Day: January 15, 2021

Convex Group raises US$500 million in preferred equity capital from Sixth Street

spike 1 month ago

Specialty insurer and reinsurer, Convex Group Limited, has received US$500 million (SG$665.1 million) in committed preferred equity capital from affiliates of global investment firm Sixth Street, bringing its total committed capital to over US$3.2 billion.

Sixth Street is a global investment firm with over US$50 billion in assets under management. It is an active global investor in insurance and reinsurance businesses through its US$24 billion Sixth Street TAO platform. Its recent investment follows Convex’s recent US$1 billion capital raise from a consortium led by Onex and GIC.

Stephen Catlin, the chief executive officer of Convex, said the investment provides the

… Read More

Digit Insurance becomes India’s first “unicorn” of 2021

spike 1 month ago

Kamesh Goyal, founder and chairman of Digit Insurance

Digit Insurance, a general insurer established in 2017, has become India’s first unicorn of 2021, with a valuation of US$1.9 billion.

A unicorn is a privately held startup company with market value of over US$1 billion.

According to a statement by Digit, its premium income grew by 31.9% to US$186 million for the period of April to December 2020, and it has served around 15 million customers since its inception. The insurer was also profitable in the three quarters of fiscal year 20-21, despite the economic recession affecting most businesses.

Digit focuses

… Read More

Banking regulation needs a reset to remove Big Tech’s advantages

spike 1 month ago

As the new year begins, and we try to rebuild our economies, we need to rethink the way we regulate finance. That is because the challenges posed by the COVID-19 pandemic are different from those caused by the 2008 financial crisis.

Banking regulation needs a reset to remove Big Tech’s advantages

Back then, authorities drew two conclusions from the fact that banks were a big part of the problem. To reduce the risk to financial stability, banks needed to be much better capitalised, and to reduce economies’ dependence on large banks, competition from new entrants — including tech companies —

… Read More

The future of the ATM

spike 1 month ago

Since the COVID-19 pandemic changed the world’s behaviour, ATM usage has seen a rapid decline in most geographies. This has been powered by a combination of lack of movement and economic activity (due to enforced lockdowns); an increased use of alternate channels including mobile or, even encouraged by retailers, a possibly irrational fear of the risks of handling cash, although that theory is pretty much debunked now.

2021 is change is on the horizon: The future of the ATM

In 2021, the world hopes to see a gradual return to a “new normal” and as this occurs, the ATM will

… Read More