELL US A LITTLE ABOUT RIPOL ALLIANCE GLOBAL WEALTH STRATEGIES (WHEN WAS IT CREATED, YOUR SPECIALTY)?

Ripol Alliance Global Wealth strategies was created in 2015. We are Multi-family Of昀椀ce, which brings together several multidisciplinary services aimed at managing the wealth of our clients - companies, family groups, executives and entrepreneurs. Ripol Alliance is a company that integrates Ronaldo martins & Advogados (law Firm) group, based in Brazil, with associated of昀椀ces in the United States and Europe mainly.

Ronaldo martins & Advogados (law Firm) has 30 years of experience. Our work is focused on the broad concept of wealth (昀椀nancial and real estate assets, in addition to operating companies), with activities that include Wealth planning and Financial management, legal Wealth strategies and Development of new Business Opportunities.

CONGRATULATIONS ON BEING AWARDED THE MULTI-FAMILY OFFICE OF THE YEAR - WHAT MAKES IT DIFFERENT FROM OTHER WEALTH MANAGEMENT PROVIDERS?

I thank you on my behalf and from the entire team. It is work done by several hands.

Regarding what makes us different from other providers is the fact that it is part of a law Firm, which completed 30 years in 2020. The team is multidisciplinary and seeks to “see” the customer in the most diverse facets. It is worth saying that we are also a family group. my father is the founder o four law Firm and this facilitates for us to know and better understand the needs of our customers. We look for an accessible language, equal to equal. In addition, the Ronaldo martins & Advogados (law Firm) has always had a direction that is “the place where business takes place”.

A differential of our services in relation to other companies in the same segment is the structuring of the social area, with the establishment of foundations or institutes through which we can 昀椀nance causes capable of leaving a legacy for the whole society.

DOES THE RIPOL ALLIANCE GLOBAL WEALTH STRATEGIES OFFER WORKSHOPS OR OTHER EXTENSION SERVICES ON CAPITAL MANAGEMENT?

We are starting a training/education program in 2021 that will address issues such as wealth management, business internationalization, family succession, among other topics. Additional information will be released shortly.

WHAT IS THE BIGGEST CHALLENGE OF BEING A MULTIFAMILY OFFICE?

It is to understand the expectations of customers and their families so that the direction to be adopted represents a safe option guaranteeing the continuity of the business, if so the will of the family/customer; the search for new investments and the reconciliation between the interests of the various family members

DID THE CORONAVIRUS PANDEMIC AFFECT THE RIPOL ALLIANCE GLOBAL WEALTH STRATEGIES IN ANY WAY?

At the beginning of the pandemic, as in many other segments, there was a decrease in the processes underway. But as we operate in the long term, the actions were quickly resumed.

COULD YOU SHARE SOME SUCCESS STORIES OF HOW THE RIPOL ALLIANCE GLOBAL WEALTH STRATEGIES IMPACTED A COMPANY?

We took care of a recent case, in which a Brazilian businessman decided to move to the usA with his family. In this process, we developed the entire pre-immigration planning process where we not only took into account our client’s succession plan/wish for which we use Trusts, which is an aspect of technical relevance for the usA, but we also took care of the tax planning seeking the highest possible tax ef昀椀ciency, and in this way, providing our client with a tax savings of several thousand dollars (6 昀椀gures). However, we are unable to share personal customer and transaction details because of our commitment to the con昀椀dentiality of our customers’ information.

WHAT ARE YOUR PROJECTIONS FOR 2021?

Our idea is to start training / education courses in order to prepare executives and successors for asset management.

TELL US A LITTLE ABOUT RIPOL’S AREAS OF ACTIVITY.

ESTATE PLANNING

Development of estate planning in order to preserve the estate more ef昀椀ciently from a tax, succession and operational point of view. One of our great competitive advantages is the formulation of strategies to enhance and value, on a continuous and constant basis, the heritage accumulated by past generations. In this way, we make it possible to guarantee that the family legacy will be passed on from generation to generation, on an increasingly solid basis.

LEGAL WEALTH STRATEGIES

legal analysis of aspects related to wealth management and maintenance, covering relevant factors such as the residence, for legal purposes, of the wealth holders; as well as where your business is based. From there, a critical assessment is made of the set of legal risks to which the various assets that make up the global Wealth are exposed, and how they can be protected: individually and in their entirety.

WEALTH PLANNING

Activity dedicated to the speci昀椀c wealth planning and management of our clients, seeking in a neutral and independent way the best 昀椀nancial investment options within the concepts of diversi昀椀cation and allocation according to the investment pro昀椀le of each client.

DEVELOPMENT OF NEW BUSINESS

Area dedicated to advising our clients on the existing opportunities for direct investments in the so-called Real Economy. We do this through advising on m&A and Joint Ventures operations, for example. We also respond to the speci昀椀c demands of our clients in the real estate market for investment in real estate for personal or commercial use. Our approach also includes other solutions related to the creation and the protection of wealth, such as life and asset insurances. To this end, we operate on the management of relationships with other independent professionals: international law 昀椀rms, 昀椀duciary providers, specialists in highly technical markets, real estate and insurance brokers, among others.

HARD TO FORGET.

Luxury. Once it was synonymous with overt displays of wealth. Now more of us value how it makes us feel: contented, liberated, fulfilled.

The designers of the new Jaguar F-PACE understand this. See the proof in the beautiful all-new interior with tactile materials and jewel-like detailing. In the highly responsive, naturally intuitive Pivi Pro infotainment. In the Cabin Air Ionisation and Filtration system that captures ultra-fine particles and enhances occupant wellbeing.

Jaguar’s F-PACE is the definitive luxury performance SUV, with a beautifully crafted all-new interior complemented by an assertive new exterior design and the latest powerful, e cient, electrified engines.

But more of that interior first. It o ers heightened luxury, enhanced connectivity and greater serenity and refinement for driver and passengers. The new cockpit design is bolder and more dynamic. A new sporty centre console sweeps up to the instrument panel and incorporates an optional wireless charger with signalboosting technology.

Authentic finishes, including open-pore wood veneers and aluminium, feature in beautifully formed shapes such as the upper door insert and full width ‘Piano lid’ formed across the width of the instrument panel. Laser-etched mid-line speaker frets and the metallic rotary dial of the JaguarDrive Control epitomise the attention to detail.

The new Drive Selector – one of many beautiful details – has an upper section finished with ‘cricket-ball’ stitching. The lower part is made of precision-engineered metal for enhanced tactility.

New seats feature wider cushioning, new massage functions and enhanced coverage of the heated and cooling areas. An embossed Jaguar Leaper adorns the headrests on selected models, while a set of ‘Est.1935 Jaguar Coventry’ upholstery tags highlight the brand’s rich heritage.

Julian Thomson, Jaguar’s Design Director, is proud of what his team has achieved. He said: “The heightened luxury and attention to detail inside the F-PACE with seamlessly integrated state-of-the-art technologies ensure the driver and passengers feel a real sense of occasion whenever they get in the vehicle.”

Those advanced technologies also ensure the health and wellbeing of all occupants. Cabin Air Ionisation improves interior air quality through Nanoe technology, which removes allergens and unpleasant odours. The system now also features PM2.5 filtration, which captures ultra-fine particles – including PM2.5 particulates – to improve occupant health and wellbeing. Activate the system simply

by pressing the ‘Purify’ button. You’ll find that button on the seamlessly integrated centrally mounted 11.4-inch curved-glass HD touchscreen – the heart of the interior. Housed in an elegant magnesium alloy casing, it controls the new Pivi Pro infotainment.

This intuitive system features Apple CarPlay® as standard and you can connect two phones simultaneously via Bluetooth. Android Auto™ and Baidu CarLife are also standard depending on market applicability. Pivi Pro has a dedicated power source for instantaneous start-up, so is ready to use as soon as you get behind the wheel.

Jaguar’s convenience technologies now include Software-Over-The-Air (SOTA) capability, which ensures the luxury performance SUV is always using the latest software. It means F-PACE owners don’t have to visit retailers to receive vehicle software updates.

Pivi Pro can carry out multiple functions at the same time, such as streaming media and downloading SOTA updates, without compromising performance.

While the driver and passengers enjoy the luxurious F-PACE interior, there’s plenty for passers-by to admire too. A new exterior design gives it a cleaner, more assured presence, featuring a new sculpted bonnet with a wider power bulge and smoother, more precisely defined surfaces. New super slim all-LED quad headlights complete the e ect.

Beautiful design is nothing without e cient performance and the new F-PACE excels under the skin too. It is available with a new plug-in hybrid (PHEV) powertrain in selected markets, as well as the latest four-cylinder and new in-line six-cylinder petrol and diesel Ingenium engines. Mild Hybrid Electric Vehicle (MHEV) technology is also available on selected engines for the first time. All F-PACE models feature intelligent all-wheel drive and eight-speed automatic transmissions.

When fully charged, the new PHEV, known as the P400e, is capable of up to 33 miles (53km) of all-electric driving. Advanced MHEV technology, available on the four- and six-cylinder diesel engines and the six-cylinder petrol units, uses a Belt integrated Starter Generator to harvest energy usually lost when slowing and braking. This energy is then stored in a separate battery before being intelligently redeployed to assist the engine.

Engaging behind the wheel and for every passenger too, the new Jaguar F-PACE is the embodiment of modern luxury.

The new Jaguar F-PACE is available to order now at www.jaguar.com

All-new interior offers heightened luxury, enhanced connectivity and greater serenity for driver and passengers.

INTERNATIONAL INVESTOR AWARDS WINNERS 2020

COVID-19 change the way businesses work, the investment community had to take a step further and reinvent in many ways. In order to recognise the effort behind every individual and company during this time, we selected champions from a wide range of businesses.

The awards are open to any business, large, mid-size or small, established or start-up, provided they display 昀椀rst rate service, opportunity, innovation and performance. The following pages celebrate organisations that drive forward the world of international business and investment.

LIST OF WINNERS 2020

ACCESS

Sustainable Bank of the year // Africa

Best Bank // Nigeria

ALPHA GLOBAL WEALTH

Best Client Advisor - IfA // Switzerland

Excellence in Customer Satisfaction // Switzerland

ALTER EQUITY

Excellence in Sustainable Investing // france

ARC CAPITAL

Best Global mid-market Investment Bank

ARCA FONDI

Digital Wealth management Company of the year

ARCHE

Most Reliable Wealth Management firm // Luxembourg

Investment management Company of the year // Luxembourg

AREEJ MOHSIN HAIDER DARWISH

Outstanding Businesswoman of the year // Oman

ARM INVESTMENT MANAGERS

Investment Management Company of the year // Nigeria

Excellence in Investment Innovation // Nigeria

AVA TRADE

Best Af昀椀liate program- AVA partner // Europe

AXIORY

most Transparent Broker

Excellence in Customer Service // Africa

BAC CREDOMATIC

Best Sustainable Bank // LATAM

Excellence in Digital Transformation // LATAM

Bank of the year // LATAM

BANCO INTERNACIONAL

Bank of the year // Chile

BANK NIZWA

Islamic Bank Of The year // Oman

Islamic CEO Of The year // Oman

BANNER ASSET MANAGEMENT

Investment management Company of the year (Real Estate) // Australia

Community partner of the year (Real Estate) // Australia

Real Estate Investment fund of the year // Australia

BANQUE DU CAIRE

Sustainable Bank of the year // North Africa

BANCO COMERCIAL E DE INVESTIMIENTOS

Bank of the year // Mozambique

BDSWISS

Best FX and CFDs Trading provider

BAHAMAS FINANCIAL SERVICES BOARD

Outstanding promotion of Financial services

BANK ISLAM BRUNEI DARUSSALAM BERHAD

Best in Islamic finance // Asia paci昀椀c

B.I.C MARKETS

Global Liquidity Exchange - Best ECN Broker // Asia

BYBIT

most Reliable Trading platform

CI CAPITAL ASSET MANAGEMENT

Asset Manager of the year // Egypt

CORNER BANK

Best private Banking Services // The Bahamas

CREDINVEST

Best Bank for Institutional Investors // Switzerland

CURRENCY.COM

Best Crypto Exchange

DELTAMARK

Best Boutique AIfM // Cyprus

DIGITERRE

Custom software & Data solutions provider of the year // UK

DUNN LOREN

Best Securitisation House // Nigeria

Best Asset Backed Commercial paper program // Nigeria

CEO of the year // Nigeria

EZDEHAR

mid-Cap Fund manager of the year

ETICA SGR

Responsible Investor of the year // Italy

EURO EXIM

most Innovative Global Trade services Bank

FINANZ KONCEPT

Independent Wealth Management firm // Switzerland

FINESSE

Best Digital Transformation systems Integration provider // India & UAE

FX PRIMUS

Most Trusted Broker // South-East Asia & Africa

GKFX

Best Overall Forex Broker

HARIB AL KITANI

Best Oil & Gas CEO // MENA

HOTFOREX MARKETS

Best partners program

Excellence in Customer service

IBH INVESTMENT BANK

Best fund Manager // Malaysia

ICU

Asset Manager of the year // CEE

Excellence in Corporate Governance // CEE

INSTAFOREX

most Trusted Forex Broker

INTERCORP HOLDINGS

Best Corporate Consultancy // CEE

INVEST DURBAN

Best fDI Destination City // South Africa

INVEST IN SHARJAH

fDI Agency of the year // MENA

ISP GROUP

Best European Fund launch

JIBUN BANK

Neo Bank of the year // Asia

LLB SWISS

Best fund Administrator // Switzerland

LO’AI BATAINEH

financial CEO of the year // Oman

MY TRADING SKILLS

Best Trading Courses // Europe

PANTHERA SOLUTIONS

most Innovative Training for Investment professionals

PRIVATE WEALTH SYSTEMS

Best family Of昀椀ce Reporting Solutions

RIPOL ALLIANCE

Multi-family Of昀椀ce of the year // US

STANDARD CHARTERED

Best in Transaction Banking // Africa

TAPEI FUBON

Most Innovative Bank // Taiwan

Digital Banking Services of the year // Taiwan

UBHAR CAPITAL

Investment House of the year // Oman

UNION BANK PHILIPPINES

Best Digital Wealth management service provider // philippines

VORTO TRADING

Most Trusted payments provider // Asia

WHITESTAR

Best Asset management service provider

WINLAND WEALTH MANAGEMENT

Boutique Wealth management Company of the year // East Asia

ZEROHDA

Best Broker // India

AFRICA PLUS PARTNERS LIMITED

Fund Manager of the Year // West Africa 2020

Africa plus partners nigeria limited (“Appl”) is a specialist asset management company focused on executing smallto mid-sized infrastructure projects (“the missing middle”) in nigeria and sub-saharan Africa. It is poised to be the leading investment platform aimed at investors who have an appetite for diversi昀椀ed de-risked infrastructure assets in nigeria and the wider sub-saharan Africa region.

Appl is a sEC licenced fund manager with a Fund manager rating of A- and a pioneer in the infrastructure fund space, managing Nigeria’s 昀椀rst equity-based, naira denominated infrastructure fund –the Africa Infrastructure plus Fund (AIpF or the “Fund”).

Appl is currently in the process of a nGn100 billion series one capital raise of its second Fund, AIpF II, which has a total programme size of nGn200 billion. The creation of AIpF II was necessitated by a successful proof of concept following the identi昀椀cation, review and approval of investable projects with a total value surpassing the size of the 昀椀rst fund, AIpf I. AIpF I is a nGn20.5 billion commitmentbased fund closed-ended infrastructure fund structured to provide an investment platform for nigerian and international investors to invest in infrastructure assets in nigeria and across sub-saharan Africa.

With a rich and robust deals pipeline, Appl strives to harness resources at its disposal to unlock tremendous opportunities and leverage its structuring capabilities to maximize pro昀椀tability, enhance noteholders wealth and value of its managed funds whilst ensuring sustainable social development and preservation of the environment.

ARCHE WEALTH MANAGEMENT

Wealth Management Firm of the Year // Luxembourg 2021

Arche Wealth management provides tailor-made portfolio management services. Created in 2013, the organisation is regulated by the supervisory Board of the Financial sector (CssF) in luxembourg. The Arche Wealth management team is totally dedicated to its clients and has extensive 昀椀nancial market experience, built with consistency and rigor. Offering great stability, Arche perfectly understands the situation of our clients and maintains constant and close dialogue with them. We create portfolios with a tailor-made allocation, select the best investment funds in the world and establish transparent reports in order to follow the evolution of the portfolios. The portfolios are assembled to re昀氀ect our market convictions while taking into account the speci昀椀c orientations agreed upon with the client. We manage on a discretionary basis and also offer an advisory management service in order to analyze a situation in accordance with market dynamics. We provide continuous portfolio monitoring with a high response capacity.

BAIDURI BANK GROUP

Best Banking Group/ Best in Corporate Governance & CSR // Brunei 2021

The Beginning

Established in 1994, Baiduri Bank is a member of Baiduri Bank Group, one of the largest providers of 昀椀nancial products and services in Brunei Darussalam.

Shareholders

The Bank’s shareholders are Baiduri Holdings and Darussalam Assets.

World-Class Local

With a strong combination of local expertise and global reach, Baiduri Bank is acknowledged as one of the leading banks in the country with a track record of 昀椀nancial innovations and pioneering activities.

Subsidiaries

Baiduri Finance, a wholly-owned subsidiary of Baiduri Bank was established in 1996 and is now the country’s leading automobile 昀椀nance company with a market share of over 60% by end 2020.

Baiduri Capital, another wholly-owned subsidiary, started operations in 2015 offering both online and dealer-assisted securities trading services as well as other investment products. It provides access to international stock markets comprising sGX, HKEx, BuRsA malaysia, China A-shares as well as the nAsDAQ, nysE and nysE mKT llC (AmEX).

BANCO INTERNACIONAL

Bank of the Year // Chile 2020

Founded in Chile in 1944 as Banco Israelita, Banco Internacional now uses a nationwide network of 12 branches and four business centers, staffed by over 500 employees, as well as a suite of digital platforms to bring it closer to its customers and help it lead the corporate segment in the Chilean banking industry.

since 2016, Banco Internacional has been the fastest-growing bank in Chile, with a business model that allows for diversi昀椀cation between strategic segments, revenue sources and high organic growth.

Banco Internacional is majority owned by Inversiones la Construcción sA, a successful track-record and proven 昀椀nancial stability, which bought the bank in 2015. Good governance, which is also ensured through a reputable board and a solid management team with experience in the industry.

The bank’s values include delivering quality to every customer with the highest ethical standards. Banco Internacional incorporates sustainability as a fundamental part of its management through 4 pillars:

• Culture of service and ethics

• Responsible investment

• Inclusion, quality and access

• Contribution to public debate

CLOUDPAY

Best Payroll and HR Solutions Provider // 2021

Cloudpay provides managed global payroll services to multinational organizations through a single, uni昀椀ed SaaS solution. By delivering end-to-end managed payroll services through an innovative platform, Cloudpay ensures consistent and compliant payroll around the globe while reducing operating costs and minimizing manual processes. Cloudpay’s services and technology standardize the payroll function across geographies, helping organizations increase ef昀椀ciency, streamline compliance, and achieve greater visibility into payroll performance and costs. The Cloudpay solution is backed by deep industry expertise earned over twenty-plus years delivering services to over 1,500 global entities. Cloudpay’s solution guarantees accurate payroll processing across 130+ countries in more than twenty-昀椀ve languages.

positioned as a leader by nelsonHall and as an Achiever by Everest Group, Cloudpay recently won the Global payroll Innovation Award and won the prestigious 2019 Global payroll supplier of the year award. To learn more, visit www.cloudpay.net.

DIGITERRE

Custom Software & Data Solutions Provider of the Year // UK 2020

Digiterre is a software and data engineering consultancy that enables technological and organisational transformation for many of the world’s leading organisations – be they commodity or energy traders, banks or investment managers, digital disruptors or public sector providers. We envisage, design and deliver software and data engineering solutions that users want, need and love to use. We achieve ‘Agility at Greater Velocity’ because we care about taking ownership for solving the toughest technical challenges and creating outstanding outcomes. As a consequence of this approach, we typically deliver highrisk, high-pro昀椀le and time-constrained projects in less time than competitors, often signi昀椀cantly so.

THE EMIRATES CAPITAL LIMITED

Asset Manager of the Year // MENA 2020

since its establishment in 2008, Emirates Capital has been at the forefront of developing creative and innovative solutions for its clients.

Emirates Capital is an independent and privately owned, award-winning 昀椀nancial service provider in Corporate Finance, Asset management and Fund management.

The 昀椀rm assists and advises professional clients (HNWI), family of昀椀ces, as well as institutional investors on equity/debt capital raising and offers holistic, tailormade asset management and fund management solutions that meet its clients’ needs.

In addition, Emirates Capital’s experienced team provides guidance and advice to governments around the world.

The 昀椀rm has developed proprietary and innovative asset management and fund management solutions, that address the speci昀椀c investment challenges of infrastructure, energy, and hospitality projects that are especially encountered by governments in frontier and emerging markets.

Emirates Capital is headquartered in the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial services Authority (DFsA).

EZDEHAR MANAGEMENT

Mid-Cap Fund Manager of the Year // MENA 2021

Ezdehar is an independent investment manager that is focused on mid cap companies in Egypt. since its launch in 2014, Ezdehar has established a strong track record of success and is proud to have worked with several familyowned businesses on growing and institutionalizing them. Ezdehar’s investor base includes reputable international 昀椀nance institutions including fMO, CDC, EBRD and EIB, as well as other notable family of昀椀ces and high net worth individuals. To date, the 昀椀rm made several investments across a range of sectors, almost completing deployment of our 昀椀rst fund and positioning Ezdehar 昀椀rmly as a leading private equity player in the Egyptian market. The fund has consistently delivered superior returns on its investments by following a rigorous investment process, strong portfolio management, and world-class reporting and communications.

Ezdehar aims to identify and partner with successful businesses who are seeking investment that is coupled with true partnership to accelerate growth, unlock value, and create lasting legacies. By leveraging on a highly diverse team that combines local insight, international experience, and familiarity with the 昀椀nancial, operational, and people aspects of businesses, Ezdehar can help create strong and sustainable businesses and work diligently, with a ‘sleeves rolled-up’ attitude, to guide and enable them to thrive.

FOREXMART

Best Trading Conditions // Asia 2020

Forexmart is an example of a modern investment brokerage company, which has earned a reputation as a reliable trading partner, guaranteeing the safety and comfort of online trading for its clients. The company was founded in 2015 in Cyprus and aims to provide the best trading conditions for retails traders. Forexmart group of companies consists of regulated members from different jurisdictions.

The broker offers high-quality trading software, provides a wide range of trading instruments (currency pairs, CFDs, spot metals, cryptocurrencies, indices) and protects customer accounts from any fraudulent activities. Forexmart also offers to take advantage of automated trading solutions under Copy Trading system.

furthermore, forexMart uses ECN/STp technology with deep liquidity, which allows clients to enjoy tight spreads, low commissions and smooth execution of orders.

A wide range of account types is available to suit every customer’s needs. Both demo and live trading are available through Forexmart mobile applications, web browser and mT4 platform. The app can be downloaded for both iOs and Android devices for free.

Forexmart accepts clients from all over the globe, except for a few restricted areas.

FX PRIMUS

Best Partners Program // Southeast Asia 2021

FXpRImus is one of the most secure online trading environments in the industry.Operating since 2009, it offers market-leading innovations and rewards for traders of all experience levels with opportunities to be sustainably successful in the online trading of forex, commodities, energies and indices.

This is re昀氀ected in the company’s three pillared strategy which is to provide safety to traders through the best possible academic, technical and practical support in their trading journey.

G COIN

Ethical Investment Innovation of the Year // 2020

G-Coin believes gold is a powerful wealth protector and they’ve made it their mission to make it more sustainable and accessible to everyone.

G-Coin is a digital title of ownership to Responsible GoldTm. 1 G-Coin token equals 1 gram of con昀氀ict-free and responsibly sourced gold; which has been tracked and registered in their blockchain from miner, to re昀椀ner, to vault. Unlike cryptocurrencies, G-Coin is a digital representation of a real asset. They have combined the best qualities of traditional gold – stability, security, and value con昀椀dence – with the bene昀椀ts of digital currency innovation. This gives users the freedom to send and receive value instantly, and at no cost from the convenience of the G-Coin app.

With headquarters in Houston, Texas; G-Coin is currently available in selected states of the united states, with plans to launch in new markets in 2021.

GFH FINANCIAL GROUP

Islamic Investment Bank of the Year // Middle East 2021 Excellence in Corporate Governance // Bahrain 2021

GfH is a well renowned 昀椀nancial group in the GCC region, with a diversi昀椀ed offering and pioneering track record. Headquartered in Bahrain, GFH’s innovative approach to Islamic investment banking services has been recognized internationally for over a decade. GFH has developed a strong and consistent ability to identify, successfully bring to market and capitalize on a wide range of solid investment opportunities in some of the world’s most dynamic markets and sectors. This approach signi昀椀es the Group’s investment insights and commitment to increase the value of its assets, and 昀椀nancial returns to its investors and shareholders.

since the Group’s inception in 1999, GFH has raised over us$10 billion assets and fund under management from its strong client base in four main activities:

• Investment Management;

• Real Estate Development;

• Commercial Banking; and

• Treasury & Proprietary Investments

GFH is listed on three stock exchanges in the GCC, including the Bahrain Bourse, Boursa Kuwait and Dubai Financial market (DFm) where it is one of the most liquid and actively traded stocks. GFH’s operations are principally focused across the GCC, north Africa and India, along with strategic investments in the u.s. and u.K.

ICU

Asset

Manager

of the Year/ Best Securities Brokerage // CEE 2021

ICU is an independent 昀椀nancial group that provides brokerage, asset management and investment advisory services and has a portfolio of venture capital investments. The group specializes in the Central and Eastern European markets.

Founded in 2006 by senior investment professionals from InG, ICu is ukraine’s leading asset manager with over $500m in assets under management. ICu’s veteran investment team has experience in private equity & venture capital, high yield corporate debt, distressed debt, restructurings and other special situations across a number of emerging markets. Investment decisions are supported by robust macroeconomic and sectoral analyses from the 昀椀rm’s in-house team of research economists.

ICu aims to provide clients with superior risk-adjusted returns across a number of asset classes. The 昀椀rm is expanding its reach into key European markets via a combination of organic growth and acquisition and continues to expand the range its investment offerings.

INSTAFOREX

Most Innovative Forex Broker // 2021

InstaForex was established in 2007 by the InstaForex Group for providing top-quality brokerage services to clients worldwide, particularly those from the CIs countries, southeast Asia, and Eastern Europe. nowadays, the companies operating under the InstaForex brand offer innovative trading services to a vast clientele including more than seven million traders.

InstaForex offers its customers vast opportunities for effective work on the international forex market, providing a variety of investment services from registering a new account to pro昀椀t withdrawal as well as on-time technical and client support.

From the very start, InstaForex has tailored its services to the customers’ needs. streamlining our products, services, and continuously improving technologies to maintain our leading position, InstaForex’s priority is providing superior trading services to its clients.

LEOPRIME

Best Multi-Asset Broker // Asia 2021

We are a forex and commodities intermediary that accommodate wide range of trading services to make it a user friendly trading environment for retail and institutional clientele. With years of gathered expertise we generate custom solutions and swift execution.

OMAN LNG

Best COVID-19 Relief Program // Oman & Best LNG Company // MENA 2021

Oman Lique昀椀ed Natural Gas LLC (Oman lnG) is a joint venture established by a Royal Decree in 1994 and operates under the laws of the sultanate of Oman. The Company engages in the business of producing and selling Lique昀椀ed Natural Gas (lnG) and its by-product natural Gas liquids (nGls). last year the company reached a record high production rate of 10.4 million tonnes per annum. since the inception, over 2,400 cargoes of lnG have been safely and reliably produced and delivered to various destinations around the globe.

HsE is the centre-piece of Oman lnG’s world-class operations which enabled the company to break safety milestones to stand now at over 32 million man-hours worked without lost-Time Injury (lTI). The company has strengthened its excellence in social responsibility by establishing “Oman lnG Development Foundation” in 2015, which today covers over 6,350 sustainable projects that extend across the entire country.

RIPOL ALLIANCE

Multi-Family O昀케ce of the Year // US 2020

Attentive to the new wave of globalization, ROnAlDO mARTIns & Advogados (law Firm), based in são paulo and with other branches in Brazil, aware of the evolution of the 昀椀nancial management and asset planning industry, through its partners, structured RIpOl AllIAnCE Global Wealth strategies in miami, usA, which is a Multi-family Of昀椀ce dedicated to the aspects and consequences of globalization inherent to the demands of clients to have under a single umbrella not only the legal treatment of their asset and succession planning, but also the Financial management of their resources, thus providing a much greater robustness than clients are used to see in the legal and 昀椀nancial market in general.

SS&C ADVENT

Best PE Software Provider (Geneva)/ Best Portfolio Management Software Provider // 2021

ss&C Advent helps over 4,300 investment 昀椀rms in more than 50 countries—from established global institutions to small start-up practices—to grow their businesses, minimize risk, and thrive. We have been delivering unparalleled precision and ahead-of-the-curve solutions for more than 30 years, working together with our clients to help shape the future of investment management. Find out how you can take advantage of our industry-leading solutions to support your business goals. To learn more about the right solutions and services for you, contact advent@sscinc.com.

LO’AI BATAINEH

Financial CEO of the Year // Oman 2020

lo’ai Bataineh is a seasoned and successful investment banker with over three decades’ track record in commercial banking, investment banking, asset and wealth management. He is the founding CEO of ubhar Capital sAOC, a full service investment banking 昀椀rm headquartered in muscat, sultanate of Oman. He leads a team of 55 people at ubhar Capital which has Assets under management and Custody of over usD 1.2 billion. He is responsible for the 昀椀rms’ business strategy and vision and spearheading implementation of the same.

prior to ubhar Capital, lo’ai established the Investment Banking business within Oman Arab Bank sAOC back 1998, which became the top-ranked investment banking out昀椀t in Oman. He currently serves on board of the ubhar GCC Fund and has previously served on the boards of several companies and funds. He has advised, raised funds and successfully delivered over 50 corporate 昀椀nance and advisory transactions, valued at over us$ 8 billion.

UNION BANK

Best in Digital Transformation // Southeast Asia 2021

union Bank of the philippines (unionBank) is a publicly-listed universal bank. unionBank’s superior technology allows the delivery of online, realtime business solutions to meet the customers’ changing and diverse needs through innovative and customised cash management products and service offerings.

The bank offers a range of products and services, such as deposit and related services; corporate and middle-market lending, and consumer 昀椀nance loans, such as mortgages, auto loans and credit card; investment, treasury and capital market; trust and fund management; remittance, cash management and electronic banking, and preneed insurance.

Its unique branch culture ensures ef昀椀cient and quality service as well as mitigates operational risk. Centralised operations enable the bank to provide responsive, scalable, and secure transaction processing.

unionBank has always been among the 昀椀rst to embrace technological innovations to empower its customers. With this, it has consistently been recognised as one of Asia’s leading companies, ranking among the country’s top universal banks in terms of pro昀椀tability and ef昀椀ciency.