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Category: Banking

  • MIL-OSI Banking: Huawei Launches Intelligent Stadium Solution to Facilitate Intelligent Upgrade

    Source: Huawei

    Headline: Huawei Launches Intelligent Stadium Solution to Facilitate Intelligent Upgrade

    [Dubai, UAE, October 15, 2024] During GITEX Global 2024, Huawei unveiled its Intelligent Stadium Solution at a forum themed AI Enables Smart Building Upgrade. The solution is intended for facilitating digital and intelligent transformation of stadium campuses. At the forum, Huawei discussed with business elites, industry experts, and leading partners how to seize tremendous opportunities that AI brings and use digital and intelligent technologies to lead industry development.
    Liu Chao, CEO of Huawei’s Manufacturing and Large Enterprises BU, delivered a speech at the forum. He said that Huawei aims to become the preferred partner for digital and intelligent transformation in the Middle East’s real estate industry by advancing technologies, leveraging experience, and developing the industry ecosystem. “Looking toward the future, Huawei will continue to integrate smart technology into industries by acting as a bridge and an amplifier. We are committed to expanding our industry knowledge and delivering better services to global customers and partners. Eventually, we will bring intelligence to the Middle East and the world,” said Mr. Liu.
    Liu Chao, CEO of Huawei’s Manufacturing and Large Enterprises BU

    Eric Li, President of Huawei’s Product Portfolio Marketing Solution Sales Dept, mentioned in his speech that the building industry’s digital journey has just begun, but it holds enormous potential for the future. He also emphasized that AI will bring buildings and campuses into an era of intelligence, transforming the management and operational models of an intelligent campus. “Huawei advocates using ICTs to redefine the campus. We have been leveraging the advantages of our product portfolios to redefine campus connectivity, platform, and business, helping global customers build digital and intelligent campuses,” said Eric Li.
    Eric Li, President of Huawei’s Product Portfolio Marketing Solution Sales Dept

    Viga Liu, Director of Huawei’s Intelligent Campus Marketing & Solution Sales Dept, delivered a keynote speech at the forum. He believes that AI is enabling buildings and campuses to go digital, intelligent, green, and low-carbon at a faster pace. According to Viga Liu, Huawei has developed pioneering solutions such as Campus Service Network and Campus Digital Platform. “We have collaborated with our partners to assist over 1000 customers worldwide in building 10 Gbps, digital, and green intelligent campuses, including office campuses, stadium campuses, and commercial complexes.”
    Ahmad Bana, the Center of Excellence Manager at Waseef, an asset management company from Qatar, shared Waseef’s experience with digital and intelligent transformation of networks in employee apartments. Huawei’s Intelligent Campus Solution adopts a flat optical fiber architecture, which allows Waseef to save 80% of IT equipment room footprint and cabling space, as well as achieve more intelligent network O&M and more flexible bandwidth upgrades. Moreover, this architecture contributes to a green network that is future-proof for 30 years, provision of additional services, asset appreciation, and project success.
    OODA World, a global software vendor headquartered in France, specializes in delivering innovative software solutions for different industries. Méliné EOLMEZIAN-SOULIE, Vice President of Public Safety and Strategic Partner Ecosystem, highlighted that OODA’s Physical Security Information Management (PSIM) platform utilizes distinctive 3D native and real-time data visualization and command & control technologies to implement real-time situation awareness, automatic workflows, and centralized incident management. She said OODA will collaborate with Huawei to build campuses that are more intelligent.
    Techno Q, a system integrator from Qatar, participated in the forum. Saad Afzal, the Head of Solutions Architecture at Techno Q, stated in his speech that smart building solutions, based on data convergence and system integration, can unlock the value of data and provide targeted use cases for areas such as energy efficiency management, predictive maintenance, asset management, operational efficiency, and subscription-based value-added services. This can provide customers with enhanced user experience, reduce security risks, and improve management efficiency.
    Neuxnet, headquartered in Singapore, is dedicated to helping customers go digital and intelligent. According to Eric Yang, the Vice President of Product and Marketing at Neuxnet, stadiums are evolving toward being diversified, integrated, and intelligent, providing spectators with a spectacular experience before, during, and after sports events through various new technologies and applications. “By offering functions such as smart parking, navigation, ticketing services, and one-stop customer services, Neuxnet provides efficient management tools for stadium operators, and helps them create dynamic, technologically advanced, and sustainable sports stadiums,” said Eric Yang.
    Official release of the Intelligent Stadium Solution

    At the end of the forum, Huawei officially released its Intelligent Stadium Solution. Looking ahead, Huawei will continue to work with partners to help customers implement top-notch security assurance, operations management, communications assurance, spectating experience, and service experience, as well as innovate in management and service models, delivering brand-new sports stadium experiences in the digital and intelligent era.

    MIL OSI Global Banks –

    January 23, 2025

  • MIL-OSI: JBTC Announces 3rd Quarter 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    JONESTOWN, Pa., Oct. 15, 2024 (GLOBE NEWSWIRE) — JBT Bancorp, Inc. (OTCQX: JBTC) reported quarterly earnings of $2,306,000 or $0.94 per share for the third quarter of 2024. Nine-month reported earnings are $5,780,000 or $2.37 per share, up from $5,720,000 or $2.35 per share in the prior year, representing a 1.05% increase in earnings.

    President & CEO Troy A. Peters stated: “This earnings increase is largely attributable to growing net interest income while actively slowing loan growth and focusing on overall liquidity. Net interest income is up 2.65% year-to-date as funding cost increases slowed during the summer. Most certificates of deposit have been repriced into current rates and the escalating costs of these deposits has leveled off and created a more stable environment.”

    More information can be found at OTC Markets at http://www.otcmarkets.com/stock/JBTC/overview.

    Contact: Andrea Shetterly, EAA
    ashetterly@jbt.bank
    Jonestown Bank & Trust Co.
    2 West Market Street
    Jonestown, PA 17038-0717
    Phone: 717-865-4246

    The MIL Network –

    January 23, 2025

  • MIL-OSI: Blackford Capital Expands Its Patio Consolidation Platform with the Acquisition of Empire Distributing

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., Oct. 15, 2024 (GLOBE NEWSWIRE) — Blackford Capital (“Blackford”), a leading lower middle market private equity firm, today announced the acquisition of Empire Distributing, an outdoor living and hearth distributor. This marks the latest add-on to the Patio Consolidation Platform (the “Platform”) and expands its operations to provide full product breadth with outdoor living and hearth items and achieve Blackford’s goal of creating an omnichannel platform to being a one-stop-shop for the backyard. The terms of the transaction are not being disclosed.

    Co-Founded in 1978 by Mike and Lois Rupp in Arcade, New York, Empire Distributing is a premier distributor of hearth and outdoor living products servicing more than 780 dealers across the Northeast and Midwest US. Empire Distributing’s hearth product offerings include fireplaces, stoves, gas logs, inserts; and its outdoor living items include fire pits, fire tables, BBQ grills, kitchen islands, outdoor heaters and fireplaces. With more than 75 product lines from over 100 industry-leading hearth and outdoor living manufacturers, and with nearly 200,000 square feet of office and warehouse space across three facilities, Empire Distributing brings extensive scaling capabilities and a dealer distribution channel to the Patio Consolidation Platform.

    Blackford’s vision has been to build an asset-light, multiproduct, omnichannel marketing Platform for the outdoor living market. To build it into a comprehensive one-stop-shop, Blackford acquired Starfire Direct and Artificial Turf Supply in 2022 and, subsequently, LTD Online in 2023. The acquisition of Empire Distributing is expected to dramatically increase the Platform’s size and add a new distribution channel as well as new geographies.

    “We are impressed by Empire Distributing’s strong sales talent and processes and are excited to welcome the company to the Patio Consolidation Platform,” said Martin Stein, Founder, and Managing Director of Blackford Capital. “With Empire we’re positioned to enhance our distribution channels, broaden our product offerings, capture synergy and build operational efficiencies. We believe the outdoor living segment of the residential homeowner market has strong growth potential, and this acquisition strengthens our ability to lead in that space.”

    Jeremy Rupp, President of family-and founder-owned Empire Distributing, is the son of the co-founders, and will continue to lead the company following the acquisition. Jeremy has 25 years of experience managing distribution and sales operations, and oversees warehouse management, logistical operations, purchasing/receiving and IT. His brother, Jason, will assume the role of New Business Development. The Rupps will remain employed at Empire Distributing through the acquisition and employees will retain their current positions as the company focuses on growth within the consolidation platform and in the broader hearth and outdoor living market.

    “We are delighted to join forces with Blackford and be part of Patio Consolidation Platform,” said Jeremy. “Partnering with their experienced management team will allow us to diversify our product lines and expand into new markets. We are excited to gain Blackford’s sourcing expertise and to partner with the existing Patio Platform companies.”

    Paramax served as the exclusive financial advisor to Empire Distributing on the transaction.

    Loeb & Loeb and Varnum LLP served as legal counsel for Blackford Capital. Mercantile Bank and Energy Impact Partners provided financing for the acquisition. Grant Thornton, Hilco Global and Plante Moran advised on financial and tax diligence.

    About Blackford Capital
    Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit http://www.blackfordcapital.com.

    About Empire Distributing
    Empire Distributing began as a small regional hearth distributor in the 1980’s supplying a handful of independent hearth dealers with one appliance product line. From modest beginnings, our company has grown to be recognized in the Northeast as a premier distributor of both hearth and outdoor living products. Much has changed throughout our company’s 30-year history, but our dedication to providing customers with the best products and service remains constant. Our dedicated staff, humble beginnings, and desire for enriching our customers lives, drives our quest to remain a premier distributor in the hearth and outdoor living industries. To learn more about the company, visit https://www.empiredistributing.net.

    Media Contact: Jackson Lin Lambert
    (646) 717-4593
    jlin@lambert.com

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/0a642076-38f3-42b9-9c79-7d2283658745

    The MIL Network –

    January 23, 2025

  • MIL-OSI: Provident Bank’s First-Time Home Buyer Survey Reveals That While Homeownership Continues to Be Challenging, Many Americans Are Finding Their Home in Less Than a Year

    Source: GlobeNewswire (MIL-OSI)

    ISELIN, N.J., Oct. 15, 2024 (GLOBE NEWSWIRE) — Provident Bank, a leading New Jersey-based financial institution, has released the results of its First-Time Home Buyer Survey, taking stock of the generational differences in how Americans are navigating a complicated housing market. This year’s survey revealed that, not surprisingly, searching for a first home is extremely challenging. The top two factors impacting budgets are high mortgage rates and the lack of homes within an original budget. However, across generations, Americans appear to be buying their first home after only looking less than a year, signaling growing optimism in the market.

    Potential homeowners are prolonging the buying process and waiting to make a final purchase:

    Searching for a new home is challenging for first-time home buyers across generations. There are frequent bidding wars, which can lead to many making sacrifices for their dream home.

    • Over 40% of Gen Xers have been involved in a significant number (5+) of bidding wars during the home-buying process. Comparatively, only 30% of Millennial respondents have had the same experience.
    • Over 50% of Gen X respondents have had to significantly adjust their search criteria to stay within budget. Nearly 50% of both Millennials and Gen X respondents noted that they’ve settled for an older home that needs renovations to complete the buying process, compared to only 39% of Gen Z respondents.

    Amidst all of these challenges, Americans still look toward traditional financial avenues to complete the home-buying process:

    Overall, potential homeowners are still looking to traditional financial institutions to help them through the home-buying process. However, there are clear differences between how generations think about their financing options and the experts available to them.

    • Over half of respondents noted that their savings account is their main source of capital for their down payment. The second highest source of capital stems from access to first-time home buyer program grant(s).
    • 15% of Gen X respondents will look to a fintech company for financing for buying a first home compared to only 6% of Gen Z respondents. Nearly 56% of Gen X respondents will be speaking to a traditional bank as a source for the financing process in buying their first home.
    • Just under 50% of all Millennial respondents noted they would look to a traditional bank for financing to buy their first home.

    “The findings from this year’s survey support what we’ve been hearing directly from customers – in order to navigate a highly competitive home buying market, understanding all of the financing resources and capital requirements at your disposal is the key to success,” said Margaret Volk, Senior Vice President, and Director of Mortgage and Consumer Lending, at Provident Bank. “Especially as we enter a new phase of the mortgage rate cycle, we believe it is our responsibility to ensure our customers are equipped with the resources and information needed to navigate the financing process to achieve such an important life goal like buying a home.”

    The survey was conducted by Survey Monkey, a market research provider, on behalf of Provident Bank. The findings are based on 1,000 responses.

    About Provident Bank

    Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). With assets of $24.07 billion as of June 30, 2024, Provident Bank offers a wide range of customized financial solutions for businesses and consumers with an exceptional customer experience delivered through its convenient network of 140 branches across New Jersey and parts of New York and Pennsylvania, via mobile and online banking, and from its customer contact center. The bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. To learn more about Provident Bank, go to http://www.provident.bank or call our customer contact center at 800.448.7768.

    Media Contact:
    Provident Bank
    Keith Buscio – keith.buscio@provident.bank

    Vested
    providentbank@fullyvested.com

    The MIL Network –

    January 23, 2025

  • MIL-OSI Africa: Alizz Islamic Bank Partners with the International Islamic Trade Finance Corporation to Support the Private sector in Oman

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

    MUSCAT, Oman, October 15, 2024/APO Group/ —

    Reinforcing its position as one of Oman’s most dynamic Islamic Wholesale Banking institutions, Alizz Islamic Bank has recently signed an agreement with the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org). This partnership is set to provide Shari’a compliant financing solutions, further enhancing the bank’s commitment to offering innovative and ethical financial services in alignment with Islamic principles. 

    The agreement was officially signed by Mr. Ali Al Mani, CEO of Alizz Islamic Bank and Eng. Hani Salem Sonbol, CEO of ITFC in the presence of a number of senior officials from both organisations. 

    Speaking about the agreement, Mr. Ali Al Mani, CEO of Alizz Islamic Bank said: “We are delighted to be the first bank in Oman to partner with the ITFC. Partnering with innovative and leading organisations in their respective fields is an important part of our strategy and we are proud to be pioneers in providing innovative trade financing solutions. Our customers are at the forefront of everything we do and aligning with strategic partners enables Alizz Islamic Bank to enhance our trade solutions and correspondent network which in turn can enable us to offer competitive working capital financing pricing.” 

    Commenting on the  agreement, Eng. Hani Salem Sonbol, CEO of ITFC , and Acting CEO of  ICD stated “We are pleased with our partnership and strategic relationship with Alizz Islamic Bank. This is our first collaboration in Oman and is poised to play a pivotal role in advancing Shari’ah compliant financial services in the country.  Through this agreement, we aim to strengthen the private sector role in the economy, particularly by enhancing access to finance for small and medium-sized enterprises (SMEs). Supporting SMEs is a core pillar of the ITFC mission, and we are confident that this partnership will help drive economic growth, create job opportunities, and foster sustainable development in Oman”. 

    MIL OSI Africa –

    January 23, 2025

  • MIL-OSI Europe: Hamburg Sustainability Platform – New alliances are needed to provide blended finance at scale (15 Oct. 2024)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    Public-private stakeholder coalition kicks-off joint work to scale up private SDG investment in emerging markets and developing economies: At the Hamburg Sustainability Conference, a coalition of private and public institutions announced to join forces to set up the Hamburg Sustainability Platform. This platform aims at scaling sustainable investments into emerging markets and developing economies through standardization.

    The Sustainable Development Goals (SDGs), as well as the climate and biodiversity goals, cannot be achieved with public funds alone. More private investment is urgently needed, especially in emerging markets and development economies. To close this financing gap, it must become easier for private investors to invest. Blended finance provides efficient mechanisms to address this challenge. This is the aim of an alliance of public and private stakeholders, the Hamburg Sustainability Platform (HSP), announced at the Hamburg Sustainability Conference.

    The German Ministry of Economic Cooperation and Development, (BMZ); the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO); Global Affairs Canada; the Danish Ministry of Foreign Affairs; Treasury of the Republic of South Africa; the Secretary of State in charge of International partnerships of France; the German Development Bank KfW; British International Investment (BII); as well as Allianz and Caisse de dépôt et placement du Québec (CDPQ) are partnering to jointly develop the Hamburg Sustainability Platform. The Organisation for Economic Co-operation and Development (OECD) acts as an advisory body to the platform.

    Sustainable investments in emerging markets and developing economies have so far been for the pioneers in the private sector: while promising investment opportunities exist, large institutional investors such as pension funds or insurance companies rarely invest at scale. This is because implementation takes a long time, as preparations can take several years and financial products are often very complex. To make it easier for private investors to invest at scale, it would be necessary to pool the funds of public donors and standardize financial vehicles.

    As a solution, the HSP aims at better combining public and private investments through standardized financial products as well as harmonized public strategies. The initiative thereby aims to enhance simplicity, replicability and efficiency, thus enabling considerable additional investment volume.

    Standardization is a key enabler of operational efficiency. By delivering simplicity, efficiency and speed, volume becomes possible. Standardization acts like a common language, combatting fragmentation and accelerating procedures. It could therefore be an important step to help scaling private investment. This is recognized and demanded by different institutions and initiatives such as the UN-convened Net-Zero Asset Owner Alliance (NZAOA), the OECD, as well as the B20 Finance & Infrastructure Working Group. Nevertheless, standardization is currently lacking in blended finance.

    The HSP was announced at the inaugural Hamburg Sustainability Conference, held on 7-8 October. Under the motto “together we co-create development”, the Hamburg Sustainability Conference challenges barriers to SDG implementation. It establishes a new global forum to speed up progress towards achieving the SDGs and deliver result-oriented solutions. The annual conference is a joint initiative of the United Nations (UNDP), the German Federal Ministry of Economic Cooperation and Development (BMZ), the Michael Otto Foundation and the City of Hamburg.

    On their motivations for the HSP, the founding members have said:

    Anneliese Dodds, Minister for Development and Minister for Women and Equalities, United Kingdom’s Foreign, Commonwealth & Development Office: “Meeting the Sustainable Development Goals will require trillions of dollars of additional public and private investment into emerging markets and developing economies. To get private capital moving quickly and at scale, investors need to be able to compare options and make decisions with confidence. That’s why the UK is pleased to support the Hamburg Sustainability Platform, which will focus on scaling up sustainable investment into the regions that need it most, by providing standardized investment products in a clear and simple format.”

    Jochen Flasbarth, State Secretary of the German Federal Ministry of Economic Cooperation and Development: ”The SDGs represent an unprecedented global consensus and as such, a joint mission of public and private stakeholders. We need to join forces to make this mission heard. Over the past years, numerous good examples of blended finance vehicles have been set up. It is now time to identify those success cases, standardize, and scale them. This is what the Hamburg Sustainability Platform stands for. It is a great example of how the German government enhances international partnerships and how development cooperation efficiently uses market mechanisms to co-create impact. “

    Thani Mohamed Soilihi, French Secretary of State for Francophonie and international partnerships: “We need to boost financing capacities if we collectively want to achieve United Nations Sustainable Development Goals (SDGs), and this requires far more private sector leveraging. This is a priority for France, that we are pursuing with 66 partners through the Paris Pact for People and Planet. In that perspective, the Hamburg Sustainability Platform plays an important role and we hope it will bolster current efforts to scale sustainable investments and deliver tangible results.”

    Lina Gandløse Hansen, State Secretary for Trade and Investments, Ministry of Foreign Affairs, Denmark: “We need to bridge the financing gap to deliver on the SDGs and the Paris agreement. The numbers tell a clear story: We are far off track. We need all hands on deck and the private sector must play a key role. We need to deliver scale and replicable models. The Hamburg Sustainability Platform can play an important role. Denmark is looking forward to bringing our strong focus on innovative financing to the table and explore synergies, not least with the work in the Investment Mobilization Collaboration Alliance (IMCA) which aims at mobilizing billions of USD in private capital in support of climate action.”

    Mmakgoshi Lekhethe, Head of Asset and Liability Management at the National Treasury of the Republic of South Africa: “We need impactful solutions and investments on a global scale. And for investments to be impactful, private and public sector need to work together. Development efforts can only be sustainable in the long run if we succeed in mobilizing private markets for our goals. The Hamburg Sustainability Platform can become a key lever on this mission.”

    Patricia Peña, Associate Assistant Deputy Minister, Global Affairs Canada: “Setting up the Hamburg Sustainability Platform involves learning from and working with existing solutions, ensuring what we put forward and how we work together adds value and avoids duplication. Recognising the need to cooperate more efficiently with other donors and private investors from an early stage, the Hamburg Sustainability Platform could become a key tool to enhance donor cooperation and address existing challenges in blended finance.”

    Claus Stickler, Global Co-Lead at Allianz Investment Management: “Speed and scalability are key success factors in achieving sustainable change globally, including for example accelerating the deployment of renewable energy in emerging markets. The Hamburg Sustainability Platform can help simplify the creation and management of blended finance vehicles, thereby increasing their investability. Let’s work together to create this important platform for real action.”

    Vito Dellerba, Managing Director, Sustainable Investing at CDPQ: “Templates and standardized frameworks for financial returns and impact – initiatives highlighted by the Hamburg Sustainability Platform – facilitate timely and knowledgeable decisions by providing streamlined and consistent information. In addition, it has the potential to boost market efficiency by enhancing risk management practices, lowering transaction costs and increasing liquidity.“

    OECD Deputy Secretary-General Mary Beth Goodman: “The OECD supports the Hamburg Sustainability Platform in an advisory role. Promoting innovative approaches to scaling up private capital mobilization in Emerging Market and Developing Economies is core to the work of the OECD. As a convener, we will be a partner in driving this initiative forward. Based on the OECD’s work in harmonising blended finance approaches, and with standardization featuring prominently in the current update of the Blended Finance Principles Guidance, the OECD can be a key contributor of this initiative.”

    Christiane Laibach, Member of the Executive Board of KfW: “We have all learnt valuable lessons from the past twenty years of blended finance and impact investment. But to reach scale, we need to join forces, agree on common models based on these lessons and roll them out in a predictable and standardized manner. This is the objective of the Hamburg Sustainability Platform.”

    Liz Lloyd, Chief Investment Officer at BII: “Unlocking private capital is critical to meet the twin challenges of development and the climate emergency. One important way to do that is through innovative blended finance, using concessional public finance to encourage private investment to achieve the SDGs. We are pleased to collaborate with others to reach a common approach to blended finance, to help mobilize private capital into sustainable investments at scale.“

    MIL OSI Europe News –

    January 23, 2025

  • MIL-OSI Russia: Imposing it won’t work – the Supreme Court of the Russian Federation has declared insurance without the borrower’s consent illegal

    MILES AXLE Translation. Region: Russian Federation –

    Source: Mainfin Bank –

    What was the dispute between the bank and the borrower that was being considered by the court?

    The decision on the inadmissibility of imposing services was made by the Supreme Court in the context of a civil dispute between a bank and a resident of the Sverdlovsk region. The citizen had previously taken out a loan, but the bank imposed insurance on him and refused to terminate the contract during the “cooling-off period”. The borrower managed to restore his rights with the help of the financial ombudsman – the bank did not agree with this decision and went to court.

    The Supreme Court found that the bank had violated the requirements of the law by including a clause in the terms of the loan agreement requiring the borrower to purchase an insurance policy from a specific company. At the same time, the client did not check the box about consent to connect the protection, although he agreed to the proposed terms of the loan. The highest court overturned the decisions of the lower courts and sent the case back for a retrial on the merits.

    What restrictions apply to creditors when connecting additional services?

    The Supreme Court’s decision on the dispute that arose imposes a number of restrictions on banks when provided to borrowers credits and connecting them to additional services. Thus, the court recalled that:

    the bank’s duty is to provide the client with a choice: to agree or refuse imposed services; the lender does not have the right to put notes on consent or include clauses in the terms that provide for the mandatory connection of additional services; it is prohibited to create conditions within which the borrower’s unambiguous consent to the purchase of individual services is assumed.

    “A bank that fails to comply with these requirements violates the rights of the borrower and the norms of the law, since the imposition of insurance and other services is unacceptable,” the Supreme Court panel noted.

    Thus, the court prohibited banks from including in loan agreements the obligation to purchase insurance – the borrower must independently agree to take out the protection.

    15:50 10/15/2024

    Source:

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://mainfin.ru/news/to impose-it-will-not-work-on-all-Russian-Russian Federation-has-recognized-illegal-insurance-without-consent-borrowing

    MIL OSI Russia News –

    January 23, 2025

  • MIL-OSI Economics: Directions under Section 35 A read with Section 56 of the Banking RegulationAct, 1949 (As Applicable to Co-operative Societies) – National Urban Co-operative Bank Ltd., Pratapgarh, Uttar Pradesh – Extension of period

    Source: Reserve Bank of India

    The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to National Urban Co-operative Bank Ltd., Pratapgarh vide Directive CO.DOS.SED.No.S369/45-11-001/2024-25 dated April 15, 2024, for a period of six months up to the close of business on October 15, 2024.The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond the close of business on October 15, 2024.

    2. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from the close of business on October 15, 2024 to the close of business on January 15, 2025, subject to review.

    3. All other terms and conditions of the Directive under reference shall remain unchanged.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1300

    MIL OSI Economics –

    January 23, 2025

  • MIL-OSI Economics: CPMI reports to G20 on fast payment system interlinking and APIs provide insights and recommendations to enhance cross-border payments

    Source: Bank for International Settlements

    • CPMI publishes two reports offering insights into enhancing cross-border payments by facilitating the interlinking and interoperability of payment systems.
    • Report on the interlinking of fast payment systems aims to support private and public stakeholders when deciding on the governance and oversight of these arrangements.
    • Report on greater harmonisation of the use of application programming interfaces (APIs) sets out 10 key recommendations.

    The BIS Committee on Payments and Market Infrastructures (CPMI) today published two reports to the G20 that offer key insights and recommendations on the interlinking and interoperability of payment systems to enhance cross-border payments.

    Linking fast payment systems across borders: governance and oversight 

    Currently, fast payment systems (FPS) are designed and used mainly for domestic retail payments. Interlinking them across different jurisdictions could expand the end user experience of low-cost, fast, easy to access and transparent payments to the cross-border dimension. 

    Opportunities to foster cross-border FPS interlinking have grown with the proliferation of FPS globally and with trends towards greater interoperability at the technical level. The growing use of application programming interfaces (APIs) and the adoption of the ISO 20022 financial messaging standard have opened up new possibilities to facilitate payment system interlinking. 

    However, agreeing on workable governance and oversight arrangements is challenging due to the multi-jurisdictional, cross-border and/or cross-currency nature of these arrangements. 

    Building on an earlier CPMI report that lays out the benefits and challenges of FPS interlinking and the role of APIs,1Linking fast payment systems across borders: governance and oversight discusses design choices and the risk implications of these arrangements, sets out the key decisions for governance and outlines recommendations for their oversight. 

    Promoting the harmonisation of application programming interfaces to enhance cross-border payments: recommendations and toolkit 

    APIs are increasingly used throughout the global financial system for various payment functions, enhancing the efficiency of payment data exchange. However, API technical standards are currently fragmented, hindering the potential of APIs in cross-border payments and leading to increased time and expenses, as well as higher risks of errors. 

    Promoting the harmonisation of application programming interfaces to enhance cross-border payments: recommendations and toolkit presents 10 recommendations directed at a broad array of stakeholders. The recommendations were formulated in collaboration with industry through a CPMI-led panel of experts to promote greater harmonisation of APIs in cross-border payments. 

    The recommendations do not propose a single universal API standard for cross-border payments, nor do they prescribe specific technologies or standards. Rather, they aim to steer API standards in a more harmonised direction by promoting facilitative processes, adoption of best practice design and international data standards, enhancements to the developer experience, and a focus on pre-validation APIs. 

    The CPMI will continue its engagement with stakeholders to disseminate the findings of the two reports, facilitate their practical implementation and promote the interlinking of FPS for cross-border payments and harmonisation of APIs. 

    1 CPMI, Interlinking payment systems and the role of application programming interfaces: a framework for cross-border payments, report to the G20, July 2022.

    MIL OSI Economics –

    January 23, 2025

  • MIL-OSI Economics: Suhaimi Ali: Transcending boundaries – advancing Takaful for sustainable growth

    Source: Bank for International Settlements

    This year is particularly momentous as we commemorate four decades of takaful since the enactment of the Takaful Act 1984. From a modest beginning, the size of takaful contribution has expanded nearly three times compared to a decade ago. Players have become more diverse and products have expanded to address different needs of households and businesses. The industry has also demonstrated resilience against challenging economic and financial conditions, while continuing to scale up and improving efficiency in delivering financial protection. This progress is imperative to respond to the higher expectations that stakeholders have on the industry to better serve the protection needs of society. Ahead of us, challenges remain significant – climate risk, ageing nation, cost of living pressures, advancement of technologies – all of which requires the industry to continue to innovate and be responsive to these needs. The adoption of VBIT principles is crucial to better align and guide the industry’s efforts to catalyse growth while contributing meaningfully to society.

    Distinguished guests, ladies and gentlemen,

    I am certainly pleased to be here, to see progress in the Value-Based Intermediation Takaful (VBIT) journey that began five years ago in 2019. I am delighted to be part of this important occasion and witness the collective commitment by industry players to foster a more ethical and impactful approach to takaful.

    Advancing value-based with clear demonstration of impactful outcomes

    As today’s conference is focused on Shariah values and measurements, I would like to highlight three imperatives that should guide industry’s efforts to implement the VBIT framework:

    • First, is the diversity and inclusivity of protection solutions, with alignment to national strategies and aspirations;
    • Second, is improvements to quality of services and conduct that reflects the fundamental values of Shariah; and
    • Third, is impact reporting guided by clear outcomes.

    Diversity and inclusivity of protection solutions

    Ladies and gentlemen,

    We acknowledge the ongoing exemplary efforts by takaful operators to improve financial well-being and inclusion. For example, expansion in the range of microtakaful products catering to the underprivileged segments, has been flourishing in the recent years. In 2023, these affordable and accessible protections have provided coverage to almost 970,000 individuals.

    We are also pleased to observe developments within the industry that support Bank Negara Malaysia’s Financial Sector Blueprint 2022-2026 vision to mainstream social finance, which now has use cases in the takaful sector. Before this, it is predominantly use cases in the banking sector. The innovative offerings of social blended takaful products enables a confluence of private and social funds where participants have the option to use their takaful benefits to contribute towards creation of a sustainable community.1

    We hope to see more synergistic collaborations where philanthropic capital blends with commercial funding to develop impactful protection solutions. These efforts would ensure continuous protection for vulnerable segments, including micro-entrepreneurs, gig workers, and the ageing population.

    Limited access to insurance and takaful for climate adaptation and resilience poses a significant challenge for Malaysian businesses, particularly SMEs. This limitation hinders their ability to effectively manage flood risks-Malaysia’s most frequent natural disaster- and slows recovery efforts, as insurance payouts are a crucial source of funding. Furthermore, common obstacles such as lengthy payout processes, inadequate product offerings, and insufficient coverage exacerbate the problem.2

    At our end, Bank Negara Malaysia remains committed to providing an enabling environment for the industry to test and introduce innovations. Industry players are urged to embrace the aspirations of the recently issued Exposure Draft on Broader Application of Ta`awun in Takaful. This provides a facilitative framework for industry players to explore new takaful models in promoting social cohesion and wealth distribution. For areas that may require regulatory flexibility, we welcome interest in tapping the Financial Technology Regulatory Sandbox. This allows innovations to be piloted and refined, thus accelerating the integration of VBIT in product solutioning. You may be interested to note that the Sandbox now incorporates a Green Lane. This accelerated track offers a simpler and quicker path for financial institutions with a strong track record in risk management to test innovative solutions that are facing regulatory impediments.

    For industry players aspiring to drive greater market competition via digitalisation, the formal application window to carry digital takaful business will be open on 2 January 2025 until 31 December 2026. We welcome prior consultation for those interested.

    Improvements to quality of services and conduct

    Efforts to diversify products and solutions must be paired with improvements in service quality and responsible conduct by market players and their intermediaries. The Customer Satisfaction Survey 2022 for the takaful and insurance industry revealed that while 74% of customers provided positive feedback on their experience, 23% expressed concerns, particularly on inefficiencies in claims processes and poor response from industry players and agents when reached for assistance.3 In Malaysia, the motor, medical and health segments have seen progress on this front through the roll out of digital roadside assistance solutions and the work to establish a central medical claims data platform, respectively. Malaysia’s experience in these two sectors illustrates that there is much to benefit from leveraging on technology.

    With technology, not only will the end-to-end experience of consumers – from securing access to takaful cover to the claims and settlement process – be elevated, but digital takaful solutions can go a long way towards increasing consumer trust on the value of takaful protection, enhancing product affordability through better risk pricing and expediting purchasing and claims experiences.

    Advancing impact reporting

    The VBIT value proposition through exemplary industry practice, is best showcased through meaningful disclosure, and this brings me to my next point, our aspirations for the Maqasid Shariah Scorecard (MSS), that will be launched today.

    I am encouraged to witness the industry’s efforts in developing the MSS, which I believe supports the Bank’s call for better impact creation through meaningful disclosures. While the scorecard is a measurement tool to demonstrate and validate VBIT based on Maqasid al-Shariah, it ultimately seeks to drive positive change in behaviour and measure broader outcomes to the community served by the takaful industry.

    Globally, impact-based reporting has grown in importance as more stakeholders demand for greater transparency in assessing performance beyond financial reporting. Impact reporting is most commonly demonstrated in the climate and sustainability space, where such reporting serves to demonstrate how companies and financial institutions support the broader ESG goals and SDG agenda.

    So given its pivotal role in the operationalisation of VBIT, it is crucial for the MSS to be well executed with clear alignment to operators’ business plans and operations. The successful implementation of MSS will facilitate ambitions for it to play a larger and deeper role, with the goal of elevating MSS as the benchmark reference for impact reporting, domestically and globally. As the next step, we urge the industry to consider what needs to be done for the MSS to be effectively implemented, commencing with strategies to ensure firm understanding of its objectives and measurement methodology by each industry player.

    Ladies and gentlemen,

    Before I conclude, may I remind ourselves that in implementing VBIT and MSS, the issues of skills and professionalism must be addressed. It is, therefore, critical for the industry to diligently build up expertise, thereby unlocking the full potential of its contribution towards amplifying social and economic impact. We commend efforts such as the VBIT Training Module launched today and hope that MTA and members continue to exert energy to address talent gaps towards building a highly capable and adaptable workforce.

    I trust the industry will maintain the momentum to continue accelerating the development of the takaful and retakaful industry through VBIT. May we all be guided by Surah An- Najm, verses 39 and 40, which mean: “And that man shall have nothing but what he strives for, and that his effort will soon be seen.”

    With that, I wish you a successful conference ahead. Thank you.

    MIL OSI Economics –

    January 23, 2025

  • MIL-OSI: Redefine Management Partners with Medmo Delivering Enhanced Medical Imaging Coordination and Outcomes for Patients

    Source: GlobeNewswire (MIL-OSI)

    MATAWAN, N.J. and NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — Redefine Management, a practice management organization that is leading the way in defining excellence within the pain management and musculoskeletal space, today announced its partnership with Medmo, a comprehensive technology platform that orchestrates medical imaging workflows for providers and patients. Together, they’ll advance their shared interest in providing the best imaging patient experience and access to care possible for the entire population they serve.

    Diagnostic imaging is a critical piece of the care journey for patients with orthopedic or musculoskeletal issues, as it’s often the most effective way to diagnose conditions and create effective treatment plans. Through this partnership, Redefine and Medmo deliver ample patient access and dedicated engagement, as well as the tools to drive increased adherence and efficiency across all imaging orders, while at the same time reducing the overall cost of care coordination related to imaging orders. Medmo seamlessly facilitates imaging orders from start to finish to create better outcomes for all parties.

    “Medmo was easy to implement right into our existing workflow, and we saw immediate results on day one,” said Zack Fox, COO of Redefine Management. “This increased efficiency has positively impacted our practices and has improved the patient experience and outcomes, which is our number one priority. Medmo is fundamentally changing the way imaging orders are facilitated, and ultimately simplifying an element of care that was previously very complex and challenging for patients who are in pain and in need of convenience and ease.”

    “As a result of this partnership, all providers associated with Redefine Management gain immediate access to 15,000+ imaging centers across the country, as well as the ability to easily track and manage imaging orders in real-time,” said Lucas Takahashi, co-founder and CEO of Medmo.

    Redefine is dramatically reducing the time spent on imaging coordination by offloading patient engagement, scheduling, insurance verification, and the retrieval of results to Medmo’s Care Technology. This has allowed Redefine’s staff to spend more time on high-value, patient-facing activities.

    Most importantly, this partnership will address the most common imaging challenges, such as confusion on next steps for patients and lack of appointment visibility for providers. By effectively closing the loop on each patient’s care journey as quickly and efficiently as possible, Medmo will be able to drive better overall adherence, quicker turnaround times, and improved speed to diagnosis and positive outcomes for Redefine’s patients.

    About Medmo
    Medmo is an all-encompassing medical imaging workflow solution for ordering providers. From patient engagement and scheduling, to insurance verification and retrieving results, Medmo creates a consistent loop for providers, staff and patients. Operating in all 50 states and supporting patients with all insurance types, Medmo is an effortless platform that thousands of healthcare providers use to drive adherence and compliance, positive patient experiences and reductions in the operating costs associated with patient coordination. Learn more at https://www.medmo.com/.

    About Redefine Management:
    Redefine Management (https://redefinemanagement.com/) is a healthcare consulting and management company driven by a commitment to excellence in healthcare solutions, specifically in the areas of pain management, orthopedics and musculoskeletal medicine. Their expertise spans strategy & finance, operations, marketing & sales, and more. They cater to a diverse clientele that includes, but is not limited to, medical provider groups, outpatient services, and private equity-backed practices.

    CONTACT:

    Steve Stratz
    For Medmo
    206.300.9134
    steve@relevanzpr.com

    Sarah Banker
    Account Manager
    Office: (800) 239-5572 
    Direct: (856) 404-0651
    Email: svb@themg.co
    http://www.TheMG.co

    The MIL Network –

    January 23, 2025

  • MIL-OSI: Instant Financial Expands Pay Options With the Launch of Instant Direct, Empowering Employees with Greater Financial Flexibility and Control

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Oct. 15, 2024 (GLOBE NEWSWIRE) — Instant Financial, a leader in fee-free on-demand pay solutions, today announced the launch of Instant Direct, a new solution paving the way for improved employee financial flexibility and freedom. With Instant Direct, employees are more empowered than ever to choose how they want to access their earned wages, expanding the options for seamless, fee-free access to pay. Instant Direct lets employees decide to either transfer their funds to an existing bank account or continue to use the Instant Card, a choice they can make depending on their individual needs and preferences.

    The added flexibility of Instant Direct answers the growing demand for immediate access to wages at a time when financial security and control are top priorities for the U.S. workforce. By providing multiple fee-free options for receiving and accessing funds, Instant makes it seamless for employees to choose the financial ecosystem that works best for them. Instant Direct gives users more flexibility to access their wages on their terms – whether for routine expenses, unexpected emergencies, or financial planning – without waiting for traditional payday cycles.

    Instant Direct also simplifies earned wage access (EWA) for employers, providing the flexibility many HR and leadership teams need. By simplifying communication around employee eligibility and providing multiple EWA models, Instant Direct is helping streamline the implementation process and unlocking operational efficiencies for companies across the U.S.

    Spotlight on Employee Financial Wellness

    The launch of Instant Direct follows the release of Instant’s 2024 Wages & Wellbeing study, which revealed that 82% of workers believe immediate access to same-day pay would significantly enhance their ability to save money. The same survey found that 49% of working Americans reported frequently experiencing financial shortfalls before payday.

    Financial stress is clearly pervasive, and on-demand pay has proven to be a critical tool for individuals seeking economic stability. By offering fee-free access to wages and its new Instant Direct option, Instant helps employees across the U.S. better manage their finances, avoid costly alternatives like payday loans, and increase their ability to plan, save, and invest.

    “Today’s employees expect more options regarding when and how they’re paid,” said Tal Clark, CEO of Instant. “Instant Direct puts that power in their hands, allowing them to take control of their financial decisions and wellness. Instant Direct allows us to meet employees where they are in their financial journeys, providing flexible, fee-free solutions that fit into their lives.”

    Instant Direct is available now. To learn more about how Instant can help reimagine pay cycles for your employees, visit http://www.instant.co/direct. Other non-access fees may apply.

    About Instant Financial
    Instant Financial is a comprehensive employee pay platform providing earned wage access, tip disbursement, and electronic payroll – allowing workers to access their earned wages immediately, whenever, however, and wherever they want. By unlocking on-demand pay, Instant empowers financial freedom and wellness for employees while improving retention and attendance for employers. Compliant across all 50 states, Instant is trusted by leading companies nationwide to bridge the gap between work day and payday. Learn more about Instant and how it can impact your company at http://www.instant.co.

    This card (or the Instant Payroll Card) is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa, U.S.A. Inc. All other trademarks and service marks belong to their respective owners.

    Media Contact
    Sparkpr for Instant Financial
    instant@sparkpr.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b07707f-0f56-4355-ae6b-f144fa9a84f8

    The MIL Network –

    January 23, 2025

  • MIL-OSI: Fortiva® Retail Credit Announces Second Look Partnership with Mor Furniture for Less

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Oct. 15, 2024 (GLOBE NEWSWIRE) — Fortiva® Retail Credit, the leader in second look point-of-sale financing, today announced a new partnership with Mor Furniture for Less, a premier furniture retailer on the West Coast that ranks among the top 100 furniture retailers in the US.

    The Fortiva Retail Credit program offers second look financing solutions that help businesses sell more goods by providing more consumers with access to credit. This partnership will allow Mor Furniture for Less to expand consumer financing options for home furnishings purchases. Fortiva Retail Credit’s market-leading technology and proprietary underwriting will help Mor Furniture for Less approve more consumers and facilitate a seamless consumer application process for customers in-store and online.

    “We are thrilled to announce our partnership with Mor Furniture for Less, offering a second look lending solution to optimize Mor Furniture’s consumer finance program,” said David Caruso, Chief Commercial Officer for Atlanticus Holdings Corporation. “Our commitment to offering more inclusive financial services to millions of everyday Americans is a core principle which aligns with Mor Furniture’s mission of delivering consumers the best value on quality merchandise.”

    Harold Linebarger, Chief Operating Officer for Mor Furniture, stated, “Partnerships which provide value to both the consumer and the retailer are essential to Mor’s success. Mor is thankful for the opportunity to provide even greater value to our valued customers and is looking forward to this new partnership.”

    About Fortiva Retail Credit
    Fortiva® Retail Credit is a technology-enabled second look point-of-sale consumer credit program issued by The Bank of Missouri. The omnichannel program leverages instant decisioning capabilities, deep underwriting analytics, and a paperless process to provide best-in-class retail finance solutions for its clients both in-store and online. This flexible technology platform provides consumers with a loan decision within seconds. Clients in markets such as furniture, big box/specialty retail, flooring, home improvement, HVAC, electronics, elective medical, health and fitness, home automation, and jewelry offer the Fortiva Retail Credit program for second look financing. The Fortiva® Retail Credit program is available throughout the United States, including Puerto Rico and the U.S. Virgin Islands. The Fortiva Retail Credit program is managed by subsidiaries of Atlanticus Holdings Corporation. For more information, please visit http://www.fortivaretailcredit.com

    About Mor Furniture for Less
    Mor Furniture for Less, established in 1977, is the largest furniture company on the West Coast with 38 stores in 7 states, offering a great selection and guaranteed low prices in all home furnishing categories: bedroom, mattresses, living room, small spaces furniture, and dining furniture. To learn more, visit http://www.morfurniture.com

    Contact:
    Media Relations
    media@atlanticus.com

    For more information:
    http://www.fortivaretailcredit.com

    The MIL Network –

    January 23, 2025

  • MIL-OSI Banking: Escalating cyber threats demand stronger global defense and cooperation

    Source: Microsoft

    Headline: Escalating cyber threats demand stronger global defense and cooperation

    Microsoft customers face more than 600 million cybercriminal and nation-state attacks every day, ranging from ransomware to phishing to identity attacks. Once again, nation-state affiliated threat actors demonstrated that cyber operations—whether for espionage, destruction, or influence—play a persistent supporting role in broader geopolitical conflicts. Also fueling the escalation in cyberattacks, we are seeing increasing evidence of the collusion of cybercrime gangs with nation-state groups sharing tools and techniques.  

    We must find a way to stem the tide of this malicious cyber activity. That includes continuing to harden our digital domains to protect our networks, data, and people at all levels. However, this challenge will not be accomplished solely by executing a checklist of cyber hygiene measures but only through a focus on and commitment to the foundations of cyber defense from the individual user to the corporate executive and to government leaders.

    These are some of the insights from the fifth annual Microsoft Digital Defense Report, which covers trends between July 2023 and June 2024. 

    State-affiliated actors increasingly are using cybercriminals and their tools.  

    Over the last year, Microsoft observed nation state actors conduct operations for financial gain, enlist cybercriminals to collect intelligence, particularly on the Ukrainian military, and make use of the same infostealers, command and control frameworks, and other tools favored by the cybercriminal community. Specifically:  

    • Russian threat actors appear to have outsourced some of their cyberespionage operations to criminal groups, especially operations targeting Ukraine. In June 2024, a suspected cybercrime group used commodity malware to compromise at least 50 Ukrainian military devices.  
    • Iranian nation state actors used ransomware in a cyber-enabled influence operation, marketing stolen Israeli dating website data. They offered to remove specific individual profiles from their data repository for a fee. 
    • North Korea is getting into the ransomware game. A newly-identified North Korean actor developed a custom ransomware variant called FakePenny, which it deployed at organizations in aerospace and defense after exfiltrating data from the impacted networks—demonstrating both intelligence gathering and monetization motivations.  

    Nation state activity was heavily concentrated around sites of active military conflict or regional tension 

    Aside from the United States and the United Kingdom, most of the nation-state-affiliated cyber threat activity we observed was concentrated around Israel, Ukraine, the United Arab Emirates, and Taiwan. In addition, Iran and Russia have used both the Russia-Ukraine war and the Israel-Hamas conflict to spread divisive and misleading messages through propaganda campaigns that extend their influence beyond the geographical boundaries of the conflict zones, demonstrating the globalized nature of hybrid warfare.  

    • Approximately 75% of Russian targets were in Ukraine or a NATO member state, as Moscow seeks to collect intelligence on the West’s policies on the war. 
    • Chinese threat actors’ targeting efforts remain similar to the last few years in terms of geographies targeted—Taiwan being a focus, as well as countries within Southeast Asia—and intensity of targeting per location. 
    • Iran placed significant focus on Israel, especially after the outbreak of the Israel-Hamas war. Iranian actors continued to target the US and Gulf countries, including the UAE and Bahrain, in part because of their normalization of ties with Israel and Tehran’s perception that they are both enabling Israel’s war efforts. 
    Example of Iran’s targeting shift following the start of the Israel-Hamas conflict.

    Russia, Iran, and China focus in on the U.S. election 

    Russia, Iran, and China have all used ongoing geopolitical matters to drive discord on sensitive domestic issues leading up to the U.S. election, seeking to sway audiences in the U.S. to one party or candidate over another, or to degrade confidence in elections as a foundation of democracy. As we’ve reported, Iran and Russia have been the most active, and we expect this activity to continue to accelerate over the next two weeks ahead of the U.S. election.  

    In addition, Microsoft has observed a surge in election-related homoglyph domains—or spoofed links—delivering phishing and malware payloads. We believe these domains are examples both of cybercriminal activity driven by profit and of reconnaissance by nation-state threat actors in pursuit of political goals. At present, we are monitoring over 10,000 homoglyphs to detect possible impersonations. Our objective is to ensure Microsoft is not hosting malicious infrastructure and inform customers who might be victims of such impersonation threats.  

    Financially motivated cybercrime and fraud remain a persistent threat  

    While nation-state attacks continue to be a concern, so are financially motivated cyberattacks. In the past year Microsoft observed:   

    • A 2.75x increase year over year in ransomware attacks. Importantly, however, there was a threefold decrease in ransom attacks reaching the encryption stage. The most prevalent initial access techniques continue to be social engineering—specifically email phishing, SMS phishing, and voice phishing—but also identity compromise and exploiting vulnerabilities in public facing applications or unpatched operating systems. 
    • Tech scams skyrocketed 400% since 2022. In the past year, Microsoft observed a significant uptick in tech scam traffic with daily frequency surging from 7,000 in 2023 to 100,000 in 2024. Over 70% of malicious infrastructure was active for less than two hours, meaning they may be gone before they’re even detected. This rapid turnover rate underscores the need for more agile and effective cybersecurity measures. 

    Threat actors are experimenting with generative AI 

    Last year, we started to see threat actors—both cybercriminals and nation states—experimenting with AI. Just as AI is increasingly used to help people be more efficient, threat actors are learning how they can use AI efficiencies to target victims. With influence operations, China-affiliated actors favor AI-generated imagery, while Russia-affiliated actors use audio-focused AI across mediums. So far, we have not observed this content being effective in swaying audiences.  

    Nation-state adversarial use of AI in influence operations.

    But the story of AI and cybersecurity is also a potentially optimistic one. While still in its early days, AI has shown its benefits to cybersecurity professionals by acting as a tool to help respond in a fraction of the time it would take a person to manually process a multitude of alerts, malicious code files, and corresponding impact analysis. We continue to innovate our technology to find new ways that AI can benefit and strengthen cybersecurity.   

    Collaboration remains crucial to strengthening cybersecurity. 

    With more than 600 million attacks per day targeting Microsoft customers alone, there must be countervailing pressure to reduce the overall number of attacks online. Effective deterrence can be achieved in two ways: by denial of intrusions or by imposing consequences for malicious behavior. Microsoft continues to do our part to reduce intrusions and has committed to taking steps to protect ourselves and our customers through our Secure Future Initiative. 

    While the industry must do more to deny the efforts of attackers via better cybersecurity, this needs to be paired with government action to impose consequences that further discourage the most harmful cyberattacks. Success can only be achieved by combining defense with deterrence. In recent years, a great deal of attention has been given to the development of international norms of conduct in cyberspace. However, those norms so far lack meaningful consequence for their violation, and nation-state attacks have been undeterred, increasing in volume and aggression. To shift the playing field, it will take conscientiousness and commitment by both the public and private sectors so that attackers no longer have the advantage.  

    Microsoft continues to share important threat intelligence with the community, including our recent Cyber Signals research looking at cyber risks in the education sector. 

    Tags: AI, artificial intelligence, China, cyberattacks, cybercrime, cybersecurity, election, elections, generative ai, Hamas, homoglyphs, Iran, Israel, malware, Microsoft Digital Defense Report, NATO, North Korea, phishing, Russia, Secure Future Initiative, Tech scams, Ukraine, United Kingdom, United States

    MIL OSI Global Banks –

    January 23, 2025

  • MIL-OSI Economics: Vietnam debit card payments market to surpass $65 billion in 2028, forecasts GlobalData

    Source: GlobalData

    Vietnam debit card payments market to surpass $65 billion in 2028, forecasts GlobalData

    Posted in Banking

    The Vietnamese debit card payments market is forecast to register a compound annual growth rate (CAGR) of 13.7% between 2024 and 2028 to reach VND1,559.6 trillion ($65.6 billion) in 2028, supported by rise in banked and card penetration as well as constant consumer shift towards electronic payments, according to GlobalData, a leading data and analytics company.

    GlobalData’s Payment Cards Analytics reveals that card payment value in Vietnam registered a growth of 46.2% in 2022, driven by a rise in consumer spending. The value grew further to register a growth of 18.4% to reach VND804.2 trillion ($33.8 billion) in 2023.

    Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “Cash continues to dominate the payment market in Vietnam, but the tide is slowly turning as the government and regulatory authorities introduce initiatives to boost non-cash payments and enhance access to banking services thereby benefiting card payments.”

    To drive debit card adoption, the government and commercial banks have taken steps such as launching financial literacy programs and the introduction of remote banking options. Although debit cards are traditionally used for cash withdrawals, they are gradually being embraced for payments—especially low-value transactions. This has been driven by rising consumer awareness, the introduction of contactless debit cards, and the expansion of the country’s POS network.

    The availability of basic bank accounts and a focus on financial inclusion have contributed to the strong penetration of debit cards in the country. This is supported by the country’s growing banked population, which rose from 34.9% in 2019 to 58.8% in 2024. Debit cards are generally offered as a complementary product when consumers open a bank account. In line with the government’s financial inclusion initiatives, banks are expanding their services to remote locations.

    Debit cards are the preferred card type for payments market in Vietnam, accounting for 66.3% of total card payments value in 2023. Despite high share, their usage remains mostly limited to cash withdrawals with debit cards’ frequency for payments standing at just 4.2 transactions per card as of 2024, with more needs to be done to encourage debit card usage for payments both at merchant and consumer level.

    Vietnam and the central bank took steps to promote digital payments in the country. In October 2021, the government approved the Project for the Development of Non-Cash Payments for 2021-25. The project is aimed at achieving various goals by 2025, including boosting the value of non-cash payments, expanding the number of establishments that accept non-cash payments, and raising the proportion of individuals aged 15 and above who hold transaction accounts at banks to 80%.

    Sharma concludes: “Vietnam’s payment market is slowly transitioning from a cash-dominated society to one that embraces electronic payments. With the increasing number of digital-only banks, the emergence of payment card technologies, and the development of payment infrastructure, the debit card payment market in Vietnam is set to expand significantly in the coming years. The market is forecast to grow by 16.1% to reach VND934 trillion ($39.3 billion) in 2024.”

    MIL OSI Economics –

    January 23, 2025

  • MIL-OSI United Kingdom: New UK sanctions target illegal outposts and organisations supporting extremist Israeli settlers in the West Bank

    Source: United Kingdom – Government Statements

    New sanctions target three illegal settler outposts and four organisations that have supported and sponsored violence against communities in the West Bank.

    • New sanctions target three illegal settler outposts and four organisations that have supported and sponsored violence against communities in the West Bank. 
    • Today’s measures put strict financial restrictions on those who commit these acts. Measures respond to a continued rise in violence that is devastating Palestinian communities in the West Bank.  
    • Foreign Secretary David Lammy said, “the Israeli government must crack down on settler violence and stop the legalisation of settler outposts.” 

    The Foreign Secretary has announced sanctions in response to continued violence by extremist Israeli settlers in the occupied West Bank. 

    Today’s measures target three settler outposts and four organisations that have supported, incited and promoted violence against Palestinian communities in the West Bank. Settler violence often seeks to force Palestinians to leave their homes, and seize their land for the construction of outposts, which are illegal under both international and Israeli law.  

    The measures follow an unprecedented rise in settler violence in the West Bank over the last year, with the UN recording over 1,400 attacks by settlers against Palestinian communities since October 2023.  
     
    The month of October sees the beginning of the olive harvest in the West Bank, an important time both culturally and economically for Palestinians. It has traditionally suffered spikes in violence as organised settler groups disrupt and attack Palestinians.  

    The measures taken today are part of wider UK efforts to support a more stable West Bank, which is vital for the peace and security of both Palestinians and Israelis. 

    Foreign Secretary David Lammy said: 

    When I went to the West Bank earlier this year, on one of my first trips as Foreign Secretary, I met with Palestinians whose communities have suffered horrific violence at the hands of Israeli settlers.   

    The inaction of the Israeli government has allowed an environment of impunity to flourish where settler violence has been allowed to increase unchecked. Settlers have shockingly even targeted schools and families with young children.    

    Today’s measures will help bring accountability to those who have supported and perpetrated such heinous abuses of human rights. The Israeli government must crack down on settler violence and stop settler expansion on Palestinian land. As long as violent extremists remain unaccountable, the UK and the international community will continue to act.

    The illegal settler outposts sanctioned today – Tirzah Valley Farm Outpost, Meitarim Outpost, and Shuvi Eretz Outpost – have been involved in facilitating, inciting, promoting or providing support for activity that amounts to a serious abuse of the right of Palestinians not to be subjected to cruel, inhuman or degrading treatment or punishment. 

    The four organisations sanctioned today are Od Yosef Chai Yeshiva, Hashomer Yosh, Torat Lechima and Amana. 

    Od Yosef Chai Yeshiva is a religious school embedded in the Yitzhar settlement known to promote violence against non-Jewish people. 

    Hashomer Yosh is a non-governmental organisation that provides volunteers for illegal outposts, including Meitarim Outpost (also sanctioned today). Meitarim was founded by the extremist settler Yinon Levy, who the UK sanctioned in February.  

    Torat Lechima is a registered Israeli charity that has been documented as providing financial support to illegal settler outposts linked with acts of violence against Palestinian communities in the West Bank.   

    Amana operates in practice as a commercial construction company. Amana has overseen the establishment of illegal outposts and provides funding and other economic resources for Israeli settlers involved in threatening and perpetrating acts of aggression and violence against Palestinian communities in the West Bank.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

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    Published 15 October 2024

    MIL OSI United Kingdom –

    January 23, 2025

  • MIL-OSI Economics: BoBC Auction Results – 15 October 2024

    Source: Bank of Botswana

    The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 23 October 2024.  For the 1-month BoBC paper maturing on 13 November 2024, the stop-out yield increased from 2.27 percent to 2.31 percent. The summarised results of the auction held on 15 October 2024, are attached below:

    BOBC Results 15 October 2024.pdf

    MIL OSI Economics –

    January 23, 2025

  • MIL-OSI Africa: Ghana’s informal settlements are not all the same – social networks make a difference in community development

    Source: The Conversation – Africa – By Seth Asare Okyere, PhD, Visiting lecturer, University of Pittsburg and Adjunct Associate Professor, Osaka University, University of Pittsburgh

    Informal settlements in Africa are diverse. Across regions and even in the same city, socioeconomic and physical conditions vary. One thing is common though: upgrading them is a challenge.

    Among the challenges are issues of including people, having enough funding and sustaining improvements. That’s why attention is shifting to community driven development. This concept refers to local interventions that are started or led by community groups with support from the local government, private or civil society organisations.

    Community driven development has gained support from international agencies such as the World Bank. The World Bank Group is estimated to have invested about US$30 billion in projects like this across 94 countries.

    These initiatives are considered more affordable, efficient and durable. Communities often contribute local resources and labour, and residents can learn skills from service providers which enable them to manage projects in the long term. When residents work together it can also strengthen bonds and build social capital. Social capital generally refers to the ties, bonds, relationships and trust found in a community. It is an important resource in informal settlements.

    We are a group of urban and development planners who examined the role of social capital in community driven development in urban Ghana.

    We conducted our study in the Abese Quarter (La township) and Old Tulaku communities, in the Greater Accra metropolitan area. These are both informal settlements but have different social characters.

    Our findings highlight the need for local governments to tailor development to the social context of informal settlements. Development planning institutions should use the networks already present in communities, as well as providing external help and resources.

    The research

    Our analysis was based on questionnaire responses from 300 residents of informal settlements in Greater Accra. Abese Quarter is what we call an indigenous settlement. It it composed of residents from the local Ga ethnic group with similar cultural practices. Old Tulaku is a migrant settlement. It includes a mix of residents originally from other regions in Ghana who moved to Accra in search of economic opportunities.

    We observed community water and sanitation projects planned and carried out by local residents.

    In doing so, we considered the role of two types of social capital: bonding and bridging.

    Bonding social capital deals with the personal relationships between individuals based on shared identity. It’s about family, close companionship, culture and ethnicity. Bridging social capital refers to the connection between people and external groups.

    In the indigenous settlement, bonding social capital had a positive influence on community driven development. Bridging social capital showed a negative relationship with it. For example, the public toilet in the community was in a deplorable state. This seemed to be explained by an inability to build wider connections outside the community to get the support needed. We reason that socially homogeneous communities tend to generate inward-looking networks that limit access to resources from beyond the group. Overemphasis on social ties can impede long-term community development.

    In the migrant informal settlement, our research revealed the opposite. Without shared identities (like ethnicity, language and social norms), migrant residents drew on shared challenges and goals. They organised and built connections to get support from businesses and donors for community projects.

    Our research reinforces the argument that the relationship between social capital and community-driven development of informal settlements is not straightforward. The social character of the settlement, be it indigenous or migrant, produces different outcomes.

    Bonding and bridging social capital

    Informal settlements are often neglected by local government and planning authorities. In such poor conditions, social connections influence the local capacity to carry out improvement projects.

    Typically, high levels of bonding social capital are seen to promote collective action in communities that share similar social and cultural norms and practices. However, the long term benefits of such projects may require building partnerships with external support organisations and service providers.

    Bridging social capital goes beyond shared identities. It fosters connection between people and external organisations.

    Generally, community-driven development success is greatest when both forms of social capital are high and used together. For instance, in the Ubungo Darajani informal settlement in Kinondoni Municipality in Dar es Salaam, Tanzania, landholders relied on both to secure land for community development.

    What next?

    Local government and community-based organisations should harness the different forms of social capital for development.

    Policymakers can learn from the creative and innovative ways that informal communities solve problems. This could help improve informal settlements equitably and sustainably.

    Beatrice Eyram Afi Ziorklui, a registered valuer and auditor at the Performance and Special Audit Department of the Ghana Audit Service, was part of the research team and contributed to this article.

    – Ghana’s informal settlements are not all the same – social networks make a difference in community development
    – https://theconversation.com/ghanas-informal-settlements-are-not-all-the-same-social-networks-make-a-difference-in-community-development-239133

    MIL OSI Africa –

    January 23, 2025

  • MIL-OSI United Kingdom: New leader for ARU’s work-based courses

    Source: Anglia Ruskin University

    Published: 14 October 2024 at 10:30

    Specialist in education and workforce development Carl Dawson joins university

    Carl Dawson, a globally renowned expert in online education and workforce development with over 20 years of experience, has been appointed to lead Anglia Ruskin University’s Online and Degrees at Work teams.

    Relocating to the UK from Texas, Carl has previously worked closely with universities, governments and companies in the United States, Canada, Australia, Bangladesh, Qatar and Saudi Arabia.

    Carl has extensive experience across both the public and private sectors and has implemented digital learning programs for institutions and governments, including the UK Cabinet Office. In 2013, he co-founded Construct Education, later recognized by Deloitte as one of the fastest-growing technology companies in the UK and now operating globally.

    He helped build accredited online education programs at institutions such as Howard University, the University of Michigan, and the University of Tennessee.

    In 2021, Carl became an advisor to the World Bank and the International Finance Corporation (IFC) on new digital learning strategies in a post COVID world. 

    His academic research includes time as a Transformational Leadership Fellow at Oxford University, a Policy Fellow at Cambridge University, and a Senior Research Associate at Jesus College, Cambridge, focusing on new economic models for higher education.

    The Degrees at Work team is at the forefront of driving growth for ARU’s distance learning and apprenticeships. The team collaborates closely with employers and academics to identify future talent needs, generating insights that shape ARU’s innovative, professional work-based programs.

    Carl, who takes the role of Director of Learning Development Services at ARU, said:

    “I’m thrilled to return to the UK to join Anglia Ruskin University and help shape the future of work in the East of England and beyond, ensuring this unique region leads in preparing learners for tomorrow’s industries and societal needs.

    “Being part of the University of the Year is an incredible opportunity, and I’m eager to build on our Gold Award for teaching, pioneering degree apprenticeships, and decade-long distance and online learning success.”

    MIL OSI United Kingdom –

    January 23, 2025

  • MIL-OSI: RYVYL to Present at the LD Micro Main Event XVII

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, CA, Oct. 14, 2024 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging proprietary blockchain ledger and electronic payment technology for diverse international markets, today announced it will participate at the LD Micro Main Event XVII being held October 28-30, 2024, at the Luxe Sunset Blvd Hotel in Los Angeles.

    RYVYL Chairman and Co-Founder, Ben Errez, and Chief Financial Officer, George Oliva, will be in attendance to present to conference attendees and available for 1×1 meetings with investors throughout the conference. For more information on the LD Micro Main Event XVII, or to schedule a one-on-one meeting, please contact your conference representative, or email your request to RYVYL@lhai.com.

    Presentation Time:  October 29, 11:00 am PT
       Webcast Link
       

    The webcast of the presentation will also be found on the investor relations section of RYVYL’s website: RYVYL Investor Events.

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging proprietary blockchain ledger and electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. http://www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding the timing and expectation of revenues from the license described herein and are characterized by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

    By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the licensee understands and complies with various banking laws and regulations that may impact the licensee’s ability to process transactions. For example, federal money laundering statutes and Bank Secrecy Act regulations discourage financial institutions from working with operators of certain industries – particularly industries with heightened cash reporting obligations and restrictions – as a result of which, banks may refuse to process certain payments and/or require onerous reporting obligations by payment processors to avoid compliance risk. These and other risk factors affecting the Company are discussed in detail in the Company’s periodic filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of the latest information, future events or otherwise, except to the extent required by applicable laws.

    IR Contact: David Barnard, LHA Investor Relations, 415-433-3777, RYVYL@lhai.com

    The MIL Network –

    January 23, 2025

  • MIL-OSI: Šiaulių Bankas AB plans a bond offering, subject to market conditions

    Source: GlobeNewswire (MIL-OSI)

    Šiaulių Bankas AB plans an offering of Fixed Rate Reset Perpetual Additional Tier 1 Temporary Write Down Notes, subject to market conditions.

    THIS NOTICE DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER, INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF AKCINĖ BENDROVĖ ŠIAULIŲ BANKAS.

    On 14 October 2024, the Management Board of Šiaulių Bankas AB approved an offering of Fixed Rate Reset Perpetual Additional Tier 1 Temporary Write Down which would follow subject to market conditions.

    Šiaulių Bankas AB has mandated Goldman Sachs Bank Europe SE as Lead Manager to arrange a series of virtual fixed income investor meetings commencing on 14 October. Relevant stabilisation regulations including FCA/ICMA will apply.

    This communication is not an offer of securities or investments for sale nor a solicitation of an offer to buy securities or investments in any jurisdiction where such offer or solicitation would be unlawful. No action has been taken that would permit an offering of securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt   

    The MIL Network –

    January 23, 2025

  • MIL-OSI Economics: RBI imposes monetary penalty on Sri Kalahasti Co-operative Town Bank Limited, Andhra Pradesh

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 04, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Sri Kalahasti Co-operative Town Bank Limited, Andhra Pradesh (the bank) for non-compliance with provisions of Section 31 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.

    Based on supervisory findings of non-compliance with statutory provision 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 statutory provision. After considering the bank’s reply to the notice and oral submissions made by it 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 failed to submit its accounts and balance-sheet together with the auditor’s report for the financial year 2022-23 to RBI within stipulated period of three months.

    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: 2024-2025/1285

    MIL OSI Economics –

    January 23, 2025

  • MIL-OSI Africa: Hamburg Sustainability Conference spotlights youth entrepreneurship in Africa, African Development Bank Group support for continent’s youth-led small and medium enterprises

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

    HAMBURG, Germany, October 14, 2024/APO Group/ —

    African youth entrepreneurs supported the by African Development Bank Group (www.AfDB.org) took center stage at the Hamburg Sustainability Conference on Monday.

    During a session, titled “Empowering Young Entrepreneurs in Africa,” executives of the African Development Bank and its partner the African Guarantee Fund (http://apo-opa.co/3Y78rMT), as well as young African business leaders showcased innovative approaches to bridging the financing gap for youth entrepreneurs.

    The two-day Hamburg Sustainability Conference, which drew global leaders, development institutions and young business founders across the continent, featured high-level discussions on reshaping international financial systems and creating investment environments that promote achievement of the United Nations Sustainable Development Goals.

    The session explored the impact of the Bank’s Affirmative Finance Action for Women in Africa (http://apo-opa.co/3Y3wpZI) initiative. Through AFAWA, the Bank has approved approximately $1.8 billion in lending for Africa’s women entrepreneurs; some $1 billion has already been disbursed to more than 18,000 women-led small and medium enterprises.

    Melanie Keita, CEO and co-founder of Melanin Kapital (http://apo-opa.co/48alJNA), a Nairobi-based fintech company that provides digital loans, and a beneficiary of AFAWA, spoke about the need for more accessible financing options for Africa’s youth-led startups. She questioned whether there were plans to digitise the loan process: “Can people access loans from their living room instead of having to travel a lot of time and then go with a lot of paperwork and being denied loans sometimes?”

    South Africa’s Minister in the Presidency Responsible for Planning, Monitoring, and Evaluation, Maropene Ramokgopa, told attendees that young African entrepreneurs are “drivers of change.” She urged governments to prioritise entrepreneurship policies and reduce bureaucratic barriers.

    “From financial technology, agriculture, renewable energy and creative sector to digital health solutions, young African entrepreneurs are transforming their communities,” Ramokgopa added. “They are also creating jobs and reshaping the economies as well.”

    Africa is facing a significant demographic shift: the continent is expected to be home to 1.4 billion people aged under 25 by the year 2063.

    Ahmed Attout, Director for Financial Sector Development at the African Development Bank, introduced its Youth Entrepreneurship Investment Banks (YEIB) initiative, designed to de-risk investing in youth entrepreneurs while fostering talent and entrepreneurship across Africa.

    “[The Youth Entrepreneurship Investment Banks initiative] is a one-stop shop that can give youth access to finance, employment guarantees, employment technical assistance,” Attout said, adding that the initiative is in the advanced implementation phase in Liberia and Ethiopia.

    Jules Ngankam, CEO of the African Guarantee Fund, an implementing partner of AFAWA, announced significant progress in delivering solutions for entrepreneurs. He said the Fund has issued $3 billion in guarantees, enabling commercial banks to lend $5 billion to small and medium-sized enterprises.

    The session was followed by a roundtable to stimulate networking between development institutions and African innovators. Joining Keita at the roundtable were two other beneficiaries of the Bank’s support: Chiemela Anosike, founder and CEO of Solaris GreenTech (http://apo-opa.co/48alKkC), and Ebun Feludu, CEO of Kokari Coconuts & Company (http://apo-opa.co/3A6ibiv), both Nigeria-based.

    Chiemela Anosike said the struggle for start-up success is real. “Entrepreneurship is hard. Entrepreneurship in Africa is harder…so, it’s difficult. So, we have programs like this…but then you give us another full-time job because you’re into fundraising and then it’s taking six months. You’re developing just one proposal [for financing] and it’s taking one month plus,” Anosike told roundtable participants.

    Bank Director for Human Capital, Youth and Skills Development Martha Phiri told the entrepreneurs that the Bank is integrating entrepreneurship skills into its vocational training programs, in recognition that not all graduates will find employment in existing job markets.

    Tapera Muzira, the Bank’s Lead Expert for Human Capital, Youth and Skills Development said the Bank’s Innovation and Entrepreneurship Lab (http://apo-opa.co/3YqnotZ), an online platform that connects African entrepreneurs with resources, financing, and business development services, is closing the information gap that limits youth potential to contribute to economies and communities.

    Earlier,  Norway’s Minister of International Development, Anne Beathe Tvinnereim, noted that her country is committed to supporting African youth entrepreneurship. She referenced the USAID and Norway-led Financing for Agricultural Small-and-Medium Enterprises in Africa program, a multi-donor fund designed to spur investment in Africa’s agricultural growth.

    “African youth constitute 60% of the population, which is why youth engagement and involvement is central in Norwegian foreign and development policies. Financing entrepreneurs is not enough. We need to build an entrepreneurial culture that supports solid institutional and regulatory frameworks,” Tvinnereim said.

    The Hamburg Sustainability Conference is organized annually by the United Nations Development Program, the German Federal Ministry for Economic Cooperation and Development (BMZ), the Michael Otto Foundation for Sustainability (http://apo-opa.co/48alMJg) and the City of Hamburg.

    MIL OSI Africa –

    January 23, 2025

  • MIL-OSI Africa: Nigeria: African Development Bank and partners agree to fast-track implementation of Special Agro Industrial Processing Zones program

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

    ABUJA, Nigeria, October 14, 2024/APO Group/ —

    The African Development Bank Group (www.AfDB.org) has reached an agreement with participating Nigerian state governments to speed up implementation of a program designed to develop eight new agro-industrial zones in the country. The agreement emerged from a two-day meeting in Abuja, on 7 – 8 October, attended by senior government and bank officials and representatives of financing partners and the private sector.

    The Nigeria Special Agro Industrial Processing Zones (SAPZ) program, launched in 2022, aims to create new hubs that integrate the production, processing and distribution of targeted crops and livestock to achieve food security, increase incomes, improve livelihoods, and support economic diversification. By significantly reducing dependence on food imports and boosting exports, SAPZs are expected to boost the country’s foreign exchange reserves.

    To implement the first phase of the SAPZ project in seven states and the Federal Capital Territory, the program has mobilized $538m in co-financing from the African Development Bank Group, the International Fund for Agricultural Development (IFAD), the Islamic Development Bank (IsDB) and the Federal Government of Nigeria.

    Nigeria’s Minister of Finance and the Coordinating Minister of the Economy, Wale Edun who attended the meetings, said, “With inflation coming down, the reserves growing and the exchange rate stabilizing, success is being seen under the macroeconomic stabilization efforts of President Bola Tinubu. That is why the SAPZ program cannot and must not disappoint.”

    Minister of Agriculture and Food Security, Abubakar Kyari, said, “The need to align all our efforts at the federal and state levels as well as with our development partners is germane, so that the momentum we gain here translates into tangible outcomes for the target beneficiaries, particularly those in rural areas where the SAPZs will have their greatest impact.”

    According to the Director General of the African Development Bank’s Nigeria Country Department, Dr. Abdul Kamara, the meetings were aimed at strengthening collaboration among key stakeholders, including the private sector. Participants shared ideas and lessons learned, goals, and agreed on practical next steps to accelerate the implementation of Phase 1 of the program. The next phase of the programme will expand to include other state governments.

    Emphasising the urgency of overcoming delays that have dogged program implementation, the Senior Special Adviser to the Bank President on Industrialisation, Prof. Banji Oyelaran-Oyeyinka, said the rapid implementation and take-off of SAPZs provides a solution to the declining contribution of manufacturing and manufacturing exports to Nigeria’s GDP.

    The second day of the meeting featured a workshop that brought together officials from the federal and state governments, representatives of partner institutions, and private sector investors to discuss the program’s financial, procurement and operational processes, as well as an accelerated implementation plan. The federal and state governments committed to implementing transparent and competitively driven procurement processes, including the independent selection of vendors.

    The sessions, moderated by Dr. Victor Oladokun, Senior Advisor on Communications and Stakeholder Engagement to the president of the African Development Bank, also provided a platform to highlight the complementary roles of stakeholders. While governments and financing institutions are expected to play a catalytic role, the private sector will focus on investing in the construction and operation of the key components of the zones: Agro Industrial Processing Hubs (AIHs) and Agricultural Transformation Centres (ATCs).

    The first phase of the Nigeria SAPZ program is expected to unlock about $1 billion in private sector investments, benefiting an estimated 1.5 million households, including private agribusinesses, agro-processors, smallholder farmers, agripreneurs, and agrodealers, and creating a minimum of 400,000 direct jobs and 1.6 million indirect jobs, especially for women and youth.

    MIL OSI Africa –

    January 23, 2025

  • MIL-OSI Economics: RBI imposes monetary penalty on Arunachal Pradesh Rural Bank

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated October 03, 2024, imposed a monetary penalty of ₹14.00 lakh (Rupees Fourteen Lakh only) on Arunachal Pradesh Rural Bank (the bank), for non-compliance with certain directions issued by RBI on ‘Strengthening of Prudential Norms- Provisioning Asset Classification and Exposure Limit’ and ‘Know Your Customer (KYC)‘. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) 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. failed to classify certain loan accounts as non-performing assets (NPA) resulting into divergence in asset classification of loan accounts; and

    2. allotted multiple Unique Customer Identification Code (UCIC) to its individual customers.

    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: 2024-2025/1288

    MIL OSI Economics –

    January 23, 2025

  • MIL-OSI Economics: RBI imposes monetary penalty on The Urban Co-operative Bank Limited, Dharangaon, Maharashtra

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated October 07, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on The Urban Co-operative Bank Limited, Dharangaon, Maharashtra (the bank), for non-compliance with the specific directions issued by RBI under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in RBI, conferred 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 instructions issued under SAF 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 by it 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 incurred capital expenditure without prior approval of RBI in violation of the directions issued under SAF.

    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: 2024-2025/1287

    MIL OSI Economics –

    January 23, 2025

  • MIL-OSI Economics: RBI imposes monetary penalty on Jilla Sahakari Kendriya Bank Maryadit, Bhind, Madhya Pradesh

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated October 03, 2024, imposed a monetary penalty of ₹2.75 lakh (Rupees Two Lakh Seventy Five Thousand only) on Jilla Sahakari Kendriya Bank Maryadit, Bhind, Madhya Pradesh (the bank) for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘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 BR Act and section 25 of the Credit Information Companies (Regulation) Act, 2005.

    The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with statutory provisions / 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 provisions/directions.

    After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. failed to transfer eligible unclaimed deposit amounts to the Depositor Education and Awareness Fund within the prescribed period; and

    2. failed to submit credit information of its borrowers to any of the four CICs.

    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: 2024-2025/1286

    MIL OSI Economics –

    January 23, 2025

  • MIL-OSI Africa: Multinational: African Development Bank Group approves $34.8 million in grants to build climate resilience in Malawi and Zimbabwe

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

    ABIDJAN, Ivory Coast, October 14, 2024/APO Group/ —

    The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved grants of $34,796,402.40 to enhance resilience and adaptation to climate disaster risks for vulnerable communities in Malawi and Zimbabwe. 

    Under the Bank Group’s Africa Disaster Risk Financing (ADRiFi) initiative, the Mitigating Fragility through the Africa Disaster Risk Financing Programme in Southern Africa Project will bolster institutional capacity for climate risk preparedness and management; increase financial protection against climate disaster risks through sovereign climate disaster risk transfer; and promote the adoption of index-based crop insurance to mitigate against drought and other production risks at the micro-level. 

    Malawi and Zimbabwe face significant climate hazards, such as droughts, tropical cyclones, and flooding, but lack adequate mechanisms for climate risk management and adaptation. Both countries are particularly vulnerable to such climate shocks as drought, flooding and tropical cyclones, which contribute to their fragility. Strengthening disaster risk management, improving early warning systems, and enhancing institutional arrangements are crucial for effective preparedness and resilience in these countries. 

    Under the project, insurance payouts will provide timely and adequate financial protection to mitigate losses incurred from climate-related disasters, safeguarding households, and businesses from falling into poverty or bankruptcy. Climate risk insurance is expected to lead to behavioural changes among beneficiaries, such as increased investment in climate-resilient livelihoods or savings for future insurance premiums. This project will build on the successes of the ADRiFi program and the valuable contributions from our partners, which have significantly enhanced the financial resilience of both Malawi and Zimbabwe. Notably, during the El Niño-induced drought season of 2024/2025, African Risk Capacity, the Bank’s partner on ADRiFi, disbursed over $45 million to support farmers affected by the drought. This funding has provided crucial food assistance and recovery interventions, helping communities to rebuild and thrive in the face of adversity.  

    The project is aligned to the Bank’s High 5 Priorities, especially Feed Africa and Improve the Quality of Life of Africans. It also aligns with the Bank’s 10-year strategy (2024-2033) and will contribute to the Bank’s Country Strategy for Malawi which focusses on supporting economic diversification through investments in agriculture infrastructure and value chains. 

    MIL OSI Africa –

    January 23, 2025

  • MIL-OSI USA: How to Apply for FEMA Assistance in Florida After Hurricane Milton

    Source: US Federal Emergency Management Agency

    Headline: How to Apply for FEMA Assistance in Florida After Hurricane Milton

    How to Apply for FEMA Assistance in Florida After Hurricane Milton

    TALLAHASSEE, Fla. — Homeowners and renters in 34 Florida counties and the Miccosukee Tribe of Indians of Florida who had uninsured or underinsured damage or losses caused by Hurricane Milton may now apply for FEMA disaster assistance.

    FEMA may be able to help with serious needs, displacement, temporary lodging, basic home repair costs, personal property loss or other disaster-caused needs. Homeowners and renters in Brevard, Charlotte, Citrus, Clay, Collier, DeSoto, Duval, Flagler, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter and Volusia counties and the Miccosukee Tribe of Indians of Florida can apply.

    How to Apply

    If you applied to FEMA after Hurricanes Debby or Helene and have additional damage from Hurricane Milton, you will need to apply separately for Milton and provide the dates of your most recent damage. Apply online at DisasterAssistance.gov. You can also apply using the FEMA mobile app or by calling FEMA’s helpline toll-free at 800-621-3362. Lines are open every day and help is available in most languages. If you use a relay service, captioned telephone or other service, give FEMA your number for that service. To view an accessible video on how to apply visit Three Ways to Apply for FEMA Disaster Assistance – YouTube. 

    FEMA’s disaster assistance offers new benefits that provide flexible funding directly to survivors. In addition, a simplified process and expanded eligibility allows Floridians access to a wider range of assistance and funds for serious needs.

    What You’ll Need When You Apply

    • A current phone number where you can be contacted.
    • Your address at the time of the disaster and the address where you are now staying.
    • Your Social Security number.
    • A general list of damage and losses.
    • Banking information if you choose direct deposit.
    • If insured, the policy number or the agent and/or the company name.

    If you have homeowners, renters or flood insurance, file a claim as soon as possible. FEMA cannot duplicate benefits for losses covered by insurance. If your policy does not cover all your disaster expenses, you may be eligible for federal assistance.

    If you applied for assistance for multiple disasters, please note that each event may require a separate home inspection. During these inspections, the inspector will document damage and causes individually.

    FEMA is contacting registered applicants, including those affected by multiple disasters, to help them navigate the process more effectively. These calls may come from unfamiliar area codes or phone numbers. If you are concerned about verifying that FEMA is trying to reach you, call 800-621-3362. FEMA representatives never charge applicants for disaster assistance, FEMA services are free.

    As part of the Major Disaster Declaration, President Biden also authorized FEMA Public Assistance for debris removal and emergency protective measures, including Direct Federal Assistance, for 34 counties and the Miccosukee Tribe of Indians of Florida, and the Hazard Mitigation Grant Program statewide.

    For the latest information about Florida’s recovery, visit fema.gov/disaster/4834. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.

    kirsten.chambers
    Mon, 10/14/2024 – 13:20

    MIL OSI USA News –

    January 23, 2025

  • MIL-OSI: Inside information, positive profit warning: OP Financial Group estimates that its operating profit for 2024 will be higher than that of 2023

    Source: GlobeNewswire (MIL-OSI)

    OP Financial Group
    Inside information
    Stock exchange release, 14 October 2024 at 16:30 EEST

    Inside information, positive profit warning: OP Financial Group estimates that its operating profit for 2024 will be higher than that of 2023

    In its stock exchange release of 15 August 2024, OP Financial Group estimated that its operating profit would be at the same level as that of 2023.

    In 2023, OP Financial Group’s operating profit was EUR 2,050 million.

    OP Financial Group now estimates that its operating profit for 2024 will be higher than its operating profit for 2023.

    In particular, this estimate is based on better-than-expected developments in income from investment activities and impairment loss on receivables.

    OP Financial Group’s earnings performance is currently affected by uncertainties. The most significant uncertainties affecting its earning performance in late 2024 concern developments in the business environment, changes in the interest rate and investment environment, and developments in impairment loss on receivables.

    OP Financial Group’s Interim Report for 1 January–30 September 2024 will be published on 31 October 2024.

    OP Cooperative
    OP Corporate Bank plc

    Additional information:
    OP Financial Group’s Investor Relations, IR@op.fi

    Media enquiries:
    OP Financial Group’s Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Euronext Dublin (Irish Stock Exchange)
    LSE London Stock Exchange
    Major media
    op.fi

    OP Financial Group is Finland’s largest financial services group, with more than two million owner-customers and over 14,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for 120 years now. http://www.op.fi

    The MIL Network –

    January 23, 2025
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