Fintech weekly deals and partnerships round-up

WeBank and SwissRe team up for insurance AI

WeBank and SwissRe announced an MoU signing towards cooperation focusin on Federated Learning, one of the latest developments in the world of artificial intelligence. WeBank and Swiss Re will work together to explore how Federated Learning can address the challenges imposed by data silos, enhancing the further development of the insurance industry.

Federated Learning is an encrypted and distributed machine learning approach which enables training for joint machine learning on decentralized data, wherein no data transmission is required for participants. This new approach builds training models that are in compliance with data security requirements enhancing the outcome of machine learning.

WeBank is a privately-owned and digital-only bank in China, as well as the first commercial bank recognized as a National High-tech Enterprise, which “embraces” the ‘ABCD’ technologies (AI, Blockchain, Cloud Computing, Big Data) as its strategic focuses.

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Charles River and Neptune Networks team up for fixed income inventory data to buy-side

Charles River Development, a State Street company, and Neptune Networks, announced a strategic collaboration that will provide buy-side clients of Charles River’s Order and Execution Management System (OEMS) with aggregated, real-time fixed income axes and inventory. Neptune provides technology solutions that enable real-time connectivity and deliver high-quality bond market data from sell-side banks to buy-side clients.

The collaboration is the latest addition to Charles River’s growing ecosystem of global liquidity venues, data, analytics, third party apps, and benchmark providers. Buy-side firms can configure and scale the Charles River platform to optimally support their asset mix, investment process and execution priorities. Launched in 2016, Neptune has 28 dealers on the platform, over $210 billion of gross notional and more than 60,000 axe/inventory items updated in real time across 30,000 individual bonds daily.

John Plansky, CEO of Charles River, said in a statement: “Neptune’s innovative approach to standardizing massive volumes of unstructured data and aggregating liquidity across multiple dealers enables our clients to make faster and more informed trading decisions in highly fragmented and illiquid fixed income markets.”

In addition to Investment Grade, High Yield, Emerging Markets and Rates, Neptune now quotes MBS and Munis, and has recently added bilateral messaging to further digitize the fixed income trading lifecycle. By providing a facility for direct exchange of axe and inventory information, Neptune enables greater transparency and trading efficiencies between bond dealers and investment firms.

Byron Cooper-Fogarty, Neptune’s head of Sales, said in a statement; “Portfolio managers can quickly target axes and inventory of interest, enabling faster decision making and fewer missed trading opportunities. The inventory data captured in the Charles River OEMS also aids clients in demonstrating and documenting MiFID II-mandated best execution requirements.”

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SETL’s survivor IZNES announces new capital structure, reaches €1bn assets

IZNES, the pan-European platform for subscriptions and redemptions of European funds using blockchain technology, announces it has completed the overhaul of its capital structure. Following this transaction, which saw the exit from the capital of SETL, the company which created the blockchain technology underlying IZNES, the six asset management companies – OFI AM, Arkéa IS, Groupama AM, La Banque Postale AM, La Financière de l’Echiquier and Lyxor Asset Management – together hold 100% of the stock.

This operation strengthens IZNES by giving it the necessary means for its international expansion. Under the terms of the operation, IZNES has acquired the intellectual property, hired SETL’s product management team dedicated to the project and will internalize future IT developments. IZNES still benefits from a license to use SETL’s blockchain technology.

Since its operational launch in March 2019, IZNES has met with great success, with 1 billion euros of assets registered on the platform. This success is also a reflection of its ability to operate seamlessly in the working environment of Asset Servicers. IZNES continues to grow in France and Luxembourg as a regulated platform and is striving to enlarge the community of asset managers partnering with it.

Broadridge to acquire Canadian wealth management tech for $300mn

Broadridge Financial Solutions announced that it has entered into a purchase agreement to acquire RPM Technologies, a Canadian provider of enterprise wealth management software solutions and services for approximately $300 million. The global fintech is purchasing RPM from its current owners which include Bayshore Capital.

RPM’s technology platforms support over 15 million customer accounts. The acquisition will bring “important new capabilities and next-generation technology to both RPM’s and Broadridge’s clients” according to a company statement.

The addition of RPM expands Broadridge Canada’s addressable market by providing a solution set for the retail banking sector and adding enhanced mutual fund and deposit manufacturing capabilities. RPM has proven capabilities in the Mutual Fund Dealers Association of Canada marketplace with a suite of services and solutions and a successful track record of winning and on-boarding new clients.

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