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Category: Banking

  • MIL-OSI Europe: Isabel Schnabel: Financial literacy and monetary policy transmission

    Source: European Central Bank

    Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the 2025 Mais Lecture at Bayes Business School

    London, 27 March 2025

    According to our latest public opinion survey, more than 90% of respondents are aware of the European Central Bank.[1][2] But when asked about our tasks, only 43% said they know that the ECB is responsible for maintaining price stability, despite inflation continuing to be the most important issue for European citizens.[3]

    These findings are part of a broader societal phenomenon: the widespread lack of financial literacy.

    Financial literacy is the ability to understand and apply basic financial concepts. It empowers individuals to make informed financial choices, mitigate investment risks and make provisions for old age.

    In my lecture today, I will argue that financial literacy also matters for the transmission of monetary policy. I will show that financially literate individuals react more strongly to interest rate changes, are more willing to take on risk and are more forward-looking when forming inflation expectations.

    Together, these factors suggest that greater financial literacy tends to strengthen the transmission of central bank policies to the real economy. Therefore, it can make monetary policy more effective in achieving its objectives and lower the sacrifice ratio – that is, the cost of reducing inflation in terms of lost output or higher unemployment.

    For this reason, central banks, including the ECB, have increased their efforts to foster financial literacy. Such initiatives strengthen trust in central banks and support broader policy goals, including progress on the European savings and investment union.

    Financial literacy varies widely across socio-economic groups

    In 2021 G20 finance ministers and central bank governors recognised financial literacy as an essential skill for empowering people and supporting individual and societal well-being.[4] It is defined as the ability to understand and effectively use basic financial concepts to take personal financial decisions.

    Such decisions are taken at various stages of life. People have to decide how much of their income they want to spend and to save, how to best invest their savings, how to finance big purchases like an apartment or a house, and how to make provisions for old age or emergencies. This requires an understanding of how interest rates and inflation affect the return on various financial products and the cost of borrowing.

    The sharp economic fluctuations over the past few years have underscored how important financial literacy is for the well-being of households. The surge in inflation in the aftermath of the pandemic and the sharp rise in interest rates after a decade of low rates have highlighted the need for individuals to properly understand and react to a changing inflation and interest rate environment.

    Economists Annamaria Lusardi and Olivia Mitchell developed the “Big Three” financial literacy questions, which have become a widely used measure of financial literacy (Slides 2 to 4).[5]

    These questions assess basic knowledge in three areas that are of key importance for households’ financial decision-making: the concept of compound interest, the importance of inflation for the purchasing power of savings, and the benefits of diversifying a portfolio across different assets.[6] People are usually considered to be financially literate if they can answer all these three questions correctly.

    Numerous surveys collect information about the level of financial literacy across various countries and socio-economic groups, and the ECB has contributed to this effort by including questions on financial literacy in its consumer expectations survey.

    These surveys show that many people struggle to answer all three questions correctly. In the euro area, less than half of respondents, around 48%, managed to get all three questions right (Slide 5).

    Moreover, financial literacy varies widely across socio-economic groups.

    First, financial literacy is lower for younger people. Those aged below 50 display below-average financial literacy, which could negatively affect their ability to build up long-term wealth or their decisions about major purchases.[7]

    Second, women have on average significantly lower financial literacy than men. This could lead to a higher risk of financial hardship and could explain why women are more often at risk of old-age poverty.[8]

    Third, financial literacy increases with educational attainment and income, potentially reinforcing inequality as, on average, financially literate people take better financial decisions.[9]

    Finally, there is considerable variation across countries, also within the euro area. Financial literacy tends to be higher in northern European countries.

    Financial literacy matters for monetary policy transmission

    These differences have important implications for individuals, but they may also have an impact on the effectiveness of macroeconomic policies.

    Monetary policy is a case in point. The effectiveness of monetary policy relies on the smooth transmission of policy decisions – especially changes to key policy rates – to financing conditions and, from there, to economic activity and inflation.

    Today I will focus on three key channels through which financial literacy can influence the transmission of our monetary policy: the interest rate channel, the risk-taking channel and the inflation expectations channel.[10]

    Financially literate households react more strongly to interest rate changes

    In standard macroeconomic models, monetary policy works mainly through the interest rate channel: an increase in interest rates shifts intertemporal trade-offs in the direction of higher savings and less consumption due to a substitution effect. Higher interest rates dissuade firms from investing and households from purchasing houses or durable goods.

    Policymakers frequently use these models to derive policy prescriptions, thereby implicitly assuming that households react in an optimal way to changes in interest rates by adjusting their borrowing and saving.

    However, a lack of financial literacy in part of society could be one reason that not all people behave in the way that models with rational expectations assume. Consequently, policymakers may make mistakes in predicting household behaviour, affecting the way monetary policy is transmitted to the real economy.[11]

    For example, survey evidence suggests that financially literate households are more responsive to changes in interest rates.

    On the one hand, this reflects the fact that these households are more attentive to interest rate developments. Among financially literate households, 62% report paying “some”, “much” or “a great deal” of attention to the level of interest rates. For households with low financial literacy, this share is only 49% (Slide 6).[12]

    On the other hand, a financially literate person has a better understanding of how interest rate changes will affect their financial situation and how they should best respond.

    The experience of recent years is a good example. When the ECB raised its policy rates in 2022 to fight inflation, financially literate individuals understood that this created more beneficial conditions for saving and less attractive conditions for borrowing, strengthening policy transmission. By contrast, less financially literate people reacted much less strongly to the dramatic change in the interest rate environment (Slide 7).

    In other cases, the impact on transmission is less clear.

    Households with high levels of financial literacy preferred fixed-rate loans when interest rates were low, but less so when interest rates were high (Slide 8). This behaviour tends to slow down policy transmission, as it insulates these households from changes in the interest rate environment. By contrast, less financially literate households did not significantly adjust their preferences when interest rates increased sharply.[13]

    The financial literacy of borrowers and depositors may also affect how swiftly and strongly banks pass through changes in policy rates to financing conditions. This is a key step in monetary policy transmission.

    The more attentive households are to interest rates, the more likely they are to search for the best possible interest rate for both loans and deposits. Indeed, according to the consumer expectations survey, financially literate households are more likely to “shop around” for the best terms of debt products (Slide 9, left-hand side).

    The same is true for deposits. During the recent hiking cycle, banks had to increase deposit rates to prevent a deposit flight as depositors shifted from low-yielding deposits to higher-yielding investments.[14]

    Such behaviour is likely linked to financial literacy. In fact, during the recent tightening cycle, cash accounts of corporates, which are managed by finance professionals, received higher interest rates for both overnight and term deposits than those of households (Slide 9, right-hand side).

    Higher funding costs for banks then also translate into higher bank lending rates, strengthening the transmission of policy rates to financing conditions.

    Financial literacy increases risk-taking and stock market participation

    A second important transmission channel of monetary policy operates through investors’ risk appetite. This is the risk-taking channel.

    Monetary policy influences people’s willingness to take risks, with looser monetary policy being associated with greater risk-taking, as investors have an incentive to switch from safe assets to higher‑yielding alternatives.[15] Increased risk-taking, particularly through greater stock market participation, amplifies the aggregate effects of monetary policy adjustments.[16]

    Research indicates that financial literacy plays a crucial role in determining the extent to which households engage in risk-taking by investing in the stock market or other risk assets.[17] Financially literate households are much more likely to invest in stocks or mutual funds, thereby strengthening monetary policy transmission (Slide 10, left-hand side).

    Differences can also be found in the mortgage market.

    A higher share of financially literate households take out mortgages and other loans than is the case for households with low financial literacy, although the difference is quantitatively much smaller than for stocks (Slide 10, right-hand side). Changes in aggregate consumption in response to interest rate adjustments are to a large extent driven by households with mortgages.[18]

    Higher risk-taking may also affect monetary policy indirectly by mobilising private capital for riskier and more productive investments. More risk capital should lead to higher productivity growth and hence a higher natural interest rate, r-star, giving central banks greater scope to stimulate the economy through lower interest rates due to a greater distance to the zero lower bound.[19]

    The effects of higher risk-taking can be self-reinforcing. If a larger share of the population rebalances their portfolios by switching from savings products or bonds to stocks in response to looser monetary policy, this may encourage firms to make additional investments. The increase in investment leads to higher aggregate income, in turn leading to more investment in the stock market.[20] Through this channel, stock market participation can magnify the investment response to monetary policy shocks.[21]

    Wealth effects provide another amplifying channel, as looser monetary policy tends to go hand-in-hand with a better performance of riskier assets, increasing household wealth and fostering consumption, with important distributional consequences. However, as shown over the recent tightening cycle, asset prices may behave differently. Over this period, the dampening effect of higher rates on stock prices was more than offset by stronger risk sentiment, leading to a surge in stock prices. Such wealth effects weakened monetary policy transmission in the most recent hiking cycle.

    Lastly, financially literate households have been shown to be more likely to build up precautionary savings, making them better able to cope with financial shocks and smooth their consumption.[22] This may slow monetary transmission, as these households can initially draw on cash buffers when the cost of borrowing increases through policy tightening. Hence, the impact of financial literacy on risk-taking may also go in the opposite direction.

    Financially literate households are more forward-looking when forming inflation expectations

    A third key transmission channel of monetary policy is the inflation expectations channel.

    Since consumption and investment decisions as well as price and wage-setting processes reflect expectations about the future pace of price changes, household inflation expectations shape inflation dynamics. A growing body of research suggests that consumers’ expectations matter greatly for the transmission of monetary policy, possibly more than those of financial market participants.[23]

    Research by the International Monetary Fund shows that, over the recent inflation episode, near-term inflation expectations became an increasingly important driver of inflation in advanced economies (Slide 11, left-hand side).[24]

    In turn, factors that can reduce the sensitivity of inflation expectations to actual inflation developments can contribute to bringing inflation down more quickly. And the lower the sensitivity, the lower the sacrifice ratio, allowing for swift disinflation without causing high unemployment or a deep recession.

    It is therefore crucial that central banks understand how households form these expectations.

    Research shows that policy tightening has a stronger dampening effect on near-term inflation expectations and inflation when a greater share of people in the economy are forward-looking (Slide 11, right-hand side).[25]

    Forward-looking households form their expectations on the basis of a broader set of information, including central bank policies and their expected impact on the economy, while backward-looking households base their expectations to a larger degree on past inflation experience.

    Therefore, a higher share of backward-looking households means that the central bank must tighten monetary policy more to achieve the same drop in inflation.

    The degree to which households are forward-looking likely depends on their level of financial literacy.

    Survey evidence indicates that households with higher financial literacy pay more attention to inflation.

    52% of financially literate households pay “much” or “a great deal” of attention to inflation. This share stands at just 45% for the less financially literate (Slide 12, left-hand side). Higher attention also implies that these people are easier to reach through central bank communication.[26]

    However, these data also suggest that even for financially literate people, almost one half do not pay much attention to inflation. This may explain why inflation perceptions are often very persistent, adapting slowly to actual inflation dynamics. While headline inflation in the euro area dropped by almost 8 percentage points from its peak in October 2022 until the end of 2023, inflation perceptions fell by much less (Slide 12, right-hand side).

    Again, there is some difference of inflation perceptions across different levels of financial literacy: while the inflation perceptions of both groups were similar when inflation had reached its peak, those of financially literate people are now 1.6 percentage points lower than those of less financially literate people.

    Inflation expectations paint a similar picture. The one-year ahead inflation expectations of financially literate households have dropped much more quickly than those of the less financially literate (Slide 13, left-hand side).

    These two findings are linked and reflect the fact that individuals’ inflation perceptions have a substantial impact on their expectations of future inflation.[27]

    Overall, the share of consumers with inflation expectations broadly anchored around 2% – meaning that three-year inflation expectations are between 1.5% and 2.5% – has fluctuated around a level of only 17%, indicating a low degree of anchoring.

    Again, there are notable differences in inflation expectations linked to financial literacy. The share of consumers with medium-term inflation expectations anchored around 2% is significantly higher for financially literate households. However, these households have also been more responsive to actual inflation developments, with the share of consumers with medium-term inflation expectations around 2% declining more sharply when inflation surged and rising more strongly when it came down (Slide 13, right-hand side).[28]

    The observed differences in the formation of inflation expectations translate into lower deviations of individual one-year ahead forecasts from inflation perceptions at that time for more financially literate people, implying a lower subjective forecast error (Slide 14). In other words, households with higher levels of financial literacy tend to have more accurate inflation expectations.[29]

    Financial literacy also affects household perceptions of real, i.e. inflation-adjusted, incomes, with implications for monetary policy transmission. Over the past three years, real private consumption has increased more slowly than real disposable income. This can be partly explained by household misperceptions of their real income developments.[30]

    While over 50% of households in the euro area experienced positive real income growth in 2024, only 11% perceived that their real income had increased (Slide 15, left-hand side). The net percentage of pessimistic households is highest for the bottom half of the income distribution, and it is also higher for households with low financial literacy (Slide 15, right-hand side).

    This implies that lower inflation due to restrictive monetary policy generally had a weaker impact on consumption due to such misperceptions, dampening the recovery.

    The need for enhanced financial education initiatives

    The evidence presented explains why central banks have a keen interest in promoting financial literacy and improving financial knowledge.

    In our 2021 monetary policy strategy review, we acknowledged that communication to broader audiences is key for monetary policy. That is why we have put more emphasis on explaining our monetary policy decisions to the general public in an accessible way.[31]

    Since President Lagarde took office, the Governing Council has made significant progress in making communication more accessible. For example, the introductory statement to the press conference after our monetary policy decisions has been replaced with the monetary policy statement, which offers a more concise and compelling narrative, while significantly reducing the textual complexity of monetary policy announcements, thereby increasing readability (Slide 16). To reach audiences beyond experts, the statement has been complemented by highly accessible, visualised statements, available in all EU languages.[32]

    When people understand how monetary policy works, they tend to trust central banks more.[33] And people’s trust in the central bank and in its ability to maintain price stability has been shown to help anchor inflation expectations and increase the share of forward-looking people in the economy.[34]

    Knowledge about the ECB is linked to financial literacy. Financially literate households tend to be significantly more knowledgeable about the ECB and its inflation objective (Slide 17).

    This has implications for the ECB’s credibility. In the most recent inflationary episode, the share of households with high financial literacy that trusted the ECB to maintain price stability over the next three years rose notably after the ECB had embarked on its hiking cycle and inflation had come down significantly (Slide 18).

    By contrast, households with low financial literacy lost confidence in the ECB’s ability to maintain price stability as interest rates rose. Even when inflation had already come down significantly, the share of households that trusted the ECB’s ability to maintain price stability remained low. This is in line with recent evidence from the United States, where 60% of survey respondents believe that high interest rates cause high inflation.[35]

    Therefore, to maintain and improve their credibility, central banks should help people understand their policy actions and their economic effects through communication and enhance their efforts to improve financial literacy.[36]

    At the ECB, we are taking active steps to do this. We have expanded our communication efforts towards the general public by offering explainers on YouTube (through our “Espresso Economics” channel), by speaking more frequently on TV, by engaging on social media and by producing regular podcasts.

    Earlier this month, on International Women’s Day, the ECB took another step in promoting financial literacy by committing to five joint actions with national central banks, also aimed at closing the gender gap in financial literacy.[37]

    These include raising awareness, establishing a central bank financial literacy network, collaborating with national authorities for consumer protection, developing a harmonised financial literacy dataset across Europe, and focusing communication efforts on key moments in life, such as early education, taking out a major loan or building a pension.

    Of course, such efforts can only complement, not replace, much broader efforts needed from governments and the education system. And it requires a long-term effort, with progress likely to be incremental.

    Financial literacy is also an important cornerstone of the savings and investment union, one of the European Commission’s flagship projects.[38]

    Under its first pillar, it aims to encourage citizens to invest in capital markets, which can contribute to financing part of the massive investments needed for the green and digital transitions.[39] As I said before, financial literacy increases the willingness to make such investments. Therefore, an improvement in financial literacy is seen as essential to achieving the stated objectives. That is why the European Commission will adopt a financial literacy strategy, in line with the ECB’s efforts.

    Conclusion

    Let me conclude.

    Financial literacy is an essential life skill that not only empowers individuals to make informed financial decisions but can also make monetary policy more effective.

    Financially literate individuals respond more strongly to interest rate changes, are more willing to take on risk and are more forward-looking when forming inflation expectations. This tends to strengthen the transmission of central bank policies to the real economy.

    However, significant differences in financial literacy across socio-economic groups highlight the need for continued educational initiatives.

    Fostering financial literacy can support policy effectiveness, enhance public trust in central banks and help people make better financial decisions, ultimately contributing to a stronger economy and individual well-being.

    As Benjamin Franklin, who spent more than 16 years here in London, once said, “an investment in knowledge pays the best interest.”

    Thank you.

    MIL OSI Europe News –

    March 28, 2025

  • MIL-OSI: Phyllis Nomura Promoted to Chief Financial Officer of First Fed Bank and First Northwest Bancorp

    Source: GlobeNewswire (MIL-OSI)

    PORT ANGELES, Wash., March 27, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (NASDAQ: FNWB) and its subsidiary First Fed Bank (collectively the “Company”), today announced the promotion of Phyllis Nomura to Executive Vice President and Chief Financial Officer of First Fed. She will also serve as EVP/CFO and as Treasurer for First Northwest. Nomura joined First Fed as Senior Director of Accounting in November 2024.

    “We are excited to welcome Phyllis to our executive team. She was hired in 2024 as part of our management succession plan and brings over 30 years of experience in accounting, finance, and audit. Her leadership skills and experience are a meaningful addition to our team,” said Matt Deines, President and CEO of FNWB and First Fed.

    “I am deeply honored to step into the role of Chief Financial Officer. In the time I have been a part of this incredible team, I’ve witnessed first-hand our unwavering commitment to our mission to improve the lives of those we serve. I am thrilled to be working alongside our talented team and to continue building on our strong foundation and creating value for our customers, employees, communities, and shareholders,” said Nomura.

    Nomura brings more than 20 years of financial experience in Chief Financial Officer (CFO) positions. Prior to joining First Fed, she served as CFO of the YWCA Seattle King Snohomish, located in Seattle, from May 2023 to November 2024, and CFO of Kosmos Management, in Seattle, from August 2016 to November 2022, and CFO of First Sound Bank, also in Seattle, from June 2013 to January 2016. She held other CFO positions prior to First Sound Bank and served as an Auditor and Senior Audit Manager at Deloitte from January 1994 to September 2001. Nomura holds a Bachelor of Business Administration degree from Grand Valley State University and is a licensed CPA.

    Consistent with the management succession plan, Geri Bullard will continue to serve as Chief Operating Officer leading the Bank’s initiatives to enhance profitability, efficiency, and back-office operations. She is responsible for our core operating system and related systems. Her financial background will be invaluable to the Bank as she focuses on leading departments that are critical to our success.

    “Geri is the hardest working person I have ever known. She has handled her responsibilities as CFO with aplomb, managing our Accounting and Finance Team, SEC reporting, budgeting and financial planning. She has significantly enhanced the Accounting and Finance teams, our financial reporting, investment portfolio, expense management, financial analysis, interest rate and liquidity reporting and capital management. Her work with our balance sheet restructure over the past five quarters helped place us in the position to return to profitability in 2025 and beyond. She is a loyal and trusted advisor to me, the Board, and the entire Senior Team,” said Deines.

    About FNWB

    First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 18 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. First Fed is headquartered in Port Angeles, Washington.

    First Fed Bank was recognized by Puget Sound Business Journal as a Best Workplace in 2023 and top Corporate Philanthropist in 2023 and 2024. By popular vote, First Fed received 2024 awards for Best Bank and Best Lender in Best of the Peninsula for Clallam County. First Fed is a Member FDIC and equal housing lender.

    Contact: Matthew P. Deines
    President & CEO
    (360) 457-0461

    The MIL Network –

    March 28, 2025

  • MIL-OSI Banking: A Better Life with Samsung’s Innovative Products: Elevating Your Life

    Source: Samsung

    Samsung’s recently launched A Better Life lifestyle campaign that aims to elevate your daily life and home experiences through AI-enabled innovative technology, encompassing home appliances, entertainment devices and health-focused wearables, all designed to integrate seamlessly into your daily routines – made possible with SmartThings.
     

     
    So, whether it’s through cutting-edge smart home devices, Samsung’s technology helps individuals to stay ahead, boost productivity and live their best lives effortlessly. Some of Samsung’s products that are able to empower users to live smarter and more convenient lives include the M8 Smart Monitor, Neo QLED, Music Frame, Bespoke Washer Dryer, Bespoke Fridge, WindFree , Odyssey Gaming Monitor and Galaxy Tab. The company’s ground-breaking innovations help to unlock the genius within individuals by offering seamless experiences, enhanced productivity and effortless integration into daily lives.
     
    Samsung is now integrating AI into its SmartThings platform and various devices to create a more intelligent and personalised user experience. Some examples of Samsung’s AI-powered devices include:
    Neo QLED 8K – Samsung Smart TVs come with a Built-in SmartThings Hub that lets you take charge of your home and life. Connect your smart devices, optimise energy efficiency, enhance your daily routine and more, all from your Samsung Smart TV.
    Bespoke AI Laundry Combo – is able to determine optimal wash and dry cycles based on load, fabric as well as soil level.
    Samsung Vision AI – can transform screens into smart companions that enhance entertainment, simplify interactions and integrate into connected lifestyles.
     
    Seamless Ecosystem: Bringing Interconnectedness & Ease of Use Between Various Devices
    Samsung’s “seamless ecosystem” is essentially interconnectedness and ease of use between its various devices, enabling users to seamlessly switch tasks, share content and control devices across platforms with features like Multi Control and app continuity. App Continuity allows you to seamlessly control all of your connected Galaxy devices, such as your mobile phone, tablet and Galaxy Buds.
     
    These interconnected devices are designed to work together, allowing users to seamlessly switch between their phone, tablet, monitors as well as other smart devices including Smart TVs and home appliances. This process allows Samsung’s products to be integrated into a cohesive ecosystem which leads to greater convenience, where devices work together to simplify tasks.
     
    Samsung is invested in smart innovation, particularly through AI and its SmartThings platform which aims to create a seamless, personalised and connected smart home ecosystem across various devices and appliances. A Samsung connected home, powered by SmartThings, offers convenience, security and energy efficiency, allowing you to control your home’s appliances, lighting and security systems remotely, with features like voice control and personalised routines. This AI-driven feature has the ability to control and monitor devices from anywhere.
     
    Samsung’s SmartThings platform serves as the central hub for connecting and controlling a wide range of smart devices, including home appliances, TVs, wearables and more. With this incredible app, you can now control and manage your smart home devices, including Samsung appliances, from your phone or tablet. Also, with SmartThings Energy, users can effortlessly monitor and manage their connected devices and appliances in one place, gaining deeper insights into their overall energy consumption, helping them lower their energy bill.
     
     
    Elevate your Productivity with Samsung Connected Devices
    The Samsung Galaxy Tab S10 Series is designed to help you achieve higher business productivity. This series includes the addition of Galaxy AI,[1] which brings productivity, communication and creative capabilities based on artificial intelligence.
     
    And, paired with the optional keyboard cases, the tablets transform into laptops, with Samsung DeX providing a PC-like experience to access your mobile apps. You can also connect the Galaxy Tab S10 devices to a monitor or TV and run DeX on that larger screen while continuing to use your tablet at the same time. The Galaxy Tab S10 line-up packs plenty of other features that can help you turbocharge your work.
     
    In addition, with M8 Smart Monitor – everything you need is right on your screen. This Smart Monitor allows you to watch, work and chat – all without connecting a separate PC. Your favourite content, productivity and video call apps are built-in for a simpler and more stylish desk setup that’s a joy to use every time. You can now experience PC-less productivity with Smart Monitor which allows you to also browse the web, edit documents and work on projects. With the new Workmode feature, you can also remotely access another PC, use Microsoft 365 programs and even connect to Samsung mobile devices with Samsung DeX for seamless working.
     
    Quality & Design: Samsung’s Home Products Designed to be Functional & Stylish.
    Samsung home appliances are known for their sleek, minimalist “Flat Design” aesthetic, offering a range of innovative and elegant appliances that embody modern kitchen design trends. “Flat Design” Philosophy is Samsung’s approach to home appliance design which emphasises a minimalist aesthetic, creating a seamless and uncluttered look.
     
    Some examples of Samsung’ sleek features can be found in its Refrigerators. The two doors of some refrigerators appear as if they were crafted from a single sheet of metal, with minimal dispensers integrated into the doors.
     
    Samsung’s Bespoke range also focuses on customisation of colours and configurations to suit individual style and space needs. These sleek designs and, high-performing products also blend aesthetics with high-tech features. Samsung’s Neo QLED TVs, for example are designed to be sleek and modern, complementing any home environment. Also, these TVs are designed to be energy efficient, contributing to a more sustainable lifestyle. The innovation Neo QLED technology combined with Samsung’s AI processors contribute to a “better life” in terms of entertainment and beyond.
     
    The company has also put great emphasis on functionality, quality and reliability. While prioritising aesthetics, Samsung also ensures that its appliances are highly functional and reliable and these include a wide range of home appliances such as refrigerators, washing machines, dryers, cooking appliances and dishwashers. Samsung appliances are known for their quality and reliability. The effortless pairing of The Frame and Music Frame elevates the home and achieve a sense of elegance.
     
    Samsung’s Music Frame is a unique device where style meets sound. Extending The Frame’s design concept, the new speaker also adopts a frame-like design with an exclusive pure-white Frame Bezel. The panel allows for the insertion of photos or favourite artworks, serving both as a unique desktop display and as a wall decoration for the living room, catering to various home styles. Wave goodbye to messy wires and replace it with the semi-transparent optical cable that can seamlessly integrate into the home, eliminating unwanted clutter.
     
    Samsung’s “Future Focus” emphasises AI, sustainability and creates a better future
    The company is always pushing the envelope in innovation, constantly creating new ways to make life smarter and more efficient. Samsung’s “Future Focus” emphasises AI, sustainability and creating a better future through innovative technologies and products, with a vision to inspire the world and contribute to social prosperity.
     
    Samsung therefore sees AI as the next major technological paradigm shift, aiming to make everyday life more convenient, enjoyable and sustainable. The company is busy developing AI-powered solutions across various domains, including information systems, multimedia creation and everyday tasks. Some of the examples include AI assistant which manages tasks and provides information through natural conversations. This AI assistant is called Bixby, a virtual assistant that can follow voice commands, manage settings control the camera and access Samsung-specific features. It’s available on a wide range of Samsung devices, including phones, tablets and foldables. 
     
    Over the last few years, Samsung has re-affirmed its commitment to achieving net-zero emissions by 2050, focusing on energy and resource-efficient products and technologies. In its efforts, the company aims to create a culture of everyday sustainability, engaging the younger generation of employees through initiatives like the Samsung Future Generation Lab.
     
    Specific sustainability goals include transitioning to 100% renewable energy, incorporating recycled materials and eliminating plastics in packaging. In addition, the DX Division (Device eXperience) aims to achieve net-zero carbon emissions by 2030 and the entire company by 2050.
     
    [1] Terms & Conditions Apply. Galaxy AI features by Samsung will be provided for free until the end of 2025 on supported Samsung Galaxy devices.

    MIL OSI Global Banks –

    March 28, 2025

  • MIL-OSI Europe: EBA identifies payment fraud, indebtedness and de-risking as key issues affecting consumers in the EU

    Source: European Banking Authority

    The European Banking Authority (EBA) published today the 9th edition of its biennial Consumer Trends Report for 2024/25. The Report has identified payment fraud, indebtedness, and de-risking as the most important issues affecting EU consumers. The Report is based on information provided by the national authorities of the 27 EU Member States, selected national and EU consumer associations, EU industry associations, national ombudsmen, as well as quantitative data from a variety of sources, including for the first time the EBA’s new Retail Risk Indicators, which the EBA publishes separately since 2022 with a view to identify potential consumer harm.

    The Report summarises the input the EBA has received to conclude that payment fraud is still the most significant issue for EU consumers. This also reflects the emergence of new types of fraud, such as social engineering techniques. In this type of scams, payers are manipulated into making a payment to the fraudsters, who have adapted their techniques to elude the application of the strong customer authentication requirements imposed by EU law.

    Indebtedness emerges as the second most relevant issue reported to the EBA, with a significant rise of what is commonly referred to as ‘Buy-Now-Pay-Later’ credit and other types of small, fast, accessible and short-term credit. Inadequate creditworthiness assessment practices of lenders and poor disclosure of pre-contractual information are found to be key drivers to indebtedness.

    De-risking is the third most relevant issue reported to the EBA, with more consumers facing increased difficulties in opening and retaining payment accounts, access to which is a prerequisite for residents in the EU to be able to participate in the EU economy. This issue is reported to materialise in the form of refused onboarding of new and the offboarding of existing consumers and seems to be affecting mostly specific categories of consumers, i.e., migrants, refugees, the homeless, cross-border workers, and individuals with poor financial histories.

    Following these findings, the EBA will consider which actions to take in 2025/26 to address the topical issues identified in 2024/25 and with the aim of further enhancing consumer protection across the EU.

    Legal basis and background

    The Consumer Trends Report 2024/25 has been developed in fulfilment of the EBA’s mandate set out in Article 9(1) of its founding Regulation, which requires the Authority to take a leading role in promoting transparency, simplicity and fairness in the market for consumer financial products or services across the internal market, including by collecting, analysing and reporting on consumer trends.

    MIL OSI Europe News –

    March 28, 2025

  • MIL-OSI Europe: The EBA releases the draft of the technical package for its 4.1 reporting framework

    Source: European Banking Authority

    The European Banking Authority (EBA) published today a draft technical package for version 4.1 of its reporting framework. This publication aims to provide an early version of the 4.1 release to facilitate the implementation for the reporting entities. The final version is expected to be released in end May 2025.

    The draft technical package provides the standard specifications that include the validation rules, the DPM and the XBRL taxonomies to support the following reporting obligations:

    • Pillar 3 templates included in the comprehensive ITS on Pillar 3 disclosures, for the purpose of the Pillar 3 data hub.
    • Own initiative guidelines on reporting of data that competent authorities will need for the purpose of their supervisory tasks and for significance assessment (MiCAR reporting Guidelines).
    • Integration of Instant Payments reporting ITS into DPM and taxonomy
    • In addition, a series of validation rules have been added to the ESG ad-hoc data collection module.

    Background and next steps

    The final version of the technical package for the 4.1 reporting framework will be published in end May 2025 and will include possible corrections coming from the revision of the technical package by various stakeholders.

    In June 2024, the EBA published its plan for the implementation of DPM 2.0. The draft technical package for version 4.1 published today, continues the transition to DPM 2.0 and to the new glossary, as announced in June. This draft technical package includes a version of the data dictionary contents in both formats the DPM 1.0 and the new format DPM 2.0.

    The FAQs published by EBA in December 2024 providing additional explanations on the transition to DPM 2.0 and new glossary period remain a good source of information and can be found here.

    We welcome comments and suggestions for identified issues with the draft technical package 4.1 by 15 April 2025 or on the DPM new glossary at any time until the revision is finalized. Please send them through this form. 

    MIL OSI Europe News –

    March 28, 2025

  • MIL-OSI: WithSecure Corporation: SHARE REPURCHASE 27.3.2025

    Source: GlobeNewswire (MIL-OSI)

    WithSecure Corporation, STOCK EXCHANGE RELEASE, 27 March 2025 at 6.30 PM (EET)
         
         
    WithSecure Corporation: SHARE REPURCHASE 27.3.2025
         
    In the Helsinki Stock Exchange    
         
    Trade date           27.3.2025  
    Bourse trade         Buy  
    Share                  WITH  
    Amount             10 000 Shares
    Average price/ share    0,9397 EUR
    Total cost            9 397,00 EUR
         
         
    WithSecure Corporation now holds a total of 276 890 shares
    including the shares repurchased on 27.3.2025  
         
    The share buybacks are executed in compliance with Regulation 
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.
         
         
    On behalf of Withsecure Corporation  
         
    Nordea Bank Oyj    
         
    Janne Sarvikivi           Sami Huttunen  
         
         
    Contact information:    
    Laura Viita    
    Vice President Controlling, Investor relations and Sustainability
    WithSecure Corporation    
    Tel. +358 50 4871044    
    Investor-relations@withsecure.com    

    Attachment

    • WithSecure 27.3.2025

    The MIL Network –

    March 28, 2025

  • MIL-OSI Economics: New Development Bank and Companhia Paulista de Força e Luz sign Loan Agreement for Electricity Distribution Infrastructure Modernization Project

    Source: New Development Bank

    On March 21, 2025, New Development Bank (NDB) and Companhia Paulista de Força e Luz (CPFL Paulista) signed a Loan Agreement for the Electricity Distribution Infrastructure Modernization Project to be implemented in the state of São Paulo, Brazil.

    The Loan Agreement amounting to RMB 1,425 million  was signed at the NDB Headquarters in Shanghai, China by H.E. Mrs. Dilma Rousseff, NDB President, Mr. Vladimir Kazbekov, NDB Vice-President and Chief Operating Officer, Mr. Gustavo Estrella, Chief Executive Officer at CPFL Energia, Ms. Wang Kedi, Chief Financial and Investor Relations Officer at CPFL Energia, Mr. Tiago da Costa Parreira, Corporate Finance Director (CPFL Paulista) and Mr. Flávio de Paula, Capital Market Manager (CPFL Paulista).

    The Project represents growing collaboration between NDB’s member countries, and this Loan demonstrates NDB’s commitment to expanding non-sovereign and local currency operations as well as increasing cross border use of its member countries’ currencies, as enshrined in NDB’s General Strategy.

    The implementation of the Project will help CPFL Paulista to expand and upgrade the power distribution infrastructure, achieve efficiency gains and provide access to electricity to new households and thereby contribute to the goal of providing universal access to electricity in Brazil.

    The Project will promote economic and social development through new grid connections. It is expected that the Project will provide electricity to over 370,000 future homes and business in the State of São Paulo in the coming years. Moreover, by reducing technical losses in the electricity distribution grid, the Project will improve energy efficiency and lead to economic savings for the end-users of energy.

    The Project will contribute primarily towards UN Sustainable Development Goal (SDG) 7 – Ensure access to affordable, reliable, sustainable and modern energy for all.

    “This project strengthens Brazil’s energy infrastructure and benefits millions of Brazilians. Supporting initiatives like this is at the core of our mission, as reliable energy is essential for both economic and social development. This investment will help meet the growing electricity demand driven by urban expansion, reduce grid losses, and contribute to lower emissions,” said Mrs. Dilma Rousseff, NDB President.

    “CPFL has become the first Chinese-funded company in Brazil to receive credit support from the New Development Bank. This project will support the upgrading and transformation of the power distribution system in the concession area, serve the local economic and social development and improve people’s livelihood. Looking forward to the future, we hope to strengthen exchange and cooperation with the New Development Bank at all levels through multiple channels and in various forms, to continue to explore bank-enterprise cooperation opportunities,” said Mr. Yu Lei, President of State Grid International Development Limited (SGID).

    “This financing marks CPFL’s first RMB transaction. This relationship with the Bank has been developed over time, with the aim of diversifying funding sources and strengthening the company’s presence in the global market. This is expected to be the first of many transactions, considering that the CPFL Group has a robust investment plan for the next five years, estimated at approximately BRL 30 billion,” said Mr. Gustavo Estrella, Chief Executive Officer at CPFL Energia.

    Background information

    New Development Bank

    NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

    For more information on NDB, please visit www.ndb.int

    Companhia Paulista de Força e Luz

    For more information on Companhia Paulista de Força e Luz, please visit www.grupocpfl.com.br/unidades-de-negocios/cpfl-paulista

    MIL OSI Economics –

    March 28, 2025

  • MIL-OSI Security: New York Man Sentenced To Two Years In Prison For Laundering Proceeds Of Fraudulent Schemes

    Source: Office of United States Attorneys

    NEWARK, N.J. – A New York man was sentenced to two years in prison for laundering the proceeds of elder fraud and computer fraud schemes, U.S. Attorney John Giordano announced.

    Hector Claveria 51, of Elmhurst, New York, was sentenced by U.S. District Judge Esther Salas in Newark federal court on March 26, 2025 following his guilty to Count Two of an Indictment charging him with international money laundering.

    According to documents filed in this case and statements made in court:

    In early 2020, Claveria acted as a money mule for a fraudulent scheme by picking up numerous packages that contained cash that he knew were proceeds of illegal activity. He then laundered some of this money in June 2020 by wiring $20,000 from his U.S. bank account to a foreign bank account. These funds were the proceeds of two fraudulent schemes: The first was an elder-fraud scheme in which the perpetrators tricked elderly victims into believing that they owed money to various government agencies and companies, and then into sending payments to locations identified by the perpetrators. The second was a computer-fraud scheme in which perpetrators tricked victims into believing that they owed money to a computer services company, and then into sending payments to locations identified by the perpetrators, purportedly at the direction of the computer company. At the time Claveria wired the funds to a foreign account, he knew that the transfer was designed to conceal and disguise the nature of the funds.

    In additional the prison term, Judge Salas sentenced Claveria to three years of supervised release. Claveria was also ordered to forfeit $20,000.

    U.S. Attorney Giordano credited special agents of the Social Security Administration Office, of the Inspector General, Boston-New York Field Division, under the direction of Acting Special Agent in Charge Bradley Parker.

    The government is represented by Assistant U.S. Attorneys Chana Zuckier of the Bank Integrity, Money Laundering and Recovery Unit and Jennifer Kozar of the Economic Crimes Unit in Newark.

                                                               ###                 

    Defense counsel: Vinoo Varghese, Esq.

    MIL Security OSI –

    March 28, 2025

  • MIL-OSI United Kingdom: Oxford City Council encourages communities to mark the 80th anniversary of VE and VJ Day

    Source: City of Oxford

    Residents and community groups are encouraged to host street parties to mark the 80th anniversaries of VE and VJ Day.

    Oxford City Council is waiving the road closure charge to encourage residents and community groups to host street parties marking the 80th anniversaries of Victory in Europe (VE) Day and Victory over Japan (VJ) Day, commemorating the end of the Second World War. 

    A national programme of events will take place across the UK, including a military procession, flypast, and street parties on Monday 5th May, a remembrance service at Westminster Abbey on Thursday 8th May, and a national service at the National Memorial Arboretum on Friday 15th August. 

    Celebrating in Oxford

    Community celebrations will take place on Bank Holiday Monday 5th May, when millions across the UK are expected to join in the “Great British Food Festival” to celebrate 80 years of peace. 

    Local events include: 

    • Sunday 27th April – 10.30am service at St Michael at the North Gate church on Cornmarket Street. The church also contains Oxford’s Honour Rolls with the names of soldiers from Oxford who fell in WW1 and WW2. 

    Getting involved

    The City Council is now accepting applications for street parties (for small community events) on Bank Holiday Monday 5th May in the spirit of the 1945 celebrations. 

    Oxford residents and community groups interested in holding a street party should read the guidance on our website. 

    Applications must be submitted no later than Monday 7th April 2025. 

    The City Council has waived the road closure charge for small community events (£18). However, fees for large and commercial events, as well as events selling alcohol, will remain in place. 

    For more information, please visit the City Council’s Street Parties webpage. 

    Residents can also visit the official VE/VJ Day gov.uk website for downloadable resources, event listings and funding opportunities.

    “The 80th anniversaries of VE and VJ Day are an important opportunity for us to come together to honour the bravery and sacrifice of the wartime generation.  

    VE Day is a defining moment in our history, and this may be one of the last opportunities we have to thank the surviving veterans, so we should celebrate them in style.  

    Gathering with our neighbours and local communities to share food, drink and stories will always be a very special thing to do. By waiving the road closure charge for small street parties, we want to make it as easy as possible for people to take part.  

    If you’re thinking about hosting a street party, please get in touch, and we’ll help make sure that you have what you need to create a fantastic community event here in Oxford to celebrate 80 years of peace.” 

    Lord Mayor of Oxford, Councillor Mike Rowley

    MIL OSI United Kingdom –

    March 28, 2025

  • MIL-OSI Africa: Africa Finance Corporation (AFC) Takes Center Stage with Six Prestigious Awards at the Global Banking & Markets Africa Awards 2025

    Source: Africa Press Organisation – English (2) – Report:

    CAPE TOWN, South Africa, March 27, 2025/APO Group/ —

    Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has been recognized for its outstanding contributions to Africa’s financial and capital markets with six prestigious awards at the Global Banking & Markets Africa Awards 2025, presented during the Bonds, Loans & ESG Capital Markets Conference in Cape Town. These accolades underscore AFC’s pivotal role in landmark transactions that drive sustainable development and economic growth across the region.

    Award-Winning Transactions:

    1. Quasi-Sovereign/GRE Treasury & Funding Team of the Year

    AFC’s Treasury and Funding team was recognized for its expertise and innovation in structuring financing solutions that attract global capital to African infrastructure projects. Notable achievements include the closure of a US$400 million Shariah-compliant Commodity Murabaha facility and a groundbreaking US$1.16 billion syndicated loan, which broadened AFC’s global investor base. Additionally, AFC earned top-tier credit ratings from S&P Global (China) Ratings and China Chengxin International Credit Rating Co. Ltd (CCXI).

    1. Syndicated Loan Deal of the Year: Bank of Industry EUR 1.87bn Syndicated Loan

    As Global Coordinator, Lead Co-Arranger, Underwriter, Bookrunner, and Guarantor, AFC led the record-breaking €1.87 billion syndicated loan for Bank of Industry (BOI), Nigeria’s largest development finance institution. This historic transaction, BOI’s largest capital raise to date, facilitates financing for trade-related projects and affirms AFC’s capacity to navigate complex global markets. This landmark deal has already garnered widespread industry recognition, earning AFC three additional awards earlier this month: Guarantor of the Year, Africa and Market Innovation Award, Africa at the IJGlobal Awards, as well as African Deal of the Year at the Global Capital Syndicated Loan Awards.

    3. West Africa Deal of the Year: Federal Government of Nigeria USD 917mm Bond

    AFC acted as Global Coordinator for the inaugural domestic dollar bond issuance by the Federal Government of Nigeria (FGN), successfully raising US$917 million, with 180% oversubscription. The bond, which has a five-year tenor and 9.75% coupon, was successfully listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange, attracted a diverse investor base, including local and diaspora Nigerians and institutional investors.

    1. Securitization Deal of the Year: BUA Industries US$200mm Securitization

    AFC played a key role in structuring a US$200 million corporate finance facility for BUA Industries Limited. The financing, provided by Afreximbank, supports BUA’s expansion across industries including sugar, cement, flour and oil processing, and real estate development. AFC’s second successful advisory mandate for BUA Group, the facility, demonstrates AFC’s commitment to unlocking capital for African businesses and fostering sustainable growth.

    1. Financial Institutions Bond Deal of the Year: Ecobank Transnational USD 400mm Senior Bond

    As Joint Lead Manager in the successful pricing of Ecobank Transnational’s US$400 million 10.125% bond, AFC highlighted its commitment to supporting financial institutions raising capital to drive economic progress. The five-year RegS/144A bond, maturing in 2029, marks the first public Sub-Saharan African Eurobond issued by an African bank since 2021.

    1. Quasi-Sovereign/GRE Bond Deal of the Year: US$500mm Reg S / 144A Senior Unsecured Bond

    AFC returned to the global debt capital markets with the issuance of a US$500 million 144A/Reg S Eurobond, which saw an oversubscription rate more than 2 ½ times the book size. The five-year Note, with a 5.55% coupon, achieved a record-tight T-spread for AFC, reflecting robust investor confidence in AFC’s creditworthiness.

    AFC’s Commitment to Africa’s Economic Growth

    “We are grateful to judges for their recognition through these numerous awards of AFC’s relentless pursuit of innovative financing solutions that drive sustainable development across Africa,” said Samaila Zubairu, President and CEO of AFC. “We are proud to be at the forefront of mobilizing capital for transformational infrastructure projects across the continent and in building a more resilient, self-sustaining Africa. I want to extend my gratitude to the judges for this recognition and to our exceptional AFC team for their incredible talent and dedication to driving Africa’s economic transformation.”

    Banji Fehintola, Executive Board Member & Head of Financial Services at AFC, added: “These awards highlight AFC’s role as a trusted partner in African and global capital markets, and reflect our collective efforts in shaping Africa’s financial landscape and driving growth in the region. My sincere thanks to the judges and to AFC’s Treasury, Funding and Capital Markets teams for their commitment, dedication and hard work.”

    As AFC continues expanding its footprint in global markets, the Corporation remains dedicated to delivering high-impact infrastructure projects that foster industrialization, intra-African trade, and economic diversification.

    MIL OSI Africa –

    March 28, 2025

  • MIL-OSI: Oma Savings Bank Plc’s Chief Communications Officer Changes

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE, 27 MARCH 2025 AT 17.30 P.M EET, CHANGES BOARD/MANAGEMENT/AUDITORS

    Oma Savings Bank Plc’s Chief Communications Officer Changes

    Chief Communications Officer of Oma Savings Bank (OmaSp or the Company) Minna Sillanpää will leave the Company as of 27 March 2025. MMM, MBA Pirjetta Soikkeli has been appointed as new Chief Communications Officer, starting on 7 July 2025 at the latest.

    CEO Sarianna Liiri:
    “I would like to extend my sincere gratitude to Minna for her long and dedicated service to Oma Savings Bank. Minna has made significant contributions to the development of the Company’s communications, branding, and sustainability efforts”, says interim CEO Sarianna Liiri.

    Pirjetta Soikkeli joins Oma Savings Bank from the position of Senior Vice President Communications, Marketing and Sustainability at Handelsbanken Finland. Previously, she has held leadership positions in communications, marketing and sustainability at Metsä Group, Fortum, and Stora Enso.

    In the interim, the duties of the Chief Communications Officer will be handled through internal arrangements.

    Oma Savings Bank Plc

    Additional information:
    Sarianna Liiri, interim CEO, tel. +358 40 835 6712, sarianna.liiri@omasp.fi

    DISTRIBUTION:
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network –

    March 28, 2025

  • MIL-OSI: Karri Alameri starts as the CEO of Oma Savings Bank Plc on 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC STOCK EXCHANGE RELEASE, 27 MARCH 2025 AT 17.00 P.M EET, CHANGES BOARD/MANAGEMENT/AUDITORS

    Karri Alameri starts as the CEO of Oma Savings Bank Plc on 31 March 2025
          
    On 30 September 2024, Oma Savings Bank Plc (OmaSp or Company) announced that the Company’s Board of Directors has appointed Karri Alameri, B.Sc. (Econ.), CEFA as the new CEO of the Company and that he will take up his position no later than 1 April 2025. The starting date has been specified, and Karri Alameri will start in his position on 31 March 2025. Sarianna Liiri, M.Sc. (Econ.), eMBA, has served as the Company’s interim CEO since 19 June 2024 and she will return to the position of Deputy CEO and CFO as of 31 March 2025.

    Chairman of the Board Jaakko Ossa
    “Together with the renewed Board of Directors and Karri Alameri, we will continue to implement the Company’s strategy towards the next phase. Karri’s merits in the financial sector and his strong leadership skills provide an excellent starting point for rebuilding trust. I warmly welcome Karri to OmaSp and wish him success in his new demanding position.”

    Oma Savings Bank Plc

    Additional information:
    Sarianna Liiri, CEO, tel. +358 40 835 6712, sarianna.liiri@omasp.fi

    Distribution:
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network –

    March 28, 2025

  • MIL-OSI Banking: RBI imposes monetary penalty on The Sholinghur Co-operative Urban Bank Limited, Vellore, Tamil Nadu

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 26, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Sholinghur Co-operative Urban Bank Limited, Vellore, Tamil Nadu (the bank) for non-compliance with certain directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. sanctioned loans to nominal members more than the prescribed regulatory limit; and

    2. failed to upload the KYC records of customers onto Central KYC Records Registry (CKYCR) within the prescribed timeline.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2486

    MIL OSI Global Banks –

    March 28, 2025

  • MIL-OSI Banking: RBI imposes monetary penalty on Mikhael Capitalize Pvt. Ltd., Kerala

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 25, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Mikhael Capitalize Pvt. Ltd., Kerala (the company) for non-compliance with certain provisions of ‘Master Direction – Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016’ read with ‘Master Direction- Reserve Bank of India (Non-Banking Financial Company-Scale Based Regulation) Directions, 2023’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 58G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934.

    The correspondence pertaining to the intimation of multiple allotments done by the company through rights issue along with internal transfer of shares between existing shareholders, and appointment of an independent director revealed, inter-alia, non-compliance with RBI directions. Based on the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter-alia that the following charges against the company were sustained, warranting imposition of monetary penalty:

    The company had:

    1. failed to take prior written permission of RBI for change in its shareholding in excess of 26 per cent of the paid-up equity capital; and

    2. failed to intimate RBI regarding the appointment of an independent director within the prescribed timeline.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2487

    MIL OSI Global Banks –

    March 28, 2025

  • MIL-OSI Banking: RBI imposes monetary penalty on The Tumkur Veerashaiva Co-operative Bank Ltd., Karnataka

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 25, 2025, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Tumkur Veerashaiva Co-operative Bank Ltd., Karnataka (the bank) for non-compliance with specific directions issued by RBI under ‘Supervisory Action Framework (SAF)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    In non-adherence with directions issued under SAF, the bank had:

    (i) sanctioned fresh loans and advances which were carrying risk-weight of more than 100%;

    (ii) not curtailed its exposure to the sector where level of NPAs were high; and

    (iii) not curtailed operating / administrative expenses.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2488

    MIL OSI Global Banks –

    March 28, 2025

  • MIL-OSI United Kingdom: HMRC late payments interest rates to increase from 6 April 2025

    Source: United Kingdom – Executive Government Non-Ministerial Departments 2

    News story

    HMRC late payments interest rates to increase from 6 April 2025

    HMRC interest rates for late payments will be increased by 1.5% for all taxes from 6 April 2025.

    The HMRC interest rates for late payments will be increased by 1.5% for all taxes from 6 April 2025 following a change in legislation.

    This increase was announced at Autumn Budget 2024 and the change will take effect from 6 April 2025.

    Information on the interest rates for payments will be updated shortly.

    How HMRC interest rates are set

    HMRC interest rates are set in legislation and are linked to the Bank of England base rate.

    Late payment interest was set at base rate plus 2.5%. From 6 April 2025 this will increase to base rate plus 4.00% for most taxes.

    Repayment interest is set at base rate minus 1%, with a lower limit – or ‘minimum floor’ – of 0.5% and remains unchanged.

    The differential between late payment interest and repayment interest is in line with the policy of other tax authorities worldwide and compares favourably with commercial practice for interest charged on loans or overdrafts and interest paid on deposits.

    The rate of late payment interest encourages prompt payment and ensures fairness for those who pay their tax on time, while the rate of repayment interest fairly compensates taxpayers for loss of use of their money when they overpay.

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    Updates to this page

    Published 27 March 2025

    MIL OSI United Kingdom –

    March 28, 2025

  • MIL-OSI Global: Losing your job is bad for your health, but there are things you can do to minimize the harm

    Source: The Conversation – USA – By Jeffrey Anvari-Clark, Assistant Professor of Social Work, University of North Dakota

    Losing your job can hurt you in many ways. Maskot/Getty Images

    The Trump administration’s firing and furloughing of tens of thousands of federal workers and contractors have obviously caused economic hardship for Americans employed in national parks, research labs and dozens of government agencies.

    As a professor of social work who studies how people’s finances affect their physical and mental well-being, I’m concerned about the health hazards they’ll face too.

    My research shows that losing your job can seriously harm your physical and mental health, especially when you see the situation as a catastrophe rather than a temporary setback.

    Power of financial perception

    When people lose their jobs, they do have real problems. Typically, for example, their income and savings decline. They might struggle to keep up on their rent or mortgage payments and might not be able to afford to maintain the same standard of living they had beforehand.

    However, research shows that your perspective regarding your financial situation can do more harm to your health than your actual financial circumstances – even as your savings dwindle.

    Someone might view losing their job as a temporary setback and remain relatively calm, while another person might experience the same circumstances as a disaster, triggering intense stress that cascades into serious health problems, such as depression and substance abuse. This difference in perspective often determines whether somebody will suffer significant health problems when they lose their job or experience a similar financial setback.

    In a study I published in 2023 with social work scholar Theda Rose, we found that how a person felt about a decline in income mattered 20 times more than the actual financial change itself.

    This finding comes from our analysis of data from the 2018 National Financial Capability Study, which surveyed more than 27,000 American adults. We used advanced statistical methods to examine how different financial factors affected people’s health and financial decision-making, looking specifically at financial strain, confidence in managing money and overall financial satisfaction.

    The study confirmed earlier work about the vastly different psychological and physical responses two people can have when their income falls by the same amount, based on how they perceive this change.

    Pathway to illness

    Previous research has typically viewed what’s known as “financial precarity” – not having enough money to get by – in either purely technical terms, such as being able to come up with US$400 in an emergency, or in terms related to your feelings about that situation, such as persistent worrying about your finances.

    However, we found that both aspects of financial precarity can influence health and behavior.

    Among the many variables we explored, a decline in income surprisingly contributed much more in terms of worry than just not being able to pay the bills.

    This distress caused by economic hardship isn’t just a psychological problem – it can produce physical changes that may have long-term health implications, such as high blood pressure.

    A fired IRS employee, right, talks to a recruiter during a jobs fair for laid-off federal workers on March 15, 2025, in Kansas City, Mo.
    AP Photo/Charlie Riedel

    Mental health suffers

    There’s also a toll on your mental health.

    Losing a job can lead to anxiety, depression and lower self-esteem.

    Interestingly, people who face ongoing financial challenges but don’t get stressed about their situation aren’t more likely to develop depression symptoms than people without any financial stress.

    A systematic review of 65 studies found clear connections between debt and mental health problems, depression and even suicide attempts.

    Physical health troubles

    Losing your job can harm your body in two main ways.

    First, the stress from financial worries can affect people’s bodies directly – for example, by increasing blood pressure. Being in debt is associated with other ailments, including back pain and obesity.

    Second, when money is tight, people often try to save money by skipping doctor visits or forgoing prescription drugs. Even with health insurance, high deductibles can mean paying thousands of dollars out of pocket before insurance helps. When choosing between paying for rent, food and health care, people often put their medical needs last.

    Unhealthy coping methods

    Some people turn to alcohol, tobacco or other substances to cope with the loss of their jobs. These habits are bad for your health and may empty your wallet, adding to the financial strain.

    Others turn to gambling or excessive shopping to cope, which can also make money problems even worse.

    Marriage and other relationships may fray amid financial stress too. Borrowing money excessively from friends and family or snapping at your loved ones when you feel stressed out can weaken ties with those closest to you.

    Moving on in healthy ways

    To be sure, some people become more resilient after losing their job by adopting positive coping strategies.

    Whenever you lose a job, try reaching out. Your friends and loved ones can help protect your health while you move on.

    In addition to applying for new positions, spend time networking. Reach out to former colleagues, join professional groups and attend events related to your career.

    Try to volunteer. It will help you sharpen or expand your skills while expanding your networks and perhaps lead you to a new job.

    And consider starting or expanding a side hustle. It will generate some income, give you a greater sense of control over your life and keep you feeling productive during the monotony of sending out applications.

    It’s also essential to stick to self-care basics: Regular exercise reduces stress hormones. Getting enough sleep improves cognitive function, and maintaining a busy social life provides emotional support.

    Keeping healthy habits is always important. But they could protect your mental and physical health during challenging times. Losing a paycheck is hard enough. Losing your health over it is even worse.

    Jeffrey Anvari-Clark received nominal funding from Bank Roll’d in support of his forthcoming book: “Financial and Behavioral Health for Helping Professionals.”

    – ref. Losing your job is bad for your health, but there are things you can do to minimize the harm – https://theconversation.com/losing-your-job-is-bad-for-your-health-but-there-are-things-you-can-do-to-minimize-the-harm-252270

    MIL OSI – Global Reports –

    March 28, 2025

  • MIL-OSI Africa: Africa Energy Bank Gears Up for H1 2025 Launch

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Congo (Republic of the), March 27, 2025/APO Group/ —

    Ahead of its H1 2025 launch, the Africa Energy Bank – developed jointly by Afreximbank and the African Petroleum Producers Organization (APPO) – is positioning itself to tackle major challenges in financing, technology and market reliability to accelerate Africa’s oil and gas sector development.

    Speaking at the Congo Energy & Investment Forum in Brazzaville, Dr. Omar Farouk Ibrahim, Secretary General of APPO, reaffirmed the launch timeframe and underscored the urgency of establishing the bank to address the continent’s energy needs.

    “​We should not rest and wait for other countries to develop our own projects,” he said, adding, “​At APPO, we have noted three specific challenges for the African continent: finance, technology and reliable markets.”

    With an initial capital of $5 billion, the bank has allocated $1.5 billion for APPO member countries. It will primarily finance oil and gas projects, engage in trading and manage risks. Countries such as Ghana, Nigeria and Angola have already expressed support for the bank’s objectives. The Republic of Congo has acquired $83.33 million in shares, reinforcing its commitment to the bank’s mission.

    MIL OSI Africa –

    March 28, 2025

  • MIL-OSI Economics: WMA Limit for Government of India for April – September 2025

    Source: Reserve Bank of India

    It has been decided, in consultation with the Government of India, that the limit for Ways and Means Advances (WMA) for the first half of the financial year 2025-26 (April to September 2025) will be ₹1,50,000 crore.

    The Reserve Bank of India may trigger fresh floatation of market loans when the Government of India utilises 75 per cent of the WMA limit.

    The Reserve Bank of India, in consultation with the Government of India, retains the flexibility to revise the limit at any time taking into consideration the prevailing circumstances.

    The interest rate on WMA/Overdraft will be as under:

    1. WMA: Repo Rate

    2. Overdraft: Two percent above the Repo Rate

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2482

    MIL OSI Economics –

    March 28, 2025

  • MIL-OSI China: Panel discussions held during Boao Forum for Asia

    Source: People’s Republic of China – State Council News

    Panel discussions held during Boao Forum for Asia

    Updated: March 27, 2025 21:07 Xinhua
    A panel discussion themed on “Maintaining Global Supply Chain Stability: The Role of Connectivity” is held during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province, March 27, 2025. [Photo/Xinhua]
    Akylbek Zhaparov, former chairman of the Cabinet of Ministers of the Kyrgyz Republic, speaks at a panel discussion themed on “Maintaining Global Supply Chain Stability: The Role of Connectivity” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province, March 27, 2025. [Photo/Xinhua]
    Yasiru Bandara Ranaraja, founding director of the Belt and Road Initiative Sri Lanka, speaks at a panel discussion themed on “Maintaining Global Supply Chain Stability: The Role of Connectivity” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province, March 27, 2025. [Photo/Xinhua]
    Ai Yilun, general manager of Hainan State Farms Investment Holdings Group, speaks at a panel discussion themed on “Maintaining Global Supply Chain Stability: The Role of Connectivity” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province, March 27, 2025. [Photo/Xinhua]
    Ricardo Arroja, president of Portuguese Trade and Investment Agency, speaks at a panel discussion themed on “Maintaining Global Supply Chain Stability: The Role of Connectivity” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province, March 27, 2025. [Photo/Xinhua]
    Liu Qiao, dean of the Guanghua School of Management at Peking University, speaks at a panel discussion themed on “Maintaining Global Supply Chain Stability: The Role of Connectivity” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province, March 27, 2025. [Photo/Xinhua]
    Albert Park, chief economist of the Asian Development Bank, speaks at a panel discussion themed on “Maintaining Global Supply Chain Stability: The Role of Connectivity” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province, March 27, 2025. [Photo/Xinhua]
    Benjamin Simpfendorfer, partner of Oliver Wyman, speaks at a panel discussion themed on “Maintaining Global Supply Chain Stability: The Role of Connectivity” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province, March 27, 2025. [Photo/Xinhua]

    MIL OSI China News –

    March 28, 2025

  • MIL-OSI: CURRENC Empowers Coin Cove with AI-Powered Electronic Banking Services Platform

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 27, 2025 (GLOBE NEWSWIRE) — CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced that it has secured a landmark contract with Coin Cove, an institution providing electronic banking services, to provide Coin Cove with comprehensive, AI-powered electronic banking solutions through CURRENC’s SEAMLESS AI Lab, including a cutting-edge trading platform, trading and operating apps, customer inquiry and marketing centers, SEAMLESS AI Call Centre technology, training, compliance and risk management tools, website design and MasterCard issuance.

    CURRENC has crafted a comprehensive spot and futures trading environment for Coin Cove, supporting over 150 digital assets and 600 trading pairs alongside multi-asset collateral and settlement. The platform also offers large-volume trading with locked-in rates to eliminate slippage, customizable wallet solutions integrating with various blockchain ecosystems, and seamless 24/7 operations through plug-and-play APIs. Over 15 fiat currencies are supported, providing flexibility for traders worldwide.

    CURRENC will also provide Coin Cove with an AI call center and compliance solutions designed to address common electronic banking challenges such as customer onboarding or “KYC,” real-time customer support, transaction inquiries, price volatility, liquidity management, and fraud detection. Unlike traditional electronic banking platforms, which often rely on unmoderated public forums and chat groups for customer support, Coin Cove’s platform will integrate SEAMLESS AI Call Centre Agents to offer 24/7 personalized support, an industry first that will greatly elevate users’ electronic banking experience. Moreover, Coin Cove will leverage CURRENC’s real-time market insight and risk management modules to streamline operations, ensure compliance with regulatory requirements, monitor workflows, maintain KPIs at optimal levels, and improve overall trading efficiency.

    Notably, CURRENC’s collaboration with Coin Cove marks the debut of SEAMLESS AI Lab’s “AI Staff for Hire.” Coin Cove will deploy CURRENC’s pre-built, customizable AI Agents to perform staff training across customer service, operations, compliance, finance, and IT; assist human personnel, and deliver comprehensive reporting, monitoring and performance scoring.

    Recently, CURRENC and Coin Cove held a meeting with the Omani Ministry of Labour to explore the business development potential of deploying CURRENC’s AI Agents to support over 320,000 SMEs in Oman, as well as selected government departments of the Omani Government.

    Looking ahead, CURRENC expects to sign similar agreements with other electronic banking worldwide, empowering them with real-time, AI-driven capabilities and comprehensive platform solutions that address the 24/7 demands of users while ensuring compliance and reliability. CURRENC will also strive to cross-sell its digital remittance services and global airtime transfer services to these new clients so as to create the maximum business synergy.

    “We’re thrilled to see our SEAMLESS AI Lab shaping the future of electronic banking,” said Alex Kong, Founder and Executive Chairman of CURRENC. “Our groundbreaking AI-powered solutions will provide Coin Cove with smarter, faster, and more secure electronic banking transactions as well as real-time market analytics, optimized liquidity and enhanced risk management, setting new benchmarks for operational excellence and security in the global electronic banking market. We will continue pushing the boundaries of AI application as we expand our footprint in the electronic banking industry and beyond, advancing CURRENC’s mission to redefine financial services in the digital age.”

    Hon. Rakesh Rajagopal, Founder and CEO of Coin Cove, commented, “We’re pleased to collaborate with CURRENC to accelerate digitalization in the financial sector. As the first recipient of Oman’s electronic banking license granted under the regulatory oversight of the Central Bank of Oman, Coin Cove is committed to driving digital transformation in the Sultanate and providing a trusted platform for electronic banking. With CURRENC’s support and advanced AI technology, we are set to deliver an exceptionally efficient and secure trading environment, positioning Coin Cove at the forefront of innovation in the evolving market.”

    About CURRENC Group Inc.
    CURRENC Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

    About Coin Cove
    Coin Cove is an Omani-registered and licensed entity, operating under the regulatory oversight of the Central Bank of Oman (CBO). As a trusted provider of compliant electronic banking services, Coin Cove integrates advanced AI technologies to deliver secure, efficient, and user-friendly trading solutions. The company enables approved individuals and institutions to seamlessly open accounts, complete rigorous Know-Your-Customer (KYC) and Anti-Money Laundering (AML) onboarding processes, and manage their funds.

    By offering a fully regulated and secure gateway for electronic banking, Coin Cove bridges the gap between traditional finance and the digital economy. Its commitment to compliance, innovation, and customer-centric services underscores its mission to empower users to navigate the global electronic banking market with confidence and trust.

    Safe Harbor Statement
    This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

    Investor & Media Contact
    CURRENC Group Investor Relations
    Email: investors@currencgroup.com

    The MIL Network –

    March 28, 2025

  • MIL-OSI: TAB Bank Closes $13 Million Lender Finance Facility with Capital Foundry to Fuel Small and Middle-Market Business Growth

    Source: GlobeNewswire (MIL-OSI)

    OGDEN, Utah, March 27, 2025 (GLOBE NEWSWIRE) — TAB Bank closed a $13 million lender finance facility for Capital Foundry, a Pittsburgh-based specialty finance lender that provides a variety of debt and credit products as well as business consulting services to small businesses and middle-market companies. This addition to Capital Foundry resources will enable the firm to expand its lending capabilities and better serve businesses seeking financing to support growth and working capital needs.

    Capital Foundry offers non-dilutive credit and debt solutions for underserved small and middle-market U.S.-based manufacturing, consulting and services industry companies. With expertise across multiple sectors, including a focus on energy services, the firm also offers business consulting services to help management teams achieve their growth, reorganization and capitalization goals.

    “TAB Bank and Capital Foundry share a commitment to supporting businesses that often struggle to access flexible financing solutions traditionally offered by local and regional banks,” said Justin Hatch, Chief Lending Officer at TAB Bank. “We look forward to our working partnership and empowering these businesses with the funding they need to succeed.”

    “Capital Foundry is excited to partner with TAB Bank,” said Neal Shipley, CEO of Capital Foundry. “TAB has exceptional customer service and attention to detail. It was a pleasure to work with their team, and we look forward to a wonderful partnership.”

    TAB Bank provides customized financial solutions to help businesses thrive in competitive markets. With a range of services, including working capital facilities, term loans and equipment financing, TAB Bank delivers bold financial solutions that lift and empower businesses nationwide.

    About TAB Bank
    At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience. 

    For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

    About Capital Foundry
    Capital Foundry addresses the needs of underserved middle-market enterprises operating in a variety of places throughout a typical business cycle. CF has a demonstrated track record of success financing rapidly growing businesses, regardless of the sector, whose principal revenue source is not based in a traditional asset. Primarily, Capital Foundry is focused on receivable based securities, but has taken other assets as collateral and prides itself in providing flexible financing options for its clients. While being industry agnostic, Capital Foundry focuses the majority of its lending practice in the energy, health-care, technology, freight, and other service based industries.

    Contact Information:
    Trevor Morris
    Director of Marketing
    801-624-5172
    trevor.morris@tabbank.com

    The MIL Network –

    March 28, 2025

  • MIL-OSI Economics: Lending and Deposit Rates of Scheduled Commercial Banks – March 2025

    Source: Reserve Bank of India

    Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) received during the month of March 2025 are set out in Tables 1 to 7.

    Highlights:

    Lending Rates:

    • The weighted average lending rate (WALR) on fresh rupee loans of SCBs stood at 9.40 per cent in February 2025 (9.32 per cent in January 2025).

    • The WALR on outstanding rupee loans of SCBs declined to 9.80 per cent in February 2025 from 9.87 per cent in January 2025.1

    • 1-Year median Marginal Cost of Funds based Lending Rate (MCLR) of SCBs declined to 9.00 per cent in March 2025 from 9.05 per cent in February 2025.

    • The share of External Benchmark based Lending Rate (EBLR) linked loans in total outstanding floating rate rupee loans of SCBs was 60.6 per cent at end-December 2024 (59.4 per cent at end-September 2024), while that of MCLR linked loans was 35.9 per cent (36.9 per cent at end-September 2024)1.

    Deposit Rates:

    • The weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of SCBs stood at 6.48 per cent in February 2025 as compared to 6.56 per cent in January 2025.

    • The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term deposits of SCBs remained unchanged at 7.02 per cent in February 2025.1

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2477

    MIL OSI Economics –

    March 28, 2025

  • MIL-OSI Economics: RBI imposes monetary penalty on The Co-operative Urban Bank Ltd., Paralakhemundi, Odisha

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 13, 2025, imposed a monetary penalty of ₹2.70 lakh (Rupees Two Lakh Seventy Thousand only) on The Co-operative Urban Bank Ltd., Paralakhemundi, Odisha (the bank) for non-compliance with the certain directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions- UCBs’ and ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’.This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 and Section 25 of the Credit Information Companies (Regulation) Act, 2005.

    The statutory inspection of the bank was conducted by Reserve Bank of India with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. breached prudential inter-bank (gross) and counterparty exposure limits; and

    2. failed to obtain membership of two CICs.

    This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2478

    MIL OSI Economics –

    March 28, 2025

  • MIL-OSI Economics: RBI imposes monetary penalty on The Jalna People’s Cooperative Bank Ltd., Jalna, Maharashtra

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated March 25, 2025, imposed a monetary penalty of ₹0.75 lakh (Rupees Seventy Five Thousand only) on The Jalna People’s Cooperative Bank Ltd., Jalna, Maharashtra (the bank) for non-compliance with the RBI Directions on ‘Gold Loan – Bullet Repayment – Primary (Urban) Co-operative Banks (UCBs)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by the RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice, oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had sanctioned gold loans under bullet repayment scheme beyond the prescribed regulatory limit.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2479

    MIL OSI Economics –

    March 28, 2025

  • MIL-OSI Banking: CBB Treasury Bills Over Subscribed

    Source: Central Bank of Bahrain

    Published on 27 March 2025

    Manama, Bahrain –27th March 2025 – This week’s BD 70 million issue of Government Treasury Bills has been oversubscribed by 124%

    The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.

    The issue date of the bills is 2nd April 2025, and the maturity date is 2nd July 2025.

    The weighted average rate of interest is 5.27% equivalent to the previous issue on 26th March 2025.

    The approximate average price for the issue was 98.686% with the lowest accepted price being 98.584%.

    This is issue No.2063 (ISIN BH000353H560) of Government Treasury Bills. With this, the total outstanding value of Government Treasury Bills is BD 2.110 billion

    Share this

    MIL OSI Global Banks –

    March 28, 2025

  • MIL-OSI United Nations: Hunger looms again in Gaza as WFP food stocks begin to run out

    Source: World Food Programme

    GAZA, Palestine – Hundreds of thousands of people in Gaza are again at risk of severe hunger and malnutrition as humanitarian food stocks in the Strip dwindle and borders remain closed to aid. Meanwhile, the expansion of military activity in Gaza is severely disrupting food assistance operations and putting the lives of aid workers at risk every day.

    Here are the latest updates on food security and WFP operations in Gaza.

    • WFP and partners from the food security sector have been unable to bring new food supplies into Gaza for more than three weeks. The closure of border crossings is blocking the entry of any commodities — humanitarian or commercial.
    • WFP has approximately 5,700 tons of food stocks left in Gaza – enough to support WFP operations for a maximum of two weeks.
    • With the deteriorating security situation, rapid displacement of people, and growing needs, WFP has decided to distribute as much food as possible, as quickly as possible in Gaza.
    • WFP operations currently support bakeries to produce bread, kitchens cooking hot meals, and the distribution of food parcels directly to families – each facing record low stocks inside Gaza:
       
      • Food parcels: WFP is reducing food parcel rations to reach as many people as possible. WFP plans to distribute food parcels to half a million people; the reduced size parcel will feed a family for roughly one week. 
      • Bakeries: Wheat flour supplies are sufficient to support bread production for 800,000 people for five days only. Currently 19 of 25 WFP-supported bakeries remain operational, and many struggle with severe crowd control issues as fear of bread shortages spreads throughout the Strip. Functioning bakeries are ramping up production, working 20 percent over capacity to respond to increased needs caused by renewed displacement of people.
      • Hot meals: WFP has supplies to support 37 kitchens across Gaza cooking 500,000 hot meals per day for the next two weeks. Two WFP-supported hot meal kitchens are currently inactive due to evacuation orders and general insecurity. 
      • Fortified biscuits: WFP has emergency stocks of fortified biscuits – enough for 415,000 people – which can be used as a last resort if all other food stocks are exhausted.   
    • WFP and partners from the food security sector have positioned more than 85,000 tons of food commodities outside Gaza, ready to be brought in if border crossings are opened.
    • WFP needs 30,000 tons of food per month to meet the basic needs of around 1.1 million people.
    • Food prices have soared inside Gaza. The price of a 25kg bag of wheat flour sells for up to US$50, a 400 percent increase compared to pre-March 18 prices; cooking gas prices have increased by 300 percent compared to February. 
    • Security incidents affecting UN staff are escalating, and movement is severely restricted, resulting in significant disruptions to food assistance operations.
    • WFP urges all parties to prioritize the needs of civilians, the protection of humanitarian workers and UN personnel, and access for aid to enter Gaza immediately. 
    • WFP requires US$265 million in funding over the next six months to support life-saving operations that will assist 1.5 million people in Gaza and the West Bank.

    #                 #                   #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on X, formerly Twitter, via @wfp_media 

    MIL OSI United Nations News –

    March 28, 2025

  • MIL-OSI: BIO-key Trims 2024 Net Loss 49% to $4.3M, Reflecting Higher Gross Margin and Lower Operating Costs, Offsetting 11% Revenue Decrease Due to Business Transition; Hosts Investor Call Today at 10am ET

    Source: GlobeNewswire (MIL-OSI)

    HOLMDEL, N.J., March 27, 2025 (GLOBE NEWSWIRE) — BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication, announced results for its fourth quarter (Q4’24) and year ended December 31, 2024 (2024). BIO-key’s 2023 results, which were restated and filed with the Company’s 2023 Form 10-K, are reflected in this release for comparison purposes. BIO-key will host an investor call today, Thursday, March 27th at 10:00am ET (details below).

    BIO-key CEO, Mike DePasquale commented, “From a strategic standpoint, we substantially strengthened our business in 2024, growing our high-margin software license fee revenue by 20% while exiting our low margin services relationship with Swivel Secure to focus on BIO-key solutions such as PortalGuard IAM and our Identity-Bound Biometrics. This transition away from Swivel Secure licensed solutions resulted in an 11% decline in 2024 revenue, but enabled us to substantially improve overall profitability despite lower revenue.

    “We also reduced operating expenses by 6% in 2024 and reduced cash used in operations by 23% to $2.91M in 2024 from $3.79M in 2023. With this transition behind us, we are in a much stronger position to grow and convert top-line revenue into bottom-line contribution.”

    Recent Highlights

    Mr. DePasquale, continued, “Moving forward, we are seeing very encouraging order demand for our solutions in national defense, financial services and education applications and particular strength in EMEA countries. We are seeing growing interest in our unique capabilities in passwordless, phoneless and tokenless authentication solutions which are best positioned to meet the most pressing security and usability challenges. Our biometric solutions are gaining solid traction in international markets across government, financial services and civil defense applications.

    “For example, in Q4’24 we secured a $910K contract with a long-time financial services client to implement our biometric identification technology across its branches. The customer has already enrolled fingerprint biometrics for over 25M end-users and is now upgrading to BIO-key’s “fingerprint-only,” one-to-many identification system. Our solution is expected to trim approximately 30 seconds from each customer interaction, resulting in both an improved customer experience and substantial long-term savings.

    “Our longstanding relationship with one of the world’s most esteemed defense ministries saw expanded deployment of our biometric solutions in 2024, a trend we expect to continue in 2025 and beyond. We currently provide authentication and digital security services for over 80,000 ministry personnel and believe that deployment could double or triple in coming years. To date, the ministry has generated $3.3M in total hardware and license revenue, and we are now working under a new long term procurement agreement initiated in Q3 2024.

    “This past January, we forged a partnership with the National Bank of Egypt, which is integrating BIO-key’s PortalGuard IAM platform and an industry-leading Identity Governance solution. This project, led by our partner, Raya Information Technology, leverages PortalGuard’s advanced IAM, MFA, and SSO capabilities to secure the digital identities of the bank’s 30,000 employees, and we believe there is potential down the road for this solution to be utilized with its customers.

    “BIO-key has also built an established and growing presence in education across over 100 institutions serving over 4M end users. In January, three additional colleges and universities migrated to PortalGuard IDaaS and the Wyoming Department of Education deployed PortalGuard IDaaS, adding a total of over 50,000 IDaaS end users. Building on this momentum, after an extensive RFP and review process, we executed a strategic partnership and Joint Purchase Agreement (JPA) with California’s Education Technology Joint Powers Authority (Ed Tech JPA). The agreement makes PortalGuard an approved IAM solution for the alliance’s 195 K-12 schools and districts, collectively serving over 2.6M students, uniquely positioning our offerings to comply solve Ed Tech JPA member IAM requirements, including compliance with emerging restrictions on the use of personal mobile devices in schools.

    “In an effort to seed future market opportunities, in December we announced a strategic collaboration with Fiber Food Systems to explore IAM use cases across the food industry. As part of this agreement, we also acquired shares of Boumarang, Inc. from Fiber in exchange for BIO-key stock. Boumarang is a pioneering force in sustainable, AI-driven, hydrogen-powered, long-range drone technology, a developing market with a clear need for a state-of-the-art IAM solutions. The equity exchange strengthened our balance sheet and paved the way to a strategic collaboration with Guinn Partners to integrate our biometric technology with Guinn’s expertise in IoT and autonomous systems, targeting applications across aerospace, defense, healthcare, logistics and smart cities. These initiatives will take time to develop, but we believe that each of them has the potential to create attractive new commercial opportunities for BIO-key.

    “We are off to a strong start in 2025 and believe we are well positioned to deliver improved top- and bottom-line performance. However, given the timing of large customer orders, our financial performance has the potential to fluctuate significantly on a quarter-to-quarter basis. Given increasing interest in our biometric solutions, growing adoption of passwordless, phoneless and tokenless IAM solutions, and the transition we executed in 2024 to a focus on higher-margin BIO-key solutions, we are very optimistic regarding our prospects this year. We remain focused on reducing costs to lower our breakeven level as we continue to explore new markets and strategic partnerships that could advance our path to sustained profitability and positive operating cash flow.”

    Financial Results
    Please note that the audit our FY2024 financial statements has not been completed by our independent registered public accounting firm as of the date of this press release and are therefore subject to change.

    2024 revenues decreased approximately 11% to $6.9M from $7.8M in 2023, largely due to BIO-key’s exit from a Swivel Secure Limited (SSL) distribution agreement and transition to selling BIO-key branded solutions in the EMEA region. The impact of this strategic decision contributed to more high-margin software license fee revenue and a reduction in services revenue from third-party products which carry a much lower gross margin. As a result, 2024 license fee revenue increased 20% to $5.2M in 2024 vs. $4.3M in 2023; service fees declined 50% to $1.1M in 2024 from $2.2 million in 2023; and hardware revenue declined 47% to $0.6M in 2024 from $1.2M in 2023.

    In Q4’24 license fee revenue increased 77% to $1.0M; services revenue decreased 28% to $0.3M and hardware revenue declined 88% to $0.1M, also reflecting the impacts of the strategic transition from SSL products and services toward BIO-key solutions.

    Gross profit grew to $5.6M in 2024 from $1.4M in 2023, due to a $3.6M hardware reserve taken in 2023 and the impact of growth in higher-margin license sales and a reduction in lower-margin services and hardware revenue. Exiting the SSL agreement contributed to lower costs to support deployments, including software license fees included in sales of Swivel Secure offerings vs. BIO-key’s internally developed software solutions. This resulted in gross profit increasing to $1.2M in Q4’24 vs. negative $95,496 in Q4’23, which included a $1.1M hardware reserve. Both Q4’24 and 2024 gross profit benefited from the sale of $213,005 of fully reserved hardware inventory.

    BIO-key reduced its operating expenses by $606,409 to $9.7M in 2024 from $10.3M in 2023, due to a reduction of SG&A costs by $722,563, partially offset by a $116,154 increase in research, development and engineering expense to support new product development. Proactive cost reductions included lower headquarters expenses, sales personnel costs, and marketing show expenses, partially offset by an increase in professional services, principally related to financing activities. BIO-key’s Q4’24 operating expenses were flat year-over-year at $2.6M.

    Reflecting greater gross profit and lower operating expenses, BIO-key’s 2024 net loss improved to $4.3M, or ($2.10) per share, from a net loss of $8.7M, or ($15.21) per share, in 2023. Similarly, BIO-key’s Q4’24 net loss improved to $1.6M, or ($0.53) per share, vs. $2.4M, or ($3.99) per share, in Q4’23. 2023 Results included hardware reserves of $3.6M and $1.086M in 2023 and Q4’23, respectively. 2024 results included a positive hardware reserve adjustment of $213,005 in Q4 for the sale of hardware that was previously reserved.

    Balance Sheet
    As of December 31, 2024, BIO-key had $1.9M of current assets, including $438,000 of cash and cash equivalents, $0.8M of net accounts receivable and due from factor, and $378,000 of inventory. This compares to current assets of $2.6M at December 31, 2023, including approximately $511,000 of cash and cash equivalents, $1.3M of net accounts receivable and due from factor, and $446,000 of inventory.

    Conference Call Details

    Date / Time: Thursday, March 27th at 10 a.m. ET
    Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 Int’l
    Live Webcast / Replay: Webcast & Replay Link – Available for 3 months.
    Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 6114035
       

    About BIO-key International, Inc. (www.BIO-key.com)

    BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

    BIO-key Safe Harbor Statement
    All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia and other foreign markets; our ability to migrate Swivel Secure customers to BIO-key and Portal Guard offerings; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence of the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future;, any disruption to our business that may occur on a longer-term basis should we be unable to continue to maintain effective internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

    Engage with BIO-key

    Investor Contacts

    William Jones, David Collins
    Catalyst IR
    BKYI@catalyst-ir.com or 212-924-9800

     
    BIO-key International, Inc. and Subsidiaries
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    (Unaudited)
     
      Three Months Ended     Twelve Months Ended  
      December 31,     December 31,  
      2024     2023     2024     2023  
    Revenues                              
    Services $ 344,444     $ 478,005     $ 1,108,506     $ 2,218,885  
    License fees   1,023,701       577,669       5,189,370       4,342,010  
    Hardware   94,133       769,427       631,695       1,194,010  
    Total revenues   1,462,278       1,825,101       6,929,571       7,754,905  
    Costs and other expenses                              
    Cost of services   73,317       221,940       396,274       861,936  
    Cost of license fees   146,122       152,000       589,505       1,174,919  
    Cost of hardware   255,927       460,157       516,611       700,231  
    Cost of hardware – reserve   (213,005 )     1,086,500       (213,005 )     3,586,500  
    Total costs and other expenses   262,361       1,920,597       1,289,385       6,323,586  
    Gross profit   1,199,917       (95,496 )     5,640,186       1,431,319  
                                   
    Operating Expenses                              
    Selling, general and administrative   1,815,155       2,040,438       7,140,147       7,862,710  
    Research, development and engineering   812,072       587,900       2,511,080       2,394,926  
    Total Operating Expenses   2,627,227       2,628,338       9,651,227       10,257,636  
    Operating loss   (1,427,310 )     (2,723,834 )     (4,011,041 )     (8,826,317 )
    Other income (expense)                              
    Interest income   57       5,589       110       11,533  
    Gain from sale of asset           20,000               20,000  
    Loss on foreign currency transactions   (13,004 )     (24,000 )     (13,004 )     (39,000 )
    Loan fee amortization   (60,000 )     –       (124,000 )     –  
    Change in fair value of convertible note   –       131,497       –       396,203  
    Interest expense   (66,932 )     (58,890 )     (175,755 )     (218,270 )
    Total other income (expense), net   (139,879 )     74,196       (312,649 )     170,466  
                                   
    Loss before provision for income tax   (1,567,189 )     (2,649,638 )     (4,323,690 )     (8,655,851 )
                                   
    Provision for (income tax) tax benefit   –       276,825       –       134,014  
                                   
    Net loss $ (1,567,189 )   $ (2,372,813 )   $ (4,323,690 )   $ (8,521,837 )
                                   
    Comprehensive loss:                              
    Net loss $ (1,567,189 )   $ (2,372,813 )   $ (4,323,690 )   $ (8,521,837 )
    Other comprehensive income (loss) – Foreign currency translation adjustment   (25,409 )     138,029       26,469       265,423  
    Comprehensive loss $ (1,592,598 )   $ (2,234,784 )   $ (4,297,221 )   $ (8,256,414 )
                                   
    Basic and Diluted Loss per Common Share* $ (0.53 )   $ (3.99 )   $ (2.10 )   $ (15.21 )
                                   
    Weighted Average Common Shares Outstanding*                              
    Basic and diluted   3,032,240       560,278       2,059,884       560,278  
     
    *Periods reflect impact of BIO-key’s 1-for-18 reverse stock split effective December 21, 2023.
     
    Please note that the audit our FY2024 financial statements has not been completed by our independent registered public accounting firm as of the date of this press release and are therefore subject to change. 
     
    BIO-key International, Inc. and Subsidiaries
    CONSOLIDATED BALANCE SHEETS
     
        December 31,  
        2024     2023  
    ASSETS                
    Cash and cash equivalents   $ 437,604     $ 511,400  
    Accounts receivable, net     718,229       1,201,526  
    Due from factor     74,170       99,320  
    Inventory, net of reserve     378,307       445,740  
    Prepaid expenses and other     278,648       364,171  
    Total current assets     1,886,958       2,622,157  
    Equipment and leasehold improvements, net     140,198       220,177  
    Capitalized contract costs, net     409,426       229,806  
    Deposits and other assets     7,976       –  
    Operating lease right-of-use assets     73,372       36,905  
    Other assets     5,000,000       –  
    Intangible assets, net     1,097,630       1,407,990  
    Total non-current assets     6,728,602       1,894,878  
    TOTAL ASSETS   $ 8,615,560     $ 4,517,035  
                     
    LIABILITIES                
    Accounts payable   $ 818,187     $ 1,316,014  
    Accrued liabilities     1,278,732       1,305,848  
    Note payable     1,525,977       –  
    Government loan – BBVA Bank, current portion     132,731       138,730  
    Deferred revenue – current     773,267       414,968  
    Operating lease liabilities, current portion     24,642       37,829  
    Total current liabilities     4,553,536       3,213,389  
    Deferred revenue, net of current portion     196,237       28,296  
    Deferred tax liability     22,998       22,998  
    Government loan – BBVA Bank, net of current portion     44,762       188,787  
    Operating lease liabilities, net of current portion     48,994       –  
    Total non-current liabilities     312,991       240,081  
    TOTAL LIABILITIES     4,866,527       3,453,470  
                     
    Commitments                
                     
    STOCKHOLDERS’ EQUITY                
    Common stock — authorized, 170,000,000 shares; issued and outstanding; 3,715,483 and 1,032,777 of $.0001 par value at December 31, 2024 and December 31, 2023, respectively     372       103  
    Additional paid-in capital     133,030,271       126,047,851  
    Accumulated other comprehensive loss     49,290       22,821  
    Accumulated deficit     (129,330,900 )     (125,007,210 )
    TOTAL STOCKHOLDERS’ EQUITY     3,749,033       1,063,565  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 8,615,560     $ 4,517,035  
     
    All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.
     
    Please note that the audit our FY2024 financial statements has not been completed by our independent registered public accounting firm as of the date of this press release and are therefore subject to change. 
     
    BIO-key International, Inc. and Subsidiaries

    CONSOLIDATED STATEMENTS OF CASH FLOWS
     
        Years ended December 31,  
        2024     2023  
                     
    CASH FLOW FROM OPERATING ACTIVITIES:                
    Net loss   $ (4,323,690 )   $ (8,521,837 )
    Adjustments to reconcile net loss to cash used for operating activities:                
    Depreciation     93,026       75,136  
    Amortization of intangible assets and write-off     304,983       354,558  
    Interest payable on Note     164,589       –  
    Loss on foreign currency     13,004       39,000  
    Reserve for inventory     (213,005 )     3,586,500  
    Allowance for doubtful account     (372,532 )     750,000  
    Amortization of debt discount     124,000       –  
    Amortization of capitalized contract costs     175,900       171,291  
    Share based and warrant compensation for employees and consultants     225,245       226,725  
    Stock based fees to directors     18,006       39,007  
    Bad debt expense     100,000       100,000  
    Change in fair value of convertible note     –       (396,203 )
    Deferred income tax benefit     –       (134,014 )
    Amortization of operating lease right-of-use assets     79,521       –  
    Change in operating assets and liabilities:                
    Accounts receivable     855,829       (428,742 )
    Due from factor     25,150       (49,820 )
    Capitalized contract costs     (355,520 )     (118,028 )
    Deposits     (7,976 )     –  
    Right of use asset     (115,988 )     160,449  
    Inventory     280,438       402,129  
    Prepaid expenses and other     85,523       (21,465 )
    Accounts payable     (502,987 )     57,725  
    Income tax payable     –       (121,764 )
    Accrued liabilities     (27,116 )     275,561  
    Deferred revenue     526,240       (71,288 )
    Operating lease liabilities     (66,712 )     (168,376 )
    Net cash used for operating activities     (2,914,072 )     (3,793,456 )
    CASH FLOWS FROM INVESTING ACTIVITIES:                
    Capital expenditures     (13,047 )     (1,000 )
    Net cash used for investing activities     (13,047 )     (1,000 )
    CASH FLOWS FROM FINANCING ACTIVITIES:                
    Proceeds from public offerings             4,296,260  
    Repayment of convertible notes             (2,200,000 )
    Proceeds from the exercise of warrants     1,908,099       320  
    Costs incurred for issuance of common stock     (172,350 )     (561,367 )
    Proceeds from issuance of note payable     2,000,000       –  
    Repayment of note payable     (762,611 )     –  
    Repayment of government loan     (150,024 )     (119,251 )
    Proceeds from Employee Stock Purchase Plan     3,740       17,478  
    Net cash (used in) provided by financing activities     2,826,854       1,433,440  
    Effect of exchange rate changes     26,469       236,894  
    NET DECREASE IN CASH AND CASH EQUIVALENTS     (73,796 )     (2,124,122 )
    CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR     511,400       2,635,522  
    CASH AND CASH EQUIVALENTS, END OF YEAR   $ 437,604     $ 511,400  
     
    All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.
     
    Please note that the audit our FY2024 financial statements has not been completed by our independent registered public accounting firm as of the date of this press release and are therefore subject to change. 

    The MIL Network –

    March 28, 2025

  • MIL-OSI: Element and Arval Celebrate 30 Year Alliance with Release of New Insights Focused on the Future of Fleet and Mobility 

    Source: GlobeNewswire (MIL-OSI)

    • Fleet and mobility stakeholders continue their fleet electrification strategies, with 85 per cent of them now shifting their focus to charging solutions and strategies.
    • 91 per cent of companies anticipate their fleet will either remain stable or grow in the next three years. 
    • Nearly half of the companies recognize that mobility policies and solutions are important levers for talent acquisition and employee retention.

    TORONTO, March 27, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, together with global alliance partner, Arval, a major player in vehicle leasing and specialist in mobility solutions, are marking the 30th anniversary of the Element-Arval Global Alliance (“EAGA” or the “Alliance”) with new insights published in the 2025 Fleet and Mobility Barometer.

    “Our global alliance uniquely offers our fleet and mobility customers the expertise and relationship management needed to deploy strategies across 55 different countries, ensuring solutions meet local needs and maintain very high quality standards,” says Bart Beckers, Chief Commercial Officer of Arval. “The Element-Arval Global Alliance purpose is to support and assist our international clients to successfully build and run their global fleet strategy.“

    For 30 years the EAGA has been a global leader within fleet and mobility management. To expand its presence in additional geographies, notably in Asia, the Alliance welcomed Sumitomo Mitsui Auto Service (SMAS) in 2023 and now counts eight members. With presence in 55 countries and the Alliance Members managing 4.5 million vehicles, the Alliance delivers comprehensive expertise and resources to empower their international clients across the globe, helping them to manage their fleets at a strategic, tactical, and operational level.

    “We greatly value the extensive relationship we’ve built with Arval and are proud that our global Alliance remains the longest standing across fleet and mobility,” says David Madrigal, Executive Vice President and Chief Commercial Officer. “The insights captured within the annual Fleet and Mobility Barometer we’ve produced together represent one of the many ways we leverage our partnership, shared expertise, and extensive global presence to deliver comprehensive, scalable, and tailored solutions to meet our clients’ needs across the globe.”

    The Fleet and Mobility Barometer (the “Barometer”) is an industry-leading annual publication of the Arval Mobility Observatory and Element-Arval Global Alliance, offering a robust and detailed look into evolving industry trends, and providing country-specific insights, deep-dive policy considerations, as well as industry-leading benchmarking. This year’s report addresses three main areas of fleet and mobility transformation: environmental sustainability, cost efficiency, and employee satisfaction.

    Key insights from the Barometer include:

    1. Companies are overwhelmingly prioritizing environmental sustainability through fleet electrification, with 85 per cent of the companies interviewed having a charging policy or planning to have one in the future. The report also highlights the varying rates of electrification between passenger cars and Light Commercial Vehicles (LCVs), with Europe leading the trend.
    2. Cost efficiency is being observed through innovative methods such as full-service leasing. Despite persistent economic and geopolitical challenges, 91 per cent of companies anticipate their fleet will either remain stable or grow in the next three years.
    3. Employee satisfaction is now at the centre of mobility and fleet transformation, with 45 per cent of companies mentioning human resource needs as the main reason for developing employee mobility policies and solutions. The report emphasizes the key role of telematics and connected vehicle technologies for promoting responsible driving, improving driver behavior, and reducing accidents.

    Initiated by the Arval Mobility Observatory nearly 20 years ago, Element joined the global Barometer in 2023 to expand benchmarking capabilities to include trends across the United States, Canada, Mexico, Australia, and New Zealand. This year’s benchmarking survey involves more than 8,000 interviews with corporate fleet decision-makers across 28 countries and provides a forward-looking perspective on the next three years. 

    To read more about the Element-Arval Global Alliance and the 2025 Fleet and Mobility Barometer, visit Global Fleet Management Solutions | Element-Arval Global Alliance – Element Arval.

    About Element Fleet Management
    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: www.elementfleet.com

    About Arval:
    Arval is a major actor in full-service vehicle leasing and a specialist in mobility solutions founded in 1989. Arval is fully owned by BNP Paribas and positioned within the Group’s Commercial, Personal Banking & Services division. Arval was leasing nearly 1.8 million vehicles as of the end of 2024. Every day, nearly 8,600 Arval employees in 29 countries offer flexible solutions to make journeys seamless and sustainable for its customers, ranging from large international corporate groups to smaller companies and private customers.

    Arval is a founding member of the Element-Arval Global Alliance. The fleets of all the Alliance members represent more than 4.5 million vehicles in 55 countries.

    Arval has been rewarded with the highest level of the EcoVadis medal, the platinum level, placing its CSR strategy in the Top 1% of the companies assessed.
    www.arval.com

    About BNP Paribas:
    Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and has nearly 178,000 employees, including more than 144,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Türkiye, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
    https://group.bnpparibas/en/

    This press release contains certain forward-looking statements and forward-looking information regarding Element, its business and the fleet industry, which are based upon Element’s current expectations, estimates, projections, assumptions and beliefs. In some cases, words such as “plan”, “expect”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “could”, “predict”, “project”, “model”, “forecast”, “will”, “potential”, “target, “by”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements and forward-looking information. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. Forward-looking statements and information in this news release may include, but are not limited to, statements with respect to, among other things, the Company’s expectations regarding new product offerings, including the benefits of the products, client demand and profitability, the Company’s ability to execute on its product plans, and the Company’s expectations regarding the risk and insurance industries. By their nature, these statements require us to make assumptions and are subject to inherent risks and uncertainties that may be general or specific, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct. External factors outside of Element’s reasonable control may impact our ability to achieve our goals and expectations, including industry dynamics, legislation and regulatory actions, the failure of third parties to comply with their obligations to us and our affiliates or associates, client decisions and preferences. These and other factors may cause actual results to differ materially from the expectations expressed in the forward-looking statements and may require Element to adjust its initiatives and activities. The forward-looking statements in this news release speak only as of the date hereof and are presented for the purpose of assisting our stakeholders and others in understanding our objectives and strategic priorities and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement except as required by law. In addition, a discussion of some of the material risks affecting Element and its business appears under the heading “Risk Management & Risk Factors” in Element’s Management Discussion and Analysis for the twelve-month period ended December 31, 2023 and the three and nine-month period ended September 30, 2024, and under the heading “Risk Factors” in Element’s Annual Information Form for the year ended December 31, 2023, as well as Element’s other filings with the Canadian securities regulatory authorities, which have been filed on SEDAR+ and can be accessed on Element’s profile on www.sedarplus.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fa484c54-9cb4-4c81-835c-d59ab8841d95

    The MIL Network –

    March 28, 2025

  • MIL-OSI Africa: Appointment of Dr. Khalid Khalafalla as Acting Chief Executive Officer of Islamic Corporation for the Development of the Private Sector (ICD)

    Source: Africa Press Organisation – English (2) – Report:

    JEDDAH, Saudi Arabia, March 27, 2025/APO Group/ —

    The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, is pleased to announce that its Board of Directors has approved the appointment of Dr. Khalid Khalafalla as Acting Chief Executive Officer (CEO), effective 19 March 2025. 

    Dr. Khalafalla brings extensive experience from his career within the IsDB Group. Since December 2024, he has been serving as CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).   

    The Chairman of ICD’s Board of Directors, congratulated Dr. Khalafalla on his appointment and expressed the Board’s full confidence and support as he takes on this important responsibility. 

    MIL OSI Africa –

    March 28, 2025
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