News Nuggets | 5 December: Equals Updates on Acquisition; FCA Presents New Plans

by Damian Chmiel
  • Also, Fintel purchased Synaptic Software; Nomura appointed new European Chairman.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
News Nuggets by Finance Magnates
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Equals Group's Strategic Acquisition and Share Issuance

Equals Group plc, a fintech payments company, has completed its acquisition of Roqqett Limited, as previously announced in January 2023. Following this acquisition, Equals Group has made significant movements in its equity. They have satisfied the deferred payment conditions of the acquisition by allotting and issuing ordinary shares.

Additionally, the company has allocated shares to its Share Incentive Plan for eligible employees and to former employees under its Discretionary Long-Term Incentive Plan. The company anticipates the admission of these shares to trading on the AIM market, which is expected to change its shareholding structure significantly.

FCA Plans to Enhance Credit Information Quality

FCA

The Financial Conduct Authority (FCA) has proposed several measures to improve the credit information market. These proposals aim to ensure that credit files more accurately reflect consumers' financial situations.

Key initiatives include mandating FCA-regulated data contributors to share credit information with credit reference agencies, introducing a common data reporting format, and empowering consumers to record non-financial vulnerability information.

These changes are expected to enhance competition, improve credit information quality, and aid in more effective lending decisions, especially for those with limited or poor credit records. An interim working group will oversee these changes, with Jackie Keogh leading the group.

Fintel Plc's Strategic Acquisition of Synaptic Software

Fintel Plc has agreed to acquire Synaptic Software, an independent provider of financial adviser planning and research software, for a net upfront cash consideration of £3.5 million. This acquisition will be conducted through Fintel IQ, its technology and knowledge platform.

Synaptic, known for its efficient and outcome-enhancing products for financial advisers, is expected to significantly contribute to Fintel's capabilities, scale, and intellectual property. The deal aligns with Fintel's strategy to improve the retail financial services market and is the latest in a series of acquisitions aimed at consolidating its position in the market.

Nomura Appoints Tom Scholar

Nomura

Nomura, a leading investment bank, has appointed Sir Tom Scholar, the former top civil servant of the UK Treasury, as its Chairman of Europe. This move follows Scholar's departure from the Treasury and is seen as a strategic step by Nomura to leverage Scholar's extensive experience and understanding of the financial sector.

Scholar’s appointment marks a significant transition from public service to a key role in the banking industry, emphasizing Nomura's focus on integrating government expertise into its operations.

nuam exchange and Nasdaq's Landmark Partnership

nuam exchange and Nasdaq, formed by the merger of the Santiago, Lima, and Colombia stock exchanges, have entered into a strategic technology partnership. This collaboration aims to develop a new marketplace in Latin America, leveraging Nasdaq's institutional-grade technology.

The partnership is designed to create a unique, open market, integrating multiple asset classes and expanding the range of products and services. The initiative is expected to bolster the domestic economies of Chile, Peru, and Colombia, and position nuam exchange as a significant player in the global exchange group.

DigiFT's Regulatory Milestone in Singapore

DigiFT, a digital assets exchange, has achieved a significant regulatory milestone by obtaining a Capital Markets Services license and being recognized as a Recognized Market Operator by the Monetary Authority of Singapore.

This recognition enables DigiFT to scale its services in primary market origination, distribution, and secondary market trading for security tokens on the public blockchain.

DigiFT's platform, built on the Ethereum blockchain, focuses on offering liquidity for security tokens backed by real-world assets. This development underscores Singapore’s position as a hub for financial services and technological innovation and marks a significant step in the convergence of digital assets and traditional finance.

ITRS Present New Chief Financial Officer

James Colquhoun
James Colquhoun

ITRS, a leader in real-time estate monitoring and analytics software for global financial institutions, has appointed James Colquhoun as its Chief Financial Officer (CFO). Colquhoun brings over 15 years of experience as a commercial CFO in high-growth, international businesses.

“He has worked with a range of businesses, supporting them to meet their growth ambitions and achieve international expansion, added to this he has a deep knowledge of the technology sector,” said Guy Warren, the CEO at ITRS.

Barclays' Branch Network Reduction

Barclays, a major UK bank, plans to close an additional 18 branches in 2024 to add to the already planned closures. This decision is part of a broader trend among UK banks, including NatWest and Lloyds, to reduce their physical branch networks due to changing customer behaviors and digital banking trends.

Barclays emphasizes its commitment to maintaining an in-person presence through its Barclays Local network and other initiatives like cashback services and partnerships with the Post Office and Cash Access UK.

Riot Platforms Expands in Bitcoin Mining

Riot Platforms, Inc., a Bitcoin mining and data center hosting provider, has announced a major expansion in its mining capacity. The company has placed a significant order for the latest generation MicroBT Bitcoin miners, which will increase its self-mining hash rate capacity.

This order, primarily consisting of the M66S model, represents a total investment of $290.5 million and is part of Riot's strategy to maintain one of the most efficient Bitcoin mining fleets globally.

Additionally, Riot has secured purchase options for additional miners, providing a path to exceed a 100 EH/s capacity in the future.

Equals Group's Strategic Acquisition and Share Issuance

Equals Group plc, a fintech payments company, has completed its acquisition of Roqqett Limited, as previously announced in January 2023. Following this acquisition, Equals Group has made significant movements in its equity. They have satisfied the deferred payment conditions of the acquisition by allotting and issuing ordinary shares.

Additionally, the company has allocated shares to its Share Incentive Plan for eligible employees and to former employees under its Discretionary Long-Term Incentive Plan. The company anticipates the admission of these shares to trading on the AIM market, which is expected to change its shareholding structure significantly.

FCA Plans to Enhance Credit Information Quality

FCA

The Financial Conduct Authority (FCA) has proposed several measures to improve the credit information market. These proposals aim to ensure that credit files more accurately reflect consumers' financial situations.

Key initiatives include mandating FCA-regulated data contributors to share credit information with credit reference agencies, introducing a common data reporting format, and empowering consumers to record non-financial vulnerability information.

These changes are expected to enhance competition, improve credit information quality, and aid in more effective lending decisions, especially for those with limited or poor credit records. An interim working group will oversee these changes, with Jackie Keogh leading the group.

Fintel Plc's Strategic Acquisition of Synaptic Software

Fintel Plc has agreed to acquire Synaptic Software, an independent provider of financial adviser planning and research software, for a net upfront cash consideration of £3.5 million. This acquisition will be conducted through Fintel IQ, its technology and knowledge platform.

Synaptic, known for its efficient and outcome-enhancing products for financial advisers, is expected to significantly contribute to Fintel's capabilities, scale, and intellectual property. The deal aligns with Fintel's strategy to improve the retail financial services market and is the latest in a series of acquisitions aimed at consolidating its position in the market.

Nomura Appoints Tom Scholar

Nomura

Nomura, a leading investment bank, has appointed Sir Tom Scholar, the former top civil servant of the UK Treasury, as its Chairman of Europe. This move follows Scholar's departure from the Treasury and is seen as a strategic step by Nomura to leverage Scholar's extensive experience and understanding of the financial sector.

Scholar’s appointment marks a significant transition from public service to a key role in the banking industry, emphasizing Nomura's focus on integrating government expertise into its operations.

nuam exchange and Nasdaq's Landmark Partnership

nuam exchange and Nasdaq, formed by the merger of the Santiago, Lima, and Colombia stock exchanges, have entered into a strategic technology partnership. This collaboration aims to develop a new marketplace in Latin America, leveraging Nasdaq's institutional-grade technology.

The partnership is designed to create a unique, open market, integrating multiple asset classes and expanding the range of products and services. The initiative is expected to bolster the domestic economies of Chile, Peru, and Colombia, and position nuam exchange as a significant player in the global exchange group.

DigiFT's Regulatory Milestone in Singapore

DigiFT, a digital assets exchange, has achieved a significant regulatory milestone by obtaining a Capital Markets Services license and being recognized as a Recognized Market Operator by the Monetary Authority of Singapore.

This recognition enables DigiFT to scale its services in primary market origination, distribution, and secondary market trading for security tokens on the public blockchain.

DigiFT's platform, built on the Ethereum blockchain, focuses on offering liquidity for security tokens backed by real-world assets. This development underscores Singapore’s position as a hub for financial services and technological innovation and marks a significant step in the convergence of digital assets and traditional finance.

ITRS Present New Chief Financial Officer

James Colquhoun
James Colquhoun

ITRS, a leader in real-time estate monitoring and analytics software for global financial institutions, has appointed James Colquhoun as its Chief Financial Officer (CFO). Colquhoun brings over 15 years of experience as a commercial CFO in high-growth, international businesses.

“He has worked with a range of businesses, supporting them to meet their growth ambitions and achieve international expansion, added to this he has a deep knowledge of the technology sector,” said Guy Warren, the CEO at ITRS.

Barclays' Branch Network Reduction

Barclays, a major UK bank, plans to close an additional 18 branches in 2024 to add to the already planned closures. This decision is part of a broader trend among UK banks, including NatWest and Lloyds, to reduce their physical branch networks due to changing customer behaviors and digital banking trends.

Barclays emphasizes its commitment to maintaining an in-person presence through its Barclays Local network and other initiatives like cashback services and partnerships with the Post Office and Cash Access UK.

Riot Platforms Expands in Bitcoin Mining

Riot Platforms, Inc., a Bitcoin mining and data center hosting provider, has announced a major expansion in its mining capacity. The company has placed a significant order for the latest generation MicroBT Bitcoin miners, which will increase its self-mining hash rate capacity.

This order, primarily consisting of the M66S model, represents a total investment of $290.5 million and is part of Riot's strategy to maintain one of the most efficient Bitcoin mining fleets globally.

Additionally, Riot has secured purchase options for additional miners, providing a path to exceed a 100 EH/s capacity in the future.

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