Siam Commercial Bank’s entry into the Metaverse paves the way for a Virtual Economy of the future

Key Insights and Signals in Banking & Financial Services

Center Setup and Expansion
Western & Southern inaugurate new contact center on NKU campus
The center will break down barriers that prevent students from getting real-world work experience and address regional workforce gaps by helping a local company to build and retain talent. Read More>>
PLDT allots up to USD 240 Mn for hyperscale data center
The company plans to upgrade its largest hyperscale data center facility in Sta. MANILA. PLDT Inc. will pour in a massive amount of capital expenditures to further expand its data center business in the country. Read More>>
Siam Commercial Bank opens metaverse HQ
Siam Commercial Bank has entered the metaverse by opening a HQ in the Sandbox, a blockchain-based virtual world platform. SCB will mark its launch by hosting a virtual summit and workshop to highlight the creative possibilities in the future virtual economy. Read More>>
Argentina’s parliament approves the IMF deal to restructure USD 45 Bn debt
The agreement provides for a series of macroeconomic measures to control the country’s chronic inflation (50.9 percent in 2021) and reduce its budget deficit of three percent of GDP last year until it is balanced in 2025. Read More>>
SFIs Insight Centre bags Medtronic and Fidelity research partnerships
The two-year research collaboration will look at ways to future-proof supply lines of medical devices such as ventilators by utilizing the knowledge gained during the Covid-19 pandemic. Read More>>
Mastercard, HSBC partner to bring new B2B payments option to the UK
The agreement aims to launch a product in the UK that allows businesses to use their commercial card program to make payments to any supplier, regardless of whether the supplier accepts card payments. Read More>>
Euroclear joins bank-backed blockchain payment system
The company had entered a consortium of banks building a payment system for tokenized assets in the latest sign of established institutions teaming up with newcomers in crypto technology. Read More>>
Bank of Canada on the way to a national digital currency with MIT partnership
As part of this year-long agreement, the Bank of Canada will work with the Digital Currency Initiative (DCI) from MIT to study how advanced technologies may affect the potential design of MNBC. Read More>>
Mergers and Acquisition
Clearlake Capital and Motive Partners acquire BETA+
BETA+ assets, including BETA, Maxit, and Digital Investor will be acquired from the London Stock Exchange Group. As part of the deal, Clearlake and Motive Partners have formed a long-term strategic partnership with LSEG. Read More>>
Prudential (PRU), Leapfrog to buy a minority stake in Alexander Forbes
The finance groups jointly announced the purchase of a minority interest in Alexander Forbes Group Holdings Limited. Alexander Forbes Group Holdings is a leading provider of financial advice, retirement, investment, and holistic wealth management services in South Africa. Read More>>
Berkshire Hathaway to buy Alleghany Corp. for USD 11.6 Bn
Berkshire Hathaway struck an all-cash deal to purchase property-and-casualty reinsurance company, Alleghany Corp. Joe Brandon is the CEO of Alleghany, and Jefferson Kirby, the chair who holds 2.5%, would vote his shares in support of the deal. Read More>>
Equifax acquires Data Crdito
Through this acquisition, Equifax will enable financial institutions to gain new insights into consumers’ financial profiles and introduce mainstream financial services opportunities to underbanked individuals. Read More>>
Executive Movement
Credit Suisse hires group head of corporate comms
Rob Cox, who joins Credit Suisse in April and will be based in Zurich, succeeds Christine Graeff, who last month moved to the role of global head of human resources. Cox will report to chief executive Thomas Gottstein. Read More>>
Freddie Mac names Chief D&I Officer
Wendell Chambliss will take over for Dionne Wallace Oakley, who has been balancing the diversity and inclusion role as well as her duties as chief human resources officer since August 2021. Read More>>
Tilney Smith & Williamson appoints Financial Planning Associate Director
Francesca Allard joins the firm from James Hambro and Partners, where she worked for five years and held the position of an associate financial planner. She comes with years of experience working with discretionary investment managers. Read More>>

Latest Industry Insights from Draup Braindesk

Equifax Inc. Account Intelligence Report:

Equifax-Fanni Mae’s partnership for Automated Underwriting

Equifax partnered with Fannie Mae for automated underwriting to make their loan guarantee or purchasing processes work smoothly and quickly.
Equifax’s Employee Payroll Automation
Equifax has deployed Employee Payroll Automation Connector Strategy, which deploys API connector technology to help accelerate access to automated verifications for employers while quickly transferring the necessary data into The Work Number Database.
Equifax has implemented NeuroDecision, which generates logical, actionable explanations for the individual consumer. It leads to an accurate credit score that adheres to regulatory requirements.

Key Funding Alert

Temasek, SoftBank, C Ventures, and others invest in US ConsenSys USD 450 Mn Series D funding
All proceeds from the round will be converted to ETH to further build ConsenSys’ ultrasound money position as a rebalance to its ETH to fiat ratio in line with ConsenSys’ treasury strategy. ConsenSys has a significant treasury of ETH and other crypto tokens and is actively using its own financial infrastructure. Read more>>

Startup Spotlight

Company – PayMongo
Total Funding  USD 45.7 Mn
About: PayMongo is providing modern payments for forward-thinking businesses. It aims to become the invisible engine of commerce that gives everyone the opportunity to participate and succeed in the rapidly transforming digital economy. Read more>>

Latest Reports Published in Draup

SE2, LLC Account Intelligence Report: SE2, LLC focuses on developing blockchain applications and insurance products to facilitate the administrative burden of consistent data integration through the application platform. Read More>>
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