Author: itsupport

At the heart of progress: Banorte’s role in Mexico’s growth

Posted on by itsupport

Grupo Financiero Banorte has been following its own aspirational philosophy for over a century. Moment by moment, in each location and region of Mexico, with each generation, in the relevant changes of the country, it has helped people to take advantage of opportunities and overcome complex situations in all areas of their lives. It is with this character that we are today the strongest and largest Mexican financial group.

Our history is intertwined with that of Mexico. Every decision, every loan, every business supported, and every project financed leaves a footprint that impacts families, businesses and entire communities. Because when they prosper, Mexico prospers, and so does Banorte.

We understand that hidden opportunities are always present and Banorte knows how to take advantage of them. For this reason, it is not surprising that our origin is in the capital of the booming state of Nuevo León, in the north of the country, distinguished by its industrial vocation. We were created with the knowledge and ambition to meet the needs of Monterrey companies that today are a symbol of entrepreneurial spirit, innovation and resilience. Already at that time, the customer was at the centre of our nascent ambitions. On November 16, 1899, Banco Mercantil de Monterrey was founded, a local bank that years later would evolve into a regional bank.

Our next predecessor, Banco Regional del Norte, was created almost half a century later, in 1947. Both financial institutions merged in the 1980s to create Banco Mercantil del Norte, today known as Banorte, which through a strategy of investments, mergers and acquisitions achieved the diversification and strengthening of its banking platform with national coverage.

As a result, we integrated businesses that today allow us to offer the most diversified portfolio of financial services in the market: banking for individuals, companies of all sizes, and governments, as well as international banking, insurance, fund management, brokerage, and retirement savings, among others.

Banorte’s history is one of transformation and progress. We have evolved, modernised and embraced every innovation, always reinforcing our essence: customers at the centre of everything we do. This vision made us migrants of evolution: we adopt with agility and opportunity each technological transformation, which is why we are digital pioneers, offering financial products and services that respond to the needs of each of our customers.

Becoming the best financial group
Focusing on the recent stage of the group’s technological, cultural and business transformation means reiterating our founding principle, which is to have the customer at the centre of everything we do.

In 2014, we conducted an in-depth analysis of the organisation to identify areas of opportunity and define the path we should follow from now on. The goal was ambitious: to become the best financial group for our clients, investors and employees.

The goal was ambitious, to become the best financial group for our clients, investors and employees

In 2015, we launched the ‘Strategic Plan Vision 2020,’ setting out ambitious five-year goals in terms of profits, profitability and efficiency, but above all with the firm intention of making a difference in the customer experience. How did we achieve this? With talent, technology and innovation. First, we increased the physical and digital means for transactions, allowing customers the option of either accessing Banorte services in a branch, attended efficiently and expeditiously by an executive, or digitally – anywhere and at any time.

Thanks to these efforts, today we have an infrastructure that allows us to have an omnichannel approach to our customers, which translates into enhanced support and a closer relationship with all our users.

To provide this unique experience and exceed our clients’ expectations, we have had to take a collaborative approach, focusing on a continuous process of evolving from a bricks and mortar operation to a modern, digital enterprise. We have improved our branches through digitisation, making them increasingly efficient and functional, while freeing up executive capacity to provide a more focused and personalised experience for the customer, when needed.

In terms of the digitalisation efforts set out in our 20/20 vision, we have developed a central data repository to get to know our customers better; we have consolidated the customer experience through innovative techniques and customer data analysis, and have built layered, flexible, agile and responsive architecture to provide an unparalleled digital experience for our clients.

Our analytics team utilises machine learning and behavioural analysis to further personalise the services we provide, and we also use this analysis for fraud prevention by using predictive modelling.

All these changes and their respective results were achieved thanks to the work of the cells, multi-disciplinary and collaborative groups in which ideas come together and converge to generate projects that add value to the institution, employees, investors, society and, of course, our customers. This model continues to date and is a source of initiatives for the growth and consolidation of Grupo Financiero Banorte.

Banking in a digital world
In 2020, in the wake of the global pandemic, we reflected on the accelerated digital transformation that confinement brought about in society. The result was an ambitious strategy, the ‘Plan one, two, three,’ set for the period 2021 to 2023. The vision was renewed: to be the best financial group for our clients, investors, and employees, and an equally ambitious mission was redefined: to position ourselves as the number one in banking in a digital world, while maintaining leadership in profitability and sustainability.

To achieve this, we relied on these three plans. The first of these was aimed at providing a one-to-one seamless digital experience, integrating the full range of our products, reducing the processing time for these and improving the customer experience. We developed and released a new version of the Banorte Mobile app for the benefit of all our customers.

Our second plan for this period was to modernise our technological infrastructure to not only drive hyper-personalisation, but also to help us compete with challengers in the digital realm.

The third step in our strategy for this period was to launch a 100 percent digital bank, which we did in January 2024, when we launched Bineo. With this model we seek to share cost efficiencies with our customers through rewards programmes, points accumulation and commission benefits.

In this way, we remain more competitive than ever. Today Banorte is a digital bank with branches. All these actions have earned us national and international recognition, which materialised with the ‘Best Banking App,’ ‘Best Digital Consumer Bank’ and ‘Best Retail Bank’ in Mexico awards conferred by World Finance.

Making something extraordinary
This year, 2024, we celebrate our 125th anniversary, commemorating our history of effort, hard work, innovation, citizenship and social commitment. We know that people expect extraordinary actions and services from us. The actions taken over the last 20 years have positioned us as the Mexican financial group at the heart of the country.

We adapt, react nimbly, and anticipate customer needs to put the ‘extra’ in extraordinary

But now is not the time to rest on our laurels. We are currently assimilating the accelerated changes that mark the new era. To this end, we have continued on with our strategic plans, adding four, five and six on from the previous period. These plans represent a continuous process for us, but namely they are to: be the best experience in the market, provide the best customised offer on the market, and be the best business operation of the financial system.

In this way, we adapt, react nimbly, and anticipate customer needs to put the ‘extra’ in extraordinary. With the renewal of our strategy, we will give traction and rhythm to everything we have built. We will focus on returning to our essence as a financial institution, but equipped with technological infrastructure, innovation, talent and cell culture, multidisciplinary and collaborative teams focused on continuously improving processes and results, their ultimate goal being to offer the best customer experience.

Mexico is our home, and we will stay here. Our commitment to the country is unwavering, we honour the past and now our eyes are set on the future. Challenges await us and we are prepared to meet them. Together we will continue to do the ordinary in an extraordinary way! At Banorte, the next 125 years will once again be written hand in hand with Mexico.

Investing securely: A global commitment to trust and transparency

Posted on by itsupport

As Garnet Trade, we have been operating in the global forex market since 2010. For the past 14 years, we have always aimed to provide our investors with secure and efficient investment services, along with premium customer service. As part of our journey, we continue to offer premium services to investors worldwide under the motto ‘Forex for All.’ To further this ambition, we now have a firm presence in Europe and North America, with offices in Macedonia and Canada. Additionally, we have an office in Sydney, Australia. While expanding globally, our foremost mission remains to provide secure investments for all our investors.

At Garnet Trade, ensuring the security of our investors’ transactions is our top priority under all circumstances. Our licences, which formalise our diligence and high standards in the industry, further reinforce this assurance. As an Australia-based institution, we hold a licence from ASIC (Australian Securities and Investments Commission), one of the most reliable and respected regulators in the world. The ASIC licence guarantees that Garnet Trade operates at the highest standards and offers a secure, transparent, and ethical trading environment to its investors. This licence also acts as a guarantee for the institution’s reliability and long-term sustainability in the industry.

Another important licence we hold comes from FINACOM (Financial Commission), an independent international regulator. This reputable organisation, with representatives in many countries, plays a crucial role in ensuring the security of our investors’ accounts. FINACOM’s compensation fund provides protection up to €20,000 in case of potential mishaps, offering an additional layer of security. This protection not only ensures financial safety but also helps our investors feel secure, knowing their rights are safeguarded against potential issues. Our collaboration with the Financial Commission underscores Garnet Trade’s commitment to customer satisfaction while reinforcing the importance we place on transparency and trust in our relationships with investors.

Security as a priority
Additionally, we indirectly protect our investors through our Mwali licence. Regular audits conducted by Mwali enhance account security and strengthen our commitment to financial transparency and regulatory compliance. The Mwali licence ensures that financial records are meticulously maintained, and necessary reports are submitted promptly, further reinforcing the robustness of our audit processes. This ongoing commitment to transparency and security is also reflected in how we manage and maintain investor satisfaction.

Investor satisfaction has always been a priority for Garnet Trade, and we strive to go beyond the guarantees provided by our licences to enhance this satisfaction. Our highly skilled and knowledgeable team plays a significant role in enhancing investor satisfaction through the services we offer. We assign expert financial advisors to support and guide our investors at every stage of their forex market journey. These advisors directly communicate with our investors during working hours, providing daily financial data and updates on the economic calendar. Our expert investment advisors share customised fundamental analyses tailored to investors’ needs, helping them better understand market conditions. Alongside these analyses, we also offer product-based technical analyses, providing the necessary information for our investors to make informed and strategic decisions. This comprehensive support system is further strengthened by training programmes designed for new investors.

For investors new to the global forex market, our experienced team provides comprehensive forex training. These training programmes aim to help investors understand market dynamics and develop effective trading strategies. Investors gain both theoretical knowledge and practical experience tailored to their individual needs. After completing these programmes, they are supported in gaining real-world experience in real market conditions. At Garnet Trade, another of our top priorities is to ensure that our investors have a successful investment journey by developing their knowledge and skills. Supporting investors through education is an integral part of our service approach, which is grounded in the philosophy of accessibility.

Comprehensive support
One of our core principles is accessibility. At Garnet Trade, we offer 24/7 live chat support to instantly respond to our investors’ needs. This service aims to provide immediate solutions to any challenges they may encounter in dynamic markets, ensuring a secure and seamless trading experience. This continuous and accessible support not only resolves issues but also creates a safe environment for our investors. Accessibility also extends to our digital platforms, which keep our investors informed.

One of the services we offer our investors is the Garnet Plus mobile application. This app, developed entirely by our institution, aims to provide financial information and support to our investors. In addition to offering insights about Garnet Trade’s product range and promotions, the mobile app provides insights into products not available in the forex market. Investors can view product-specific explanations and follow separate news feeds.

With the economic calendar within the app, they can monitor the market and access trend forecasts prepared with computer-based technical analyses. Garnet Plus is a critical resource for investors, both for gathering information and supporting investment decisions. Through the app, investors can easily watch educational videos developed by our institution and receive instant updates on the institution’s advantages and developments. This ease of access complements the wide range of instruments and services we offer.

At Garnet Trade, we offer our investors over 160 instruments spanning various asset classes, including indices, currency pairs, metals, energies, and cryptocurrencies.

Our product range continues to expand to meet investor demand and is enriched as part of our global expansion strategy. While offering global services, we aim to comply with local regulations and develop new partnerships to increase our international presence. Among our sponsorships are globally recognised brands such as SC Braga, MotoGP – Honda LCR, Galatasaray Women’s Volleyball Team, and AS Monaco Basketball Team. In the future, we plan to establish new partnerships and participate in social responsibility projects. This global expansion is also recognised through numerous awards and accolades.

Garnering respect
The numerous awards we have received from independent global organisations in finance and the forex industry have earned us recognition and respect worldwide, and we are proud to share these successes with our investors. As we celebrate these achievements, we continue to offer flexible solutions for investors with diverse needs.

Our expert investment advisors share customised fundamental analyses tailored to investors’ needs

Investors who are short on time or uncertain can use Garnet Trade’s Copy Trade system, where trades executed by master investors are automatically copied. Additionally, the Introducing Broker (IB) system allows IBs to refer new investors through a personal link and earn a percentage from the trades made by these referrals. These innovative tools, along with unique offerings such as Garnet Money, support investors’ strategies.

One of our other advantages is Garnet Money. This is an unwithdrawable bonus offered to support investor margins based on specific categories or campaigns. Along with offering unique trading solutions, Garnet Trade aims to make a positive contribution to the world through our sustainability initiatives.

Garnet Trade is committed to sustainability, adopting the ideology ‘There is no Planet B.’ We are aware of environmental crises such as resource depletion, climate change, and ecological imbalances, and this heightens our sense of responsibility. Protecting the future is crucial, as our existence depends on the health of the planet. While our motto is ‘Forex for All,’ our mission extends to protecting a livable world for future generations.

At Garnet Trade, we aim to create positive changes for our planet through future collaborations focused on social responsibility and environmental protection. We believe that everyone should embrace this responsibility and integrate sustainability into their lives. Because our future is in all of our hands.

Lessons from the Dominican Republic’s rising economy

Posted on by itsupport

Impressive economic growth and increasing diversification plus an array of government-funded infrastructure developments is fuelling economic opportunity for investors in the Dominican Republic. A secret sauce, or a succession of sound policy-making supported by special economic zones and serious long-range planning?

Productivity is up. The implementation of many market-orientated reforms from the 1990s have matured and come good. For major banking players like Banreservas, higher foreign direct investment means more commercial and retail opportunities, strengthening its hand across digital banking and fintech.

This year’s re-election of President Luis Abinader with almost 60 percent of the vote reinforces the country’s economic stability narrative. Now, in a new interview for World Finance, Banreservas executive president Samuel Pereyra says that while the compliance and tech pressure is immense, the chance to meaningfully improve lives and develop new products is profitably paying off.

Between 2020 and 2023, Banreservas profits and total assets were sharply up, thanks to tourism, SME business and construction. How sustainable is this growth for the next three years?
I am optimistic about sustainable growth in our country’s key sectors, such as tourism, SMEs and construction. Tourism has diversified post-pandemic, attracting a broader audience with a lot of innovation going on. However, investing in infrastructure and training is crucial to maintain competitiveness. For SMEs, digitalisation and government initiatives to help financing will support our growth. We feel the construction sector is recovering due to housing and infrastructure demand, but adopting sustainable practices is crucial.

Overall, these sectors have great potential for growth in the next three years as policies that promote investment and sustainable development continue. Banreservas supports all these sectors for the greater well-being and prosperity of all Dominicans.

How long can a dual office set-up that blends digital and customer-facing operations remain before going 100 percent digital? Or will a part-physical commitment stay in place indefinitely?
In our experience a hybrid approach, blending digital operations with face-to-face interactions, is the right mix. In other words, dual offices provide flexibility, catering to customers preferring personalised service, especially for more complex financial matters.

The trend, yes, is towards more digitalisation. A dual set-up is sustainable if it is aligned with customer expectations. So I would say the future is definitely hybrid, focusing on digital while maintaining personalised service. The key really is agility in adapting to market demands.

How much of your growth hinges on ex-pat business and services, or Dominicans living abroad? How will this market grow sustainably over 2024 to 2030?
Dominicans abroad play a big role in driving our economy, both in local consumption and business growth. We think this market will grow sustainably between 2024 and 2030 due to digitalisation, facilitating quicker and more secure transactions, plus more interest generally in investing in the Dominican Republic. For us it is crucial to improve financial services for the diaspora, including strengthening representative offices, tailoring products, and offering personalised service. This will consolidate our relationships with Dominicans abroad, ensuring robust growth, we anticipate.

How much is the remittances market worth and how profitable is it?
The Dominican Republic’s remittance market was up 3.1 percent and hit $10.3bn in 2023, a record year. Remittances are crucial for families and to stimulate overall economic growth. For us, the sector’s profitability stems from money transfer services and complementary products – it is very competitive and that is a driver for more innovation across a lot of different services, putting the customer front and centre. The remittance market also impacts local socio-economic development by promoting consumption and investment in SMEs. Innovation and inclusion in this segment are crucial for future growth, a focus for Banreservas in the years ahead.

How many digital customers do you have – and how much will this grow by in the next 12 months, do you think?
Banreservas boasts 1.7 million active users across digital channels, processing 13 million transactions a month through our App Banreservas and TuBanco (web version). More digital advancements, like the new digital token, digital accounts and digital fixed term deposits, provide clients with convenient self-service options also. In the next 12 months, we anticipate a 40 percent increase in users, driven by tech improvements and new services. A continued focus on financial inclusion – this is very important for us – will contribute to the expanding digital user base.

In 2023 around 85 percent of transactions were digital. Where will this be by the end of 2025, do you think?
By 2025 digital transactions will likely become the norm, with significant growth in mobile payment platforms and digital wallets. We anticipate the proportion of digital transactions to increase beyond 85 percent, with services like loans and financial advice conducted digitally.

Emerging technologies like AI and blockchain will also enhance security and efficiency. Banks have to adapt by offering innovative solutions and prioritise a customer-centric experience, driving the shift towards a more digital economy.

In terms of digital services, does the bank subsidise the internet data consumption use of customers? If so, by how much?
We understand access to digital services is essential for our customers, especially in an environment where digitisation has become increasingly important. For this reason, since 2021, we have put in place ‘Data Patrocinada,’ where Banreservas covers the total cost of data consumption associated with the Banreservas App.

Users of the Banreservas App, for example, who have data services from telecommunications providers in the Dominican Republic, can make balance inquiries, pay bills and settle credit cards, as well as make other transactions, in an immediate and safe manner.

What digital niche markets are you looking at getting into in future?
We are probing several digital niche markets to drive growth and promote financial inclusion. Key areas include leveraging technology for cost-efficient, customer-orientated solutions, collaborating more with fintechs than in the past, and implementing digital financial education and inclusion platforms. There is a lot going on in this space.

Our ‘Bancarizar es Patria’ programme exemplifies our serious commitment to financial inclusion, we feel, offering few requirements and providing educational resources. By focusing on collaboration and innovation, we aim to adapt to our clients’ needs while fostering genuine social equity and the country’s broader development.

What about your digital security programme – where are the biggest risks coming from, and how will your clients be protected from them?
Security is a huge priority for us, from prevention and detection to cyber. We absolutely prioritise securing our technological infrastructure and are actively educating our customers about best security practices. We have built our own Cybersecurity Operations Centre (SOC) equipped with state-of-the-art technology and certified staff for 24/7 monitoring and response. Also, our blog, ‘Your Security,’ provides customers with timely information for asset protection. We have combined advanced technology, ongoing education plus a very agile threat response. We feel we have created a very secure environment for our clients – we continue to work very hard here.

What proportion of your digital business is from low-income customers or the financially excluded? And will this ratio rise in the next 12 months – if so, by how much?
More than 50 percent of our digital customers are from low-income or financially excluded segments. We expect this to grow in the next 12 months as we expand our offer, targeting underserved communities to drive financial inclusion – for as many of our people as possible. Our average month-over-month growth in digital savings account openings exceeds 20 percent.

I would say the future is definitely hybrid, focusing on digital while maintaining personalised service

Also, our social responsibility programme – we take this very seriously indeed – aligns with the National Development Strategy, promoting socio-economic development through initiatives in education, financial inclusion, entrepreneurship, and co-operative development. The ‘Reservas del Futuro’ scholarship programme supports outstanding students, while the Banreservas Cultural Centre fosters culture and education.

How does it integrate with your social responsibility programme more widely?
Banreservas’ social responsibility programme integrates closely with our overall strategy by supporting vulnerable communities through initiatives in education, financial inclusion, entrepreneurship and cultural development. Our ‘Reservas del Futuro’ scholarship programme benefits outstanding students, while the Banreservas Cultural Centre consistently fosters arts and culture.

We also have Voluntariado Banreservas, our social arm, working to cut the needs of the less fortunate sectors of the country, building a world of possibilities and hope that generates a positive impact on the future of our nation.

We always aim to support national talent, promote cultural growth, and provide opportunities for artists to connect with diverse audiences. By this we contribute meaningfully to the social and cultural development of the Dominican Republic, aligning ourselves with the National Development Strategy.

How does your digital coin programme work – how challenging has it been to develop?
Currently, this type of currency is not regulated by the Central Bank of the Dominican Republic, nor does it have the authorisation of the Monetary Board for its issuance and use as a means of payment for any transactions. This presents significant challenges that limit our ability to offer cryptocurrency-related products in a safe and effective manner.

While we are observing trends in the cryptocurrency market and its evolution, our primary focus remains on strengthening our traditional services with new tech, ensuring the security of our services while maintaining the trust and satisfaction of our customers.

How do you differentiate digital accounts with traditional deposit accounts, characterised by fixed terms and interest rates? Do digital products offer a better deal?
To encourage digital adoption with our digital savings account, we have implemented a new strategy that offers a differentiated value proposition compared to traditional savings accounts. We now have a defined fee structure with highly valued benefits for both existing and new customers, who can connect with the bank 100 percent digitally without a minimum opening deposit requirement. Also, digital accounts are exempt from minimum balance charges, making them very attractive to customers.

What is your risk management approach to currency risk – are you increasingly blending your USD exposure with CNY, for example?
Our risk management approach focuses on neutral or long positions in USD and EUR to meet market demands. We have a robust structure for identifying, measuring, monitoring, and communicating risks, integrating three lines of defence. We deploy Value-at-Risk (VaR) and Expected Shortfall (ES) to measure exposure to exchange rate risks, and our Risk Appetite Statement defines tolerance and capacity levels. Monitoring indicators, exposure limits, and alert levels are tracked and reported to decision-making bodies. This is a comprehensive as well as responsible risk management stance, we feel.

In your judgement, what condition is the Dominican Republic economy in at the moment – and how is it positioned for 2025?
The Dominican Republic’s economy is growing, with positive signs in sectors like tourism, construction and SMEs. GDP growth is robust, and foreign investments, exports and remittances are vital supporting pillars here. It really is encouraging. But inflation and public debt management are challenges that do need prudent fiscal and monetary policies to maintain stability and confidence.

Looking ahead to 2025, optimism is very much warranted, I feel, as projections now very much show a strengthening of major sectors and economic diversification. Aligning with global trends like sustainability and financial inclusion will enhance our country’s competitiveness. By addressing challenges, the Dominican Republic can more reliably seize incoming opportunities. We have a lot to be proud of and excited about.

What structures are in place to balance the bank’s role as a government-owned entity with its commercial banking operations?
We balance the state-owned entity status with commercial operations via a strong corporate governance structure. We have an autonomous board of directors with public and private sector experience ensuring decisions are always based on efficiency and profitability. Also, we have specialised committees which oversee key areas, balancing our public and commercial objectives.

We supply full transparency, disclosing financial reports and undergoing rigorous audits. There are strict policies around potential conflicts of interest, maintaining our independence and robustness in management while safeguarding market competitiveness. We feel we have got the mix right.

How does Banreservas manage potential conflicts of interest given its ties to government?
Banreservas manages potential conflicts of interest through a series of policies and practices designed to ensure transparency and integrity in our operations. Firstly, there is a governance framework that includes a robust code of ethics, which establishes clear guidelines for all our employees and executives regarding decision-making. Additionally, we maintain a clear separation between our banking functions and government decisions, allowing us to operate independently.

We contribute meaningfully to the social and cultural development of the Dominican Republic

We also conduct regular internal audits and external reviews to ensure compliance with established regulations and standards. This not only reinforces our transparency but builds trust among our customers and partners. Finally, we promote a culture of reporting situations that may represent a conflict of interest, ensuring the right measures are taken to address them promptly and effectively. Through these efforts, we aim to operate with the utmost responsibility and ethics in our actions.

What banking innovations can you reveal for 2025 and beyond?
In 2024, Banreservas made substantial strides in innovation. Our 2025 goal is to solidify our market leadership in the Dominican Republic and our international offices. Our digital transformation journey will persist, ensuring we remain reliable, efficient, agile and digitally driven without compromising our human touch. So we will be a more international, efficient, customer-centric service institution preparing ourselves for a dynamic, accessible future that’s genuinely inclusive for every Dominican wherever they are. We think that is very exciting.

Uruguay is experiencing an economic boom

Posted on by itsupport

Between the Uruguayan countryside and the South Atlantic Ocean lies Punta del Este, a vibrant coastal city unlike any other. Cosmopolitan culture, gorgeous beaches, vast nature preserves, a progressive and safe community and a robust economy close to the capital, Montevideo. Punta del Este is the perfect place at the heart of Latin America’s most favourable tax haven – and the world is catching on.

No longer just a second-home market for high-net-worth Brazilians and Argentinians, Punta del Este is seeing a swell of Americans and Europeans looking for a place to activate their wealth, for a ‘plan B,’ or a geopolitical hedge in an uncertain world. The Uruguayan government makes it easy and attractive. Expats can claim tax residency with just 60 days in Uruguay if they purchase property worth $480,000, compared to 183 days in Florida. If you make a $2.6m investment then there is no residency requirement at all. The payoffs are immense: no taxes on foreign investment income for 11 years. And there are amazing opportunities to take advantage of the favourable tax climate, from tech to real estate.

Uruguay’s economy is at the beginning of a boom. It is the third-largest software exporter per capita in the world. Thousands of start-ups have recently launched. Major VCs like Andreessen Horowitz are investing billions. Google has invested $850m in a new data centre in Montevideo, where IBM and Microsoft have also set up offices. Netflix is doubling down with film production. Momentum is building in the sustainable agricultural sector as well. This is just the tip of the iceberg.

All of these economic conditions, and more, are simultaneously putting Punta del Este on the map for discerning real estate audiences. And there is but one address on their mind: Fasano Las Piedras.

At the heart of this iconic destination is a hotel designed by Pritzker Prize-winning architect Isay Weinfeld. Fasano Las Piedras also has a private airport, five restaurants, an Arnold Palmer golf course, tennis courts, an exquisite spa, organic gardens, private beach access, a world-famous equestrian centre, a polo field signed by Nacho Figueras, and now an exclusive collection of branded residences – private homes set within verdant hills, rolling along the coastal landscape.

Luxury real estate
For the homes, the brilliant architect Carolina Proto of Estudio Obra Prima has crafted four distinct design concepts, ranging from one- to nine-bedrooms and constructed on three- to 15-acre parcels. Expanding on Weinfeld’s vision for the first phase of Fasano Las Piedras, Proto is now introducing the region’s most exquisite private homes.

The Country Residence is 6,500 square feet, including five suites, a staff room, a home office and a large swimming pool with an outdoor dining area.

Uruguay’s economy is at the beginning of a boom

The Polo House, designed in consultation with Nacho Figueras and positioned alongside the development’s world-renowned polo field and golf course, is available in two configurations: a 4,700-square-foot, three-suite residence and a 6,500-square-foot, five-suite residence, both featuring a staff room and a sweeping wrap-around terrace with a custom parrilla dining and barbecue pit and a large private pool.

The Farm House is inspired by traditional Uruguayan country estates, spanning 17,000 square feet with seven suites, two staff rooms and a swimming pool. Any four of these custom-built, turn-key homes can be constructed on a range of lots sized from one to 15 acres.

These residences were conceived for today’s global citizens who prioritise ease, who require discretion and the highest level of service, who desire more than a tax haven; they want the best quality of life. Buyers can customise the size and design of their home to fit their unique lifestyle.

In a serene location at the epicentre of Uruguay’s economic boom, Fasano Las Piedras is the most compelling branded residential offering in Latin America right now. With prices starting at around $2.6m, it is still a value play compared to other branded destinations in Mexico and Costa Rica, none of which compare in tax favourability.

As Douglas Elliman-Knight Frank’s global expert on branded residences, I am thrilled to represent Fasano Las Piedras. Please see fasanolaspiedras.erinboissonaries.com for further information.

Leading the way to carbon neutrality

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At BA Glass, sustainability is not just a corporate target; it is a long-term commitment that drives our innovation, shapes our strategy and influences every decision we take. Our focus on the environment and society spans decades, but recent achievements have highlighted our dedication to sustainable development.

BA Glass’ sustainability framework is built on six key pillars: people, social accountability, environmental responsibility, shareholders, customers and consumers. These pillars guide our approach to sustainability, from the employees and communities’ development to the environmental impact of our operations and the satisfaction of our customers.

An ambitious goal has been set to become carbon neutral by 2050. While aligning our strategy with global initiatives such as the Science-Based Targets Initiative (SBTi), we are leading the way in reducing emissions and creating value for all stakeholders. In line with this vision, BA Glass aims to reduce Scope one and two emissions by 50 percent by 2035. Our efforts in this area have already yielded significant results. At our plants, 100 percent of electricity consumption is sourced from renewable energy, resulting in zero Scope two emissions. This achievement is just a part of our journey toward sustainability, as we continuously explore new technologies and partnerships that can help us reduce our carbon footprint.

Fostering commitment
Our commitment to the environment extends beyond energy use. We are actively working to enhance circularity within our operations. By partnering with Plataforma Vidro+ initiative in Portugal, where BA Glass operates, we aim to foster commitment among stakeholders in the national packaging glass value chain. In Romania, with the deposit and return system underway, we expect to drive significant increases in the glass collection rate.

This journey goes beyond meeting specific goals – it is about rethinking how we operate at every level

As a core part of BA Glass’ strong commitment to environmental sustainability, reducing the impact of our packaging is a top priority. Acknowledging the environmental issues tied to plastic, we have started several projects to reduce plastic waste in our processes.

In addition, we are also replacing cardboard with circular layer pads, resulting in a nine percent drop in cardboard usage per ton of production. At BA Glass we are also focused on the development of lightweight glass packaging, a key element in our strategy to reduce both Scope one and Scope three emissions. In 2023 alone, the lightweight programme has consistently reduced the volume of glass used in packaging, leading to a mitigation of over 1,000 tons of CO2 emissions.

Among the most remarkable innovations is the ECO furnace development, a technology that aims to revolutionise glass production using 100 percent renewable energy. By transitioning from natural gas to renewable electricity, green hydrogen, or biofuels, we expect to significantly reduce our energy consumption and CO2 emissions.

Collaborative workshop
Beyond all these efforts, our partnerships with clients are key in driving sustainability forward. Through initiatives like Collab2Zero, a collaborative workshop designed to create a step-by-step action plan with our clients, we are working together to reduce our carbon footprint across the entire supply chain. Furthermore, our transport strategy is also at the forefront of innovation. Our initiatives in this field, such as the increasing use of dual trailers, electric, bio-LNG trucks, and a combination of road, rail, and short-sea shipping, have collectively improved efficiency, leading to notable CO2 emissions reductions.

Alongside all these initiatives, at BA Glass we are actively conducting extensive pilot projects to replace traditional raw materials with innovative, carbon-free alternatives that help us to reduce our emissions. These changes, as well as our ongoing collaboration with all the stakeholders in the value chain, are potentiating our positive impact on the environment. We recognise that sustainability is a shared responsibility and, by fostering partnerships with customers, suppliers, and communities, we aim to create a ripple effect of positive change, driving the entire industry towards a more sustainable future.

BA Glass’ recent improvements towards the environment are part of a cohesive strategy that will continue to evolve. This journey goes beyond meeting specific goals – it is about rethinking how we operate at every level, forging a path to a greener future.

Mitrade’s sustainable growth strategy

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The rise of retail trading during the Covid-19 pandemic brought more individual traders into the Contract for Difference (CFD) market. This has led to a boom in CFD broker growth and a rapid evolution of the CFD brokerage industry characterised by increased competition, regulatory tightening and the growing sophistication of traders who expect more advanced tools and platforms. As one of the fastest growing brokers in recent years, Mitrade recognised these industry and consumer shifts and has developed a proprietary platform that is both intuitive and comprehensive, with a diverse product offering that appeals to beginners and experienced traders alike. With a steadfast commitment to sustainable business development, Mitrade has been awarded the Most Sustainable FX Platform (Global) in 2024 by World Finance.

Building sustainable relationships
The regulatory landscape for CFD brokers has evolved significantly in recent years, with a key focus of protecting retail investors from high-risk exposure. Australia, Europe and parts of Asia have introduced leverage caps and imposed stricter regulations on how brokers can advertise and market their services, particularly regarding high-risk promises or bonus schemes. Additionally, enhanced Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance has made client onboarding more complex and costly.

These increasing regulatory requirements along with rising operational costs are reducing profitability, but by maintaining full compliance with global regulatory standards, CFD brokers can minimise legal risks, sustain operations and increase their trustworthiness with clients. Additionally, regulatory tightening has pushed brokers to innovate and find alternative revenue streams, build sustainable, long-term relationships with clients, and use automation and technology to streamline processes and improve the overall client experience, which are also key to achieving growth.

Mitrade operates across the globe with entities regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Cayman Islands Monetary Authority (CIMA) and the Financial Services Commission (FSC) from Mauritius. Mitrade’s philosophy is to provide a transparent, simple and regulated trading environment for users through their user-friendly proprietary platform.

Mitrade offers clients advanced risk management features, which help to protect both the client and the broker, fostering trust and reducing regulatory risks to create a secure trading environment for clients.

Strengthening user trust
As traders have diverse preferences for asset classes, offering a wide range of tradeable instruments – such as stocks, commodities, forex, indices and cryptocurrencies – broadens market reach and attracts a more varied client base. When market conditions in one asset class are less favourable, brokers can shift focus to more active markets to maintain stable revenue.

Brokers must be ready to embrace change and technological advancements like AI, data analytics, and automation

Traders are also more likely to remain loyal to a platform where they can access multiple assets in one place, providing them opportunities to diversify their portfolios across different markets. Introducing special features like premium accounts, subscription models, or specialised tools for advanced traders can help reduce dependency on trading volumes alone. By remaining aware of market trends and catering to the evolving needs of traders, such as by offering emerging asset classes like cryptocurrency and ESG-related instruments, brokers can increase trading activity, revenue and client engagement, while reducing churn rates and fostering loyalty.

Mitrade is a multi-asset broker offering a diverse portfolio of financial instruments covering a wide selection of CFDs in forex, commodities, indices, shares, ETFs and cryptocurrencies.

With the rise of mobile trading, convenience and accessibility have become paramount. Traders are increasingly favouring mobile platforms and expect the same advanced tools, real-time data, and functionality as desktop versions provide. Brokers must deliver fully optimised mobile apps without sacrificing capability, thereby ensuring traders can execute strategies seamlessly on the go. Mitrade offers an intuitive, secure and user-friendly platform across web, desktop and mobile apps. With a simple and accessible interface, real-time market updates, trading analysis and risk management tools, the platform easily meets the needs of all different types of traders.

Putting customers first
With increasing competition in the broker market, maintaining differentiation and fostering customer loyalty can be challenging, especially as today’s traders are more informed and expect better platforms and top-tier customer service. Building sustainable client relationships must therefore begin even before clients sign up.

Through targeted digital and localised marketing strategies, brokers can tailor campaigns that attract specific trader demographics and expand into new markets. Providing educational resources such as trading tutorials, webinars and market analysis, helps not only attract new traders, but also fosters trust and credibility, positioning the broker as an industry expert.

Mitrade understands that client education is critical for long-term retention and growth. When clients feel empowered, they are more likely to stay engaged and make better-informed trading decisions. Therefore, we provide our customers with comprehensive education resources to enhance confidence and increase trading activity. By reducing the frequency of impulsive, high-risk decisions, education also helps protect clients from large losses. Mitrade is dedicated to delivering quality customer service, offering 24/5 support aligned with global trading hours, provided by a team of dedicated customer service officers. In addition to live chat bots and a detailed FAQ, clients can seek support through email and inquiry forms. Robust customer support combined with continuous education in risk management, market analysis, and trading strategies helps reduce client churn and improves profitability.

Mitrade’s commitment to high-quality products and services has earned it multiple customer satisfaction and happiness awards, reflecting our clients’ trust and loyalty.

Technology at the heart
For companies like Mitrade, technology is at the heart of our ability to scale and grow, and ensures our competitiveness in a rapidly evolving market. Our user-friendly, mobile-first platform offers real-time market access, analytics, and a reliable trading experience that supports active trader retention. Fast trade execution and low latency are critical in time-sensitive markets, and our advanced risk management tools – such as stop losses and negative balance protection – help limit excessive losses for clients and reduce exposure to negative balances, ensuring regulatory compliance.

Mitrade’s philosophy is to provide a transparent, simple and regulated trading environment for users

Leveraging technology has allowed us to expand into new markets, automate account management, streamline client onboarding, and monitor compliance, effectively scaling operations without proportional cost increases. The widespread adoption of artificial intelligence (AI), big data analytics, and algorithmic trading over the last few years are driving growth. AI chatbots are helping improve customer support, while personalising trading experiences through tailored market insights and analytics, helping our clients make more confident decisions. Analysing large data sets also helps brokers, like Mitrade, understand customer behaviours and market trends, leading to optimised product offerings, reduced churn, and improved marketing strategies. Furthermore, real-time market monitoring supports better customer trading insights, reducing the risk of non-compliance with improved transaction monitoring.

Technology plays a pivotal role in Mitrade’s sustainable growth, competitiveness and market differentiation. AI personalisation, such as personalised dashboards and automated insights, will be key to providing a tailored and engaging experience for traders. As demand continues to grow for strategies involving learning alongside experienced traders, such as social and copy trading, what remains essential is advanced data and analytics tools that help retain both novice and seasoned traders. We see that future growth will be driven by access to expanding markets, such as cryptocurrency CFDs and other digital assets, and introducing advanced mobile features such as biometric security, one-click trading and push notifications.

Future outlook
Unlocking sustainable growth over the next decade will continue to be a challenge with evolving regulations and client expectations. Brokers must be ready to embrace change and technological advancements like AI, data analytics, and automation to provide personalised insights, predictive analytics and automated risk management. Expanding CFD offerings to include new asset classes such as cryptocurrencies, renewable energy, and ESG-related assets can help attract eco-conscious clients and align with global trends. Improving the client experience through comprehensive educational resources and dedicated support can strengthen both acquisition and retention.

While regulatory challenges persist, they contribute to a more stable and trust-based environment, allowing only well-capitalised and compliant brokers to operate. Brokers that can adapt to regulatory changes and continue innovating will be better positioned for long-term growth.

Cork’s sustainable revolution: from stoppers to aerospace

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Cork is one of nature’s most remarkable materials. It is a renewable, biodegradable, and versatile resource, cyclically harvested without damaging the trees it comes from. It grows in the Mediterranean, where, for centuries, cork oak forests have not only supported a diverse ecosystem but also acted as vital carbon sinks, capturing large amounts of CO2.

Recognised as World Finance’s Most Sustainable Company in the Wine Products Industry, at Amorim, our role has been to take this naturally sustainable material and find new, innovative applications for it. Though most widely known for cork stoppers, which we produce at a scale of over 5.6 billion annually, cork is being utilised in increasingly diverse industries. Our work spans from creating products for the aerospace sector to eco-friendly sports infills, demonstrating the adaptability and potential of cork beyond its traditional uses.

Innovating with every stopper
One of the key areas of our business remains the production of cork stoppers for wine, spirits, and sparkling wines. Each day, we manufacture over 22 million stoppers, serving markets like France, Italy and the US. But it is not about quantity – our research and development team continues to refine the quality and sensory performance of these stoppers, ensuring they meet the highest standards.

A critical part of our sustainability actions involve responsible forest management

A major breakthrough has been our ability to produce cork stoppers with non-detectable levels of the molecule Trichloroanisole (TCA), a compound that can affect wine. This achievement combines traditional craftsmanship with scientific research and innovation, benefitting both winemakers and consumers.

Cork processing companies are a driving force in creating an economic interest for forest owners to maintain their properties. As such, cork stopper production, as the most valued product in this ecosystem, makes a significant contribution to climate change mitigation, making it a much more sustainable choice than alternatives such as aluminium or plastic.

A key principle in our operations is ensuring that no part of the cork goes to waste. Any cork that is not used for stoppers is repurposed into other applications, from flooring and insulation to advanced materials for industries like aerospace. This approach allows us to operate within a 100 percent circular economy, where every byproduct is transformed into something valuable.

Amorim Cork Composites is a prime example of how this circular economy works. The by-products originating in the cork stopper manufacture are ground down and used to develop innovative products, demonstrating how sustainability and innovation can go hand in hand. With the growing demand for sustainable materials across a variety of industries, we are constantly exploring new applications for cork.

Forest management and climate action
Our work is not limited to what happens in the factory. A critical part of our sustainability actions involve responsible forest management. Cork oak forests not only supply the raw material we need but also play a vital role in capturing CO2. We have implemented innovative practices to make cork oaks more resilient to climate change, pests, and diseases, while also planting new forests and improving the health of existing ones.

In fact, through a combination of research and intervention, we are working on decreasing the time it takes for the first cork harvest from 25 years to just 10–12 years. This increases the economic interest and viability of the forest.

For every tonne of cork harvested, the forest is capable of sequestering up to 73 tonnes of CO2

Cork oak forests are one of the world’s natural carbon sinks: for every tonne of cork harvested, the forest is capable of sequestering up to 73 tonnes of CO2. This ability to capture carbon and retain carbon for long periods of time, since the tree is not cut down and lives an average of 200 years, makes cork one of the most environmentally friendly materials available today.

According to a life cycle analysis conducted by PwC Naturity, cork stoppers are significantly superior to artificial closures in five of the seven indicators analysed. Namely, non-renewable energy consumption, solid waste generation, contribution to the formation of photochemical oxidants and the contribution to the eutrophication of surface waters and greenhouse gas emissions. These findings reinforce cork’s position as a sustainable material with significant environmental benefits, particularly in reducing our carbon footprint.

More than 150 years of history
Corticeira Amorim is the largest global exporter of cork and the oldest cork company in the world in continuous operations since 1870. We are also the world’s largest cork processing company, with a presence in almost 30 countries in five continents and the largest distribution network in the sector. We have a diversified client base of over 30,000 customers and more than 93 percent of our sales are made outside of Portugal, where we are based.

Sustainability is deeply rooted in Corticeira Amorim’s DNA, and we are proud to see our efforts recognised with this award, which highlights our commitment to efficient resource management, sustainable consumption, process circularity, ecosystem protection, and the development of our people.

Nigeria’s success in harnessing investment

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Total revenue for investment banking in 2024 is projected to hit $142.16bn, fuelled by a sharp increase in private equity activities, growing capital demands, and the adoption of sustainable finance practices. The market is expected to grow to $194.05bn by 2028 with further developments in AI-powered solutions, digital assets and the deepening of ESG initiatives. The future of investment banking will be shaped by advancements in tech and adherence to sustainability.

The past year has marked a pivotal period for the investment banking sector in Nigeria, one of Africa’s largest economies. An increasing need for capital is spurring capital-raising activities, mergers and acquisitions, and sustainable finance across key industries like financial services, telecoms, real estate, consumer goods and energy sectors.

Coronation Merchant Bank (Coronation MB) is an adviser to corporates and governments and is positioned to harness these opportunities. The four trends that will shape the future of investment banking in Nigeria are: commercial paper (CP), infrastructure investment, mergers and acquisitions (M&A) and Islamic finance.

Commercial paper
In a rising interest rate environment, with a need for alternative sources of funding from expensive bank loans, commercial papers have emerged as a vital source of working capital finance for investment-grade corporates. In 2022, Nigerian companies raised ₦1.5trn ($910m) via CP issuances (₦252bn – $153m – in 2022). This growth in issuances underscores the importance of CPs to corporates at a time of prohibitive bank loans.

Corporate issues span various sectors from manufacturing, financial services, health, agriculture, and the retail sectors of the Nigerian economy, reflecting the wide acceptance of this mode of working capital financing. Some major transactions in 2023 were MTN Communications’ ₦374bn ($227m) raise across multiple issuances. Other CP issuances like Dangote Cement, Flour Mills of Nigeria and Nigerian Breweries had issuances of ₦150.97bn ($92m), ₦221.28bn ($134m) and ₦116.49bn ($71m) respectively.

We expect more corporates to continue to leverage M&A to achieve strategic growth

Of the several commercial papers raised during the year, Coronation Merchant Bank raised an aggregate amount of ₦343.43bn ($209m) for Dangote Sugar, Dangote Cement, and 27 other issues with a view to increasing our activities in the space going forward.

The CP market is not without its attendant challenges, ranging from inflationary pressures to the various monetary policy measures put in place to curb this. However, our long-term outlook for the CPs remains optimistic as corporates continue to search for working capital funding and the flexibility of CP programmes.

Infrastructure investment
Owing to the Nigerian infrastructure deficit, which necessitates investments of about ₦30trn ($18.2bn) over the next 30 years, fund managers have registered infrastructure funds of ₦1.5trn ($910m), with ₦230bn ($140m) raised over six years. These funds have been deployed to the health, transport, telecoms and energy sectors.

Coronation MB, the lead issuing house on the series one offer of the Coronation Infrastructure Fund, raised ₦8.79bn ($5.3m). This issuance represents the largest amount raised and the highest subscription percentage in the market for a maiden infrastructure fund, surpassing the previous rates of 33.375 percent and 24.70 percent made by similar infrastructure funds.

Within the next year, five fund managers seek to establish new funds, a testament to the increasing recognition of infrastructure funds as an investment class by institutional investors (pension funds, for example), some of which possess the largest pool of funds domestically.

Mergers and acquisitions
Following CBN’s directive to raise minimum capital requirements for deposit money banks effective April 2026, various banks have sought out means to recapitalise. The recently announced merger between Unity Bank and Providus Bank is a case in point, with more M&As to be announced by other deposit money banks in their bid to remain operational and competitive. Other M&As in financial services include Access Holdings’ acquisition of ARM, Sigma and First Guarantee Pensions, resulting in the second-largest pension manager by assets under management (Coronation MB acted as a financial adviser on all Access Bank mergers and acquisition transactions), CardinalStone’s acquisition of Radix Pension and GTCO’s acquisition of Investment One Pension Management.

In stockbroking, there was Zedcrest’s acquisition of RMB’s stockbroking arm. There was EverQuest Acquisition’s share sale and purchase agreement for a 100 percent equity stake in FBNQuest Merchant Bank.

Other sectors like energy, entertainment and fintech also witnessed M&A activities. These were the acquisition of Shell’s onshore oil and gas assets by some Nigerian businesses, Universal Music Group’s acquisition of a majority stake in Mavins Global, and Carbon’s acquisition of Vella Finance. We expect more corporates to continue to leverage M&A to achieve strategic growth, and Coronation MB is poised to advise on these transactions.

Islamic finance
The non-interest finance market grew by $0.76bn from $2.30bn in 2021 to $3.8bn in 2023, moving from 0.075 percent to 0.9 percent of the global finance market within the same period. This represents a viable opportunity for growth due to Nigerians’ large Muslim population and its currently unbanked demographic in the North-West and North-East.

The investment banking sector will be crucial in efficiently directing capital to support the country’s long-term success

There is increasing acceptance of non-interest finance with the introduction of ₦100bn ($61m) sovereign sukuk issued by FGN in 2017, and six subsequent issuances totalling ₦1.092trn ($664m) to fund infrastructure developments – 4,000km of roads and bridges – and the recent sukuk issuance in October 2023 for ₦652bn ($397m).

With support from regulators, CBN, SEC and FMDQ, there is ample room for growth for Islamic finance in Nigeria. Recently, Trustbanc, under the wakalah structure, established its first NICP programme under FMDQ’s revised framework, allowing companies to issue shariah-compliant short-term instruments. Coronation MB played a critical role as the first arranger of this NICP programme under the updated framework.

Nigeria’s investment banking sector is evolving to meet the unique financing needs of both corporates and the government. Key trends underscore the sector’s role in fostering sustainable corporate and economic growth. Commercial papers and Islamic finance instruments, such as sukuk, are vital for short- and long-term financing. Corporates can drive growth through organic expansion or M&As. The Federal Government’s increased use of sukuk for infrastructure funding, alongside private sector involvement, bodes well for Nigeria’s economic future.

Moving forward, the investment banking sector will be crucial in efficiently directing capital to support the country’s long-term success.

Peru’s pension system reform: the day after

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For years, Peru has been in dire need of a reform to its pension system. The approval of seven laws between 2020 and 2023, which allowed for ‘extraordinary’ withdrawals from individual pension accounts – meaning the withdrawal of funds that should have been reserved for retirement security – alongside regulation that approved in 2016 the withdrawal of 95.5 percent of account contents upon reaching retirement age, had distorted the system’s purpose. Additionally, only 30 percent of the country saves for retirement through the pension system, and multiple regulatory hurdles limit the adoption of more flexible saving regimes. This, together with the lack of a minimum pension, further underscored the urgency for change.

A few months ago, after extensive political and technical discussions, Congress approved a law to address this need, marking a clear first step in the right direction towards a more inclusive and effective pension system. Once the law is implemented by the Executive branch, which must officially set the rules and details for how the law is to work in practice, the next step will be to promote a national conversation about how we envision our future, as well as to refine certain aspects of the current reform.

We are making significant efforts to promote financial literacy

The important point, however, is that the deadlock has finally been broken and the benefits for Peruvians are self-evident. To begin with, the new law aims to put a stop to fund withdrawals, allowing nine out of 10 Peruvians participating in the private system – who are currently at risk of having no savings left in their accounts – to rebuild their retirement funds. Also, the law has established a minimum pension, conditioned to the individual’s saving discipline and frequency. Furthermore, it opens up the pension sector to increased competition, which should result in better services as fund administrators strive to attract participants. Additionally, new commission structures based on fund performance respond to user demands for different types of fees.

In short, the implementation of the new law can lead to a healthier and more robust pension system. The question now is: what happens the day after? As I mentioned, there is still work to be done on our journey towards a strong system. Much of this responsibility lies with the government, in its capacity to reduce the informal labour market and to address regulations that hinder competition. Our challenge now, as pension fund administrators, is to change how our affiliates, and Peruvians in general, value the pension system and to keep making efforts to get closer to them, and to innovate vigorously in a largely traditional industry.

But I must insist that we should not see this recently approved law as the culmination of the reform process. This is just the beginning. We still have to tackle, for example, the ‘auction’ process where a single winner among the administrators gets new affiliates automatically, which goes against increasing competition and allowing the creation of differentiated value, beyond fees, from fund managers.

Also, we need more commitment from the Government and the private sector in imparting information as to why it is important for people to save money in the pension system, employing new education methods based on behavioural science. We must not sit back and relax.

Transparency is key
At Prima AFP, we put our clients at the centre of our decisions, and an important part of that commitment is to make our services more approachable and transparent. For years, the pension system has had a distant relationship with its affiliates, partly due to the nature of the service itself – a long-term savings scheme intended to be accessed at the age of 65. Additionally, the system of individual capitalisation accounts, through which investments are made to supplement savings with returns, can be too arcane for some users to fully grasp. But we believe our affiliates deserve to know how the system works and to be informed about how their funds are performing – whether the results are positive or negative – and where their money is being invested.

As the reform progresses, it is essential for pension fund administrators to lead by example

We see this as a way to build trust with the people we work for and, also, to establish healthy channels for communication and information sharing. Our aim is to be empathetic, and with this in mind, when sending our monthly reports to our clients about their funds, we use simple graphs and language instead of complex and tedious investment jargon.

At the same time, we are making significant efforts to promote financial literacy, for example, through a series of online courses on our webpage and on our YouTube channel called ‘Ahorrando a fondo,’ where we address the most pressing questions about the pension system. Additionally, we have implemented special tools on our website that allow users to calculate their ideal pension and stay informed about the latest laws and regulations.

Simplify to include
Technology and digitalisation are vital to how we manage our relationships with clients, but we also see them as a path to offering more inclusive services. For example, there is no reason to make it difficult for independent workers to contribute to their pension funds. To simplify this, users can now add money to their funds using ‘Yape,’ Peru’s most popular digital wallet. This is a simple decision that can have largely positive consequences. Additionally, we have virtually eliminated the need to visit physical branches, as all our procedures can now be completed through digital channels. However, all this does not mean the experience at our branches has diminished in quality, as we continue to cater to the needs of all types of clients.

In general, at Prima AFP, we believe that as the reform progresses, it is essential for pension fund administrators to lead by example, offering transparent services, embracing innovation and promoting financial literacy. Building trust with our affiliates is key, while also ensuring we actively represent their interests in national discussions about the future of the pension system and, more importantly, the future of our country.

Early detection healthcare showcases the future of medicine

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Today there is a keen focus on longevity, with millions being spent on studying how we can extend life. However, perhaps even more important is ensuring we are in the best of health for however many years we have left.

Echelon Health was established 15 years ago in Harley Street with the aim of saving lives through early detection of disease. It brings together 30 years of clinical expertise, the most advanced imaging technology and unparalleled client service to offer some of the world’s leading health assessments available today. Its preventative health assessments detect disease at its earliest stage (usually before any symptoms) to maximise the chances of effective treatment. They allow its clients to establish a baseline for the condition of their health and recommend an appropriate onward lifestyle plan.

Top-of-the-range tech
To enable this quality of service, it uses the best technology. Its 3T MRI scanner and Aquilion One Prism CT scanner are the most advanced scanners currently in use worldwide. They are able to capture tumours as small as 1–2mm, and Echelon’s Platinum Assessment can detect up to 92 percent and 95 percent of preventable causes of death among men and women respectively.

The key to providing the best service is to have access to the best specialists and partners

Echelon Health is unique in recognising that no single scanner can assess all diseases. A combination of the most advanced MRI, CT and ultrasound technology, alongside comprehensive blood tests such as tumour markers, means every client receives the most comprehensive results currently available.

Echelon prides itself on excellence in customer care, prioritising safety, wellbeing and comfort. Your health assessment will be carried out by some of the highest trained radiographers in the country. The resulting high-quality images are interpreted by a select group of internationally renowned specialist radiologists. The assessment of all blood tests and imaging reports, as well as your personal consultation at the end of the process, will be done by one of the finest physicians consulting in Harley Street today. Should anything be found during your health check that requires further investigation, Echelon has a network of pre-eminent specialists and consultants. If necessary, it will provide rapid referral to a relevant specialist. Modern medicine is about specialism. Echelon Health recognises that the key to providing the best service is to have access to the best specialists and partners.

Independently verified
What sets Echelon Health apart is that their assessments are benchmarked not only against the top providers in the UK but also globally. “The service they are providing at present is, in my opinion, the best that can be achieved in current practice with existing knowledge,” said Dr David Wilson, Past President, British Institute of Radiology.

Success stories fuel the company’s passion. One client was diagnosed by Echelon Health with a cerebral arteriovenous fistula in his brain. This fistula was causing him no symptoms and would have been missed in a normal medical check-up. Post diagnosis, the client was immediately referred by Echelon Health to one of the premier specialists in the country and underwent a successful procedure a few days later.

Other clients include the British fashion designer Amanda Wakeley OBE, who says: “The combination of losing a seemingly healthy sibling to a brain tumour, a milestone birthday and 30 plus years of a highly stressful career were the catalysts for me in signing up for the Echelon Platinum Health Assessment.

“The follow-up consultation was reassuring but also revealed a couple of issues that my regular health checks would not have uncovered, and if left untreated would possibly have had an impact on my life at a later date. I feel encouraged by this health MOT, relieved to be aware of where my body is at and reminded to never be complacent or take my health for granted.”

The role of financial inclusion in Mexico

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Imagine living in a remote location, so remote that there is no bank and no access to financial services. While online banking and fintech have significantly reduced such cases, many people still don’t have access to the internet, particularly in rural areas, and continue to rely heavily on local bank branches. Additionally, some may not be familiar with digital financial services too, and therefore be ‘financially excluded.’

Banco Azteca explains: “According to the 2021 Encuesta Nacional de Inclusión Financiera (ENIF), 32.2 percent of adults (ages 18–70) in Mexico remain financially excluded, meaning they lack access to formal financial services such as savings accounts, credit, or insurance. This exclusion is especially prevalent in rural areas and among lower-income populations, with a noticeable gender gap, as men tend to have better access to financial products than women.”

Universal access
Financial inclusion ensures everyone, regardless of their location or background, has access to banking services, savings accounts, insurance, and payment services. Alejandro Valenzuela, Chairman of the Board at Banco Azteca, told World Finance that “financial inclusion in Mexico has progressed significantly.”

Citing the World Bank, Valenzuela adds: “As of 2021, 49 percent of the adult population in Mexico holds a formal financial account, leaving approximately 51 percent still excluded, particularly in rural and low-income areas.” Challenges remain to deliver affordable, responsible and sustainable financial services. To promote financial inclusion, the bank focuses on providing accessible services to underserved populations – particularly low-income households and rural communities.

Challenges remain to deliver affordable, responsible and sustainable financial services

“Today, Banco Azteca is the private bank with the largest branch network in Mexico, enabling it to reach people in remote areas,” Valenzuela says before adding that the bank’s “expansive presence, combined with digital initiatives, has played a critical role in reducing financial exclusion across the country.”

Banco Azteca thinks financial inclusion is vital for Mexico’s economic and social development. Valenzuela explains why: “It enables individuals to participate actively in the economy, reduce poverty, and build financial resilience. However, achieving true financial inclusion in a country as diverse as Mexico requires more than just digital solutions – it requires a phygital approach, a concept we embrace.”

Banco Azteca’s approach, known as the ‘phygital banking model,’ combines the convenience of digital channels with accessibility provided by its branch network. In 2023, over 705 million transactions were completed through the Banco Azteca app, breaking down geographical and infrastructural barriers. However, many Mexicans still prefer in-person interactions.

“This preference often stems from limited access to the internet, unfamiliarity with digital tools, or a personal choice for face-to-face assistance,” explains Valenzuela. Therefore, phygital banking is also about maintaining over 2,000 branches nationwide. Physical branches remain a critical part of the product mix, because in rural areas, anyone who is new to banking very much relies upon them for critical financial services.

Addressing financial exclusion
The bank invests in digital tools to widen access to financial services, considering preferences for digital or in-person access and personal circumstances. As a bank and the largest issuer of personal loans in Mexico, it wants to grant accessible credit to foster financial mobility and reduce inequality.

Improving financial inclusion in Mexico also involves financial literacy programmes. One of those initiatives is Banco Azteca’s ‘Aprende y Crece’ (Learn and Grow), which reached over 1.5 million people in 2023. This programme helps individuals learn essential financial skills with confidence, enabling them to use both in-person services at branches, and to utilise digital banking services. “By combining digital tools, personalised branch services, and education, we are closing financial gaps and empowering more people to participate fully in the economy,” claims Valenzuela.

The Mexican economy is growing modestly. In 2023 it grew by 3.2 percent, according to the official figures from INEGI. Despite this, the bank says income inequality is a major issue, with rural, low-income populations being the most disproportionately affected – limiting access to financial services. Modest GDP growth has highlighted the structural challenges Mexico faces, and the country’s sensitivity to external factors – such as slower growth in the US. Inflation has also impacted consumer purchasing power.

The money flow from the US is a major driver of financial inclusion in Mexico. It gives people access to formal financial services. Banco Azteca recognises the role the US dollar plays in the Mexican economy, especially through remittances, which reached a record $58bn in 2023. A strong dollar offers Mexicans financial stability and opportunities to save and invest.

Banco Azteca plays a crucial role in promoting greater income parity and universal access to financial services, fostering robust economic development. As a major recipient of remittances and a provider of low-entry barrier loans, especially in low-income sectors, Banco Azteca enables Mexicans to invest in education, housing, and entrepreneurial ventures. Its ‘phygital’ model and financial education strategy work hand in hand to drive economic development and financial inclusion, providing a transformative banking experience for all.

Celebrating 60 years of innovation in Dominican banking

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Since its establishment in the mid-1960s, Banco Popular Dominicano has been at the forefront of democratising financial services in the Dominican Republic – a country of over 11 million people and one of the fastest-growing economies in Latin America and the Caribbean. The bank is meanwhile at the leading edge of the digital transformation of the country’s banking sector, with a growing range of digital products and applications on offer. Banco Popular can attribute its longevity and success to a strategy that includes continuous innovation, financial robustness and a customer-centric approach.

While the bank can point to a host of achievements during its 60-year history, the one of which it is most proud in recent times is the issuance of its first green bond. This is also the first such issue by any financial company in the Dominican Republic. The 10-year fixed-rate bond, issued in May 2024, aligns with the bank’s sustainability strategy, allowing it to finance projects that promote clean energy use and energy efficiency.

Green bond pioneer
The issuance of the green bond was a significant milestone for Banco Popular and for the Dominican financial sector more widely. This financial instrument has enabled the bank to direct funds towards sustainable projects, including the promotion of renewable energy, energy efficiency, and other initiatives that help reduce environmental impact. For Banco Popular, this move not only strengthens its commitment to sustainability, but also paves the way for a greener and more resilient economy in the Dominican Republic. The first tranche of the green bond amounted to RD$300m (around $5m at current exchange rates), out of a total of RD$2.5bn ($42m) approved. It will be entirely allocated to institutional investors, specifically to the pension fund administrators AFP Popular, Crecer, Siembra and Reservas.

The issuance of the green bond was a significant milestone for Banco Popular

Moreover, the green bond is only one aspect of the Banco Popular’s sustainability strategy, which is integrated into all facets of its operations. The green bond complements the bank’s portfolio of eco-friendly financial products, such as loans for electric vehicles and for solar panel installation, reflecting the bank’s commitment to promoting responsible and sustainable practices among its customers and throughout the country. The bank aims not only for economic growth – the IMF forecasts real GDP growth of 5.4 percent for the Dominican Republic in 2024 – but also to generate positive environmental outcomes and social impact.

Digital innovation
Banco Popular Dominicano, part of Grupo Popular, has also been a pioneer in introducing and incorporating digital payment technologies in the Dominican Republic. Through its collaborations with Apple Pay and Google Pay, the bank offers its customers the ability to conduct contactless transactions quickly and securely. This integration facilitates the use of debit and credit cards on mobile devices, providing greater convenience for users and supporting the transition to a digitised economy.

And in celebration of its 60th anniversary, Banco Popular has introduced a revamped digital ecosystem, with four new specialised mobile applications on offer. These four apps are: Comerza for micro-enterprises, Gnial for young people, Yavá for remittance management and Biz for corporate clients. Additionally, the App Popular, the bank’s flagship mobile app, has been redesigned to provide a more intuitive user experience. This family of apps aims to optimise financial management for different segments of the population, promote financial inclusion and enhance the user experience. All apps are available for both iPhone and Android users.

Experience has shown that our customers are keen to take up digital products and applications, although there is clearly scope for further expansion. At present, around 25 percent of all Banco Popular’s financial products are obtained digitally, and this percentage rises upwards to 50 percent for credit card activations.

Furthermore, 40 percent of claims are now submitted through the bank’s multiple apps, each designed for different banking segments. The Popular App alone has an average of over one million users, who can access more than 50 self-service features including third-party payments, transfers between accounts, and credit card and loan payments.

Looking to the future, Banco Popular is focused on personalising its digital services through the use of artificial intelligence and app optimisation. All our apps are designed to continuously evolve based on user needs. For example, we intend that the Gnial app for young people will include new functionalities based on client behaviour. The bank is also exploring new fintech solutions and developing platforms that promote financial inclusion through tools that will make banking easier and more accessible to a larger share of the population. The Dominican Republic still has some scope to improve in this area; according to data from the World Bank, only 51 percent of adults in the country had a bank account in 2021.

Investing in cybersecurity
Against a background of growing cyber threats worldwide, Banco Popular has implemented a comprehensive cybersecurity approach, investing in advanced technologies such as multifactor authentication systems, proactive monitoring, and real-time threat detection. These measures are designed to safeguard the integrity of transactions and the sensitive information of the bank’s customers. Additionally, the bank has adopted international security standards, ensuring a safe environment for all digital operations.

For example, it has an advanced monitoring system contained within its technological infrastructure, operated by its Security Operations Centre (SOC) and its Network Operations Centre (NOC). Both units monitor more than 30,000 events per second, ensuring constant protection of the bank’s systems and the digital integrity of its customers.

Customer education is a priority for Banco Popular, and the area of cyber security is no exception. Hence the bank has launched wide-ranging awareness campaigns on cybersecurity topics, using digital channels as well as traditional media to educate users about the risks of fraud, phishing and other cybercrimes. We also offer a range of online resources to help customers better protect themselves, along with periodic recommendations on strengthening their digital defences.

As an example of this, there is the ‘Pistas de Seguridad’ (security tips) initiative whereby Banco Popular shares tips and recommendations on digital awareness through its website, social media and email to its customer base. The bank has also created the educational podcast ‘Red Alert: We’ve Been Hacked!’ aimed at small and medium-sized businesses. The podcast presents imaginary scenarios of cyberattacks on different types of SME with poor practices, along with the potential repercussions of their mistakes.

Supporting young people
Banco Popular believes very strongly in supporting the young people of the Dominican Republic and has put in place a number of policies and programmes to achieve this. Going forward, the bank will continue to stand by this vital segment of the population (with those aged between 10 and 24 currently making up just over one-quarter of the Dominican population, according to the United Nations Population Fund), innovating and developing tools that support young people’s projects and dreams.

Banco Popular believes very strongly in supporting the young people of the Dominican Republic

As mentioned, the bank has launched the Gnial app, an innovative platform aimed at young people from Generations Z (those born from the mid-1990s to around 2010) and Alpha (those born from around 2010 onwards). Among other things, this app allows users to set savings goals, make quick transfers using a phone number, and withdraw cash through a temporary code system known as Código Cash. Gnial also provides access to promotions and exclusive benefits for the younger age group. The Jóvenes Popular Account complements this offering, promoting the benefits of saving from an early age. These solutions have been very well received, with thousands of young people integrating into the bank’s digital financial ecosystem, and so helping to drive forward youth financial inclusion in the country.

The bank meanwhile has a proven track record of support for youth education. The Becas Excelencia Popular Programme currently has more than 326 active members and 312 graduates, solidifying its position as the most comprehensive scholarship programme in the Dominican financial sector. This programme covers the cost of university education at recognised institutions in the country. In addition to financial support, the programme provides training in soft skills and professional development and also subjects that are related to personal finance, preparing young people to face the challenges of the job market. Over the last decade, over RD$200m ($3.3m) has been allocated to the development of this initiative, which promotes high-quality education and opens up meaningful employment opportunities for young people.

This initiative not only contributes to the personal development and success of the individual students involved, but also has a positive impact on the economy of the Dominican Republic as a whole. By producing skilled professionals, the programme fosters the development of local talent and boosts competitiveness in the country’s key economic sectors.

Access Bank’s vision: sustainable finance for Africa and beyond

Posted on by itsupport

Over the past century, the world has witnessed rapid transformation and development, but now it is crucial to revolutionise current models and embrace sustainability as a critical factor in shaping economic progress. As nations strive to address pressing global challenges, the integration of environmental, social, and governance (ESG) principles into the core of our existence has become paramount. Africa is uniquely positioned to lead the transformative shift toward sustainability, given its abundant natural resources, youthful population, and untapped economic potential. The continent’s abundant renewable energy sources – such as solar, wind and hydropower – offer opportunities to bypass traditional, carbon-intensive development models. Investing in sustainable agriculture, eco-friendly infrastructure, circular economies, and green technologies will ensure a healthy environment for future generations.

Sustainable finance: a global imperative
The United Nations’ Sustainable Development Goals (SDGs) provide a framework for addressing the world’s most pressing challenges by 2030. However, the financing gap to achieve these goals is particularly stark in regions like Sub-Saharan Africa, where the shortfall is estimated at $200bn per year. This gap threatens the continent’s ability to make progress in crucial sectors such as education, clean energy, healthcare and climate resilience. Bridging this divide will require not only an evolution in traditional financial mechanisms but also the integration of sustainable finance as a key engine for economic transformation.

Africa is uniquely positioned to lead the transformative shift toward sustainability

As the global economy faces mounting challenges such as climate change, poverty and inequality, financial institutions are being called upon to rethink their traditional roles. Today, banks are no longer seen as mere intermediaries of capital; they are stewards of economic transformation and sustainability and as such the pursuit of profit alone is no longer acceptable. In an era where sustainability is central to economic development, financial institutions must embed sustainable principles into their core strategies. Access Bank, one of Africa’s leading financial institutions, is at the forefront of this transformation. Through its innovative approach to sustainable finance, Access Bank is positioning itself as a key driver of Africa’s future economic growth and a global leader in sustainable development.

A broader vision for Africa’s future
Access Bank is leading the charge in redefining the future of finance by integrating sustainability at its core and continuously raising the bar across various touch points. As one of Africa’s leading financial institutions, it operates across 23 markets on three continents, serving over 60 million customers through a vast network of more than 700 branches and service outlets. The bank employs more than 28,000 people in its operations across Africa, Europe and the UK, with representative offices in China, Lebanon, India and the UAE.

The bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The bank services its various markets through five business segments: personal, business, operations and IT, commercial and corporate & investment banking. Access Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.

Access Bank is focused on mainstreaming sustainable business practices into its operations

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams. As a pacesetter in the sustainability space, the bank played a key role in collaborating with the United Nations Environment Programme Finance Initiative (UNEP FI) and other leading banks to develop the globally recognised Principles for Responsible Banking (PRB).

Being the only West African bank in the core group, the bank has actively participated in shaping these principles over the last five years, which have become the benchmark for responsible banking institutions worldwide. The bank’s commitment to sustainability is exemplified by various initiatives including the Sustainable Finance Accelerator Programme – a pioneering initiative designed to drive sustainable solutions across the continent, addressing global challenges with bold, visionary action.

The Sustainable Finance Accelerator Programme emerges as a natural evolution of Access Bank’s long-standing dedication to sustainable finance. This programme is not just a financial initiative, but a comprehensive ecosystem designed to empower sustainability-focused projects and businesses. It provides a robust platform where innovative ideas can be nurtured, refined, and ultimately transformed into impactful solutions that address some of Africa’s most critical challenges.

At the heart of the programme lies a multifaceted approach aimed at fostering sustainable development on multiple fronts. Participants in the programme receive personalised mentorship from seasoned experts in sustainable finance and entrepreneurship. These mentors bring a wealth of knowledge and experience, guiding participants through the complexities of developing and scaling sustainable ventures. This one-on-one mentorship is designed to empower entrepreneurs with the skills and insights needed to navigate the rapidly evolving landscape of sustainable finance.

Capacity building is another cornerstone of the programme. Through a series of targeted training sessions and workshops, participants gain deep insights into sustainable finance, climate risk management, and impact investing. These educational components are tailored to equip participants with the technical skills and strategic thinking required to create solutions that are not only innovative but also scalable and impactful. The programme’s focus on capacity building ensures that participants are well prepared to tackle the challenges of sustainable development and contribute meaningfully to the global sustainability agenda.

Access to funding is a critical enabler of innovation, and the Sustainable Finance Accelerator Programme provides participants with multiple avenues for financial support. The programme offers access to loans, seed funding, and impact investment opportunities, ensuring that promising businesses and ideas receive the financial backing they need to thrive. This funding is crucial in helping participants move from concept to reality, or growth to maturity, enabling them to develop, pilot, and scale their projects in a way that maximises their impact on the environment and society.

Networking is another vital component of the programme, connecting participants to a global network of sustainable finance professionals, entrepreneurs, and organisations. This network provides participants with opportunities to collaborate, share knowledge, and access new markets, creating a dynamic ecosystem that supports the growth and success of sustainable ventures. Through these connections, participants are not only able to expand their reach but also to learn from the experiences of others, gaining insights that can help them overcome challenges and seize new opportunities.

The Sustainable Finance Accelerator Programme is not merely about fostering individual business success; it is about addressing some of the most pressing challenges facing Africa today. By targeting issues such as climate change, energy poverty, gender, and the need for sustainable infrastructure development, the programme is strategically positioned to catalyse transformative change across the continent. For instance, by supporting initiatives that reduce carbon emissions, promote renewable energy, and enhance climate resilience, the programme contributes directly to the global achievement of the UN SDGs.

A catalyst for sustainable growth
Access Bank’s significant investment in advanced digital solutions has streamlined internal processes, ushering in a new era of convenience and efficiency for its extensive customer base. By leveraging state-of-the-art technology, the bank has enhanced the customer experience, offering seamless and user-friendly digital services that cater to the evolving needs of modern banking. This relentless pursuit of digital excellence has been crucial for the bank’s expansion efforts, enabling it to reach and engage customers across diverse markets, thereby extending its footprint within and beyond Africa.

Central to Access Bank’s sustainability initiatives is technology, which has witnessed rapid adoption in recent years, disrupting various industries. The bank is leveraging this transformative technology to enhance transparency, accountability, and efficiency in financial transactions. Its innovative blockchain solution, the BLINK Network, has achieved noteworthy milestones, including successful demo presentations of a compelling value proposition for interbank transfers to key stakeholders such as the Central Bank of Nigeria (CBN), controlled pilot interbank test transactions, and the integration of unique features. These advancements underscore the transformative potential of blockchain technology within the financial landscape, setting the stage for continued innovation and disruption.

For Africa to achieve its potential, the financial sector must rise to the challenge

Access Bank is strategically advancing fintech innovation through its Africa Fintech Foundry (AFF), a cutting-edge accelerator programme aimed at empowering tech start-ups across diverse sectors. By facilitating access to mentorship from esteemed industry leaders, experts, and investors, AFF is committed to equipping start-ups with the necessary tools to structure their businesses for sustainable success. Notably, winners from the past AFF x CBN eNaira Hackathon have seamlessly transitioned into the comprehensive Incubation Programme, which incorporates an intensive accelerator phase consisting of tailored mentoring sessions, investor pitches, internal product reviews, and specialised training classes.

Beyond the accelerator phase, participating start-ups benefit from continuous post-accelerator support, including ongoing mentorship from AFF experts, access to a robust network of investors, collaboration opportunities with Access Bank’s customer base, and dedicated co-working spaces. In a further strategic partnership, AFF has aligned with Future Perspective, a non-profit foundation focused on creating a better Africa, to deliver the ‘Innovation to Transform Education’ training programme. This initiative encompasses crucial areas such as digital skills, project cycle planning, evidence-based methodologies, and intercultural competencies, supplemented by a competitive pitch evaluation process.

The top EdTech start-ups identified through this programme will be integrated into the Incubation and Acceleration Programme, ensuring sustained growth and support. By strategically identifying ecosystem challenges and implementing targeted solutions, the AFF accelerator programme is well positioned to nurture the next generation of African unicorns, fostering innovation and sustainable growth in a streamlined and efficient manner.

A changing world
The path forward is clear: sustainable finance is the key to unlocking Africa’s potential. By aligning its financial strategies with the SDGs, Access Bank is contributing to a future where growth is not only inclusive but resilient and impactful. As the world continues to navigate unprecedented challenges – from climate change to economic inequality – Access Bank’s commitment to sustainable finance offers a blueprint for how the financial sector can drive meaningful change.

Indeed, the Access story is not just about a single programme or initiative. It is about a larger vision – a commitment to leveraging finance as a force for good. For Africa to achieve its potential, the financial sector must rise to the challenge, and Access Bank will continue to play its part as a catalyst. The bank’s strategic focus on sustainable finance is already creating a ripple effect, not just across Africa but globally, setting the stage for a future where finance, sustainability, and development converge.

Enriching lives through sustainable finance

Posted on by itsupport

Sustainability is a shared global commitment. As the people’s brand, Fubon Life Insurance prioritises the welfare of our stakeholders as well as wider society. We offer protection, savings, annuity, accident and health insurance for customers, but our mission goes beyond providing services. Our aim is to proactively address ESG and climate-related risks and opportunities, support the industry’s transition to low-carbon operations, and foster a sustainable financial ecosystem. We are committed to initiatives that promote environmental protection, health and financial education.

Our efforts were awarded when we were named Taiwan’s Best Life Insurance Company in the World Finance Awards 2024 for the 13th year running. Our efforts were also recognised in the 2023 sustainable finance evaluation by the Financial Supervisory Commission (FSC), where we were ranked in the top fifth of the insurance industry. Through a number of initiatives, we aim to leverage our corporate influence to drive the sustainable transformation of industries and create a better future for all.

Balancing act
At Fubon Life, we strive to balance profitability with sustainability, demonstrating our long-term commitment to sustainable operations and corporate governance. As of June 2024, we achieved a record-high monthly net income of NT$13.71bn (more than $420m). This marked the highest June profit in our history, with a net asset ratio exceeding the statutory minimum by more than three percent, and a capital adequacy ratio of over 300 percent.

We aim to build a more diverse, equitable and inclusive society

While celebrating these successes, we continued to focus on sustainability. In 2023, our ESG-themed investments reached approximately NT$2.44trn (over $75bn), accounting for more than half of our total investment assets, with green procurement totalling NT$150m (over $4.6m). Under the Board of Directors, our Sustainability Development Committee implements sustainability policies from the top down, linking ESG factors to board and senior management performance evaluations.

So how are we addressing key sustainability issues? Our efforts span several initiatives – not least around conservation and the environment. We are the first Taiwanese company to focus on river waste issues; in partnership with the Society of Wilderness, we are supporting various river conservation projects, including through tree planting and watershed protection initiatives. As of 2024, the company has conducted rapid screening of river waste in Taichung’s Wu River, Hsinchu’s Touqian River, Greater Taipei’s Tamsui River, Kaohsiung’s Houjin River and Yunlin’s Beigang River.

These efforts span five counties and five rivers, with plans to expand the initiative further. This project was recognised by the 2024 Global Views ESG Corporate Sustainability Awards, where we came first in the Environmentally Friendly category. We are proud to be the only life insurance company in Taiwan to have received this award.

Fulfilling goals
We recognise that sustainability isn’t only about the environment, however. We are also dedicating resources to addressing hidden issues such as the urban-rural divide, and unequal resource distribution in Taiwan. By advancing various inclusive financial initiatives, we aim to build a more diverse, equitable and inclusive society, fulfilling our corporate social responsibility goals during a critical time for sustainable development.

At the same time, we are building on our core expertise to realise our vision of ‘insurance for all.’ Through our Financial and Insurance Knowledge Promotion programme, we have successfully extended insurance education from the general public to university and secondary school students.

In partnership with the Taiwan Financial Literacy and Education Association, Fubon Life has organised over 100 financial literacy courses for high-school students, helping them develop an understanding of insurance protection and financial awareness. We are also continuing to release our video series, ‘The Ones Who Keep Moving Forward,’ using real policy-holder stories to engage and resonate with the public, effectively communicating the importance and purpose of insurance. These efforts were recognised by the Financial Supervisory Commission’s inaugural Financial Education Contribution Awards, where we were proud to receive the Best Collaboration Excellence Award.

Recognising that fraud has become a serious social issue, we have also actively collaborated with the public and private sectors to enhance the public’s fraud awareness. Partnering with the Taipei City Government, we launched the Anti-Fraud Empowerment campaign across 12 administrative districts, educating citizens on common fraud schemes and building a nationwide fraud prevention network. We believe these efforts are in line with our duty as an insurer to protect the public. Enriching lives is at the core of what we do, and we aim to continue leading the way in sustainable, inclusive finance as we move into the future and address the key challenges that lie ahead.

A holistic approach to digital leadership

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Commercial Bank is at the forefront of a marketing revolution of digital leadership and corporate social responsibility. There are two rules to marketing: establish a strong brand and become relevant. The success of Commercial Bank has been harnessed by using digital channels to engage with our customers. This is how we have come to understand the needs of our customers better than ever.

Commercial Bank’s marketing style is more than just a roadmap – it is a catalyst for transformative success. Our company has exemplified this principle, achieving remarkable growth across key business segments and solidifying our status as a leader in the corporate banking arena. Our success is rooted in our unwavering commitment to understanding and meeting the diverse needs of our customers through innovative marketing initiatives.

However, staying relevant is a challenge. If you stop innovating, you fail. Many global companies have served as a reminder of how quickly a company can fall out of success if it doesn’t adapt to change. Despite their early dominance, these companies struggled to keep pace with industry shifts, ultimately losing relevance in a fast-evolving market.

That said, brand presence in the digital world is not an option; it is a must if you want to be part of your customers’ world. Commercial Bank’s marketing strategy and success is focused on innovative products, customer-centric apps, and green initiatives – all of which create a holistic model for sustainable growth. Qatar boasts an impressive 99 percent smartphone adoption rate and with platforms like Snapchat and TikTok gaining traction, embracing change has become imperative. The digital platforms we employ at Commercial Bank have unique features, especially their ability to understand our customers’ changing needs. Commercial Bank harnesses digital channels to engage with customers to become a trusted part of their community. Brand presence and CSR integration are key to forging that trust.

Our mobile app is constantly evolving to enhance the customer experience. The CBQ Mobile App offers features like biometric log-in, easy profile updates and secure account access. We streamline processes by automating direct debit and contactless payments, eliminating the need for manual bill tracking and payment. Reducing administrative tasks not only benefits our customers but also strengthens our competitive edge.

Environmental focus
There is an environmental focus too. Our marketing style at Commercial Bank is part of our ongoing success as we transition to becoming increasingly efficient as a bank. By employing a well-defined strategic marketing approach, we have established ourselves as experts in helping individuals achieve their financial goals while staying focused on sustainability. The key to long-term survival is embracing new technologies as part of a digital leadership focus. Collectively, these measures illustrate how digital innovation and leadership at Commercial Bank are contributing to driving the transition to a more sustainable and resilient future.

Sustainability goes beyond environmental issues; it encompasses social dimensions as well. Fostering community engagement through sustainability strengthens our ties with the community. This is important to our branding and remaining relevant. Commercial Bank’s collaboration with Mastercard to plant trees exemplifies how financial institutions can be environmental, while enhancing their brand image. We have also installed solar panels across our buildings and introduced an electric car fleet. Broader initiatives include contactless and paperless transactions, green bonds, directing capital toward environmentally responsible projects, and green vehicle loans for customers who comply with the National Environment and Climate Change Strategy.

Investment in AI
As Commercial Bank advances its environmental credentials, digital transformation using artificial intelligence is increasingly important. AI projects are being led by both the government and the private sectors. The government is developing a comprehensive National Artificial Intelligence Strategy aimed at integrating AI across key sectors such as healthcare, education, and transportation, which includes establishing AI research centres and innovation hubs.

Commercial Bank is keenly looking forward to adopting these innovative projects and riding the wave of AI advancements, ensuring that it remains at the forefront of digital transformation in the region.

The key to long-term survival is embracing new technologies as part of a digital leadership focus

Since defining our data strategy in 2022, the bank has embarked on a focused AI journey, which has become a cornerstone of its future development strategy. Currently, the bank has integrated a broad range of AI technologies across various operations. The bank deployed a large number of AI and generative AI solutions, delivering a material improvement in operational efficiency across multiple processes. AI-driven decision-making now accounts for a major part of decisions in certain processes, including document processing and customer engagement (ID details processing, unstructured letters, invoices, bills etc).

At Commercial Bank, we recognise that technology holds the greatest potential, serving as the driving force behind every industry. Considering this, nearly everything we do today is powered by technology. It has been seamlessly integrated into every aspect of our lives, redefining how we live, work, and connect.

By leveraging the latest technology, we make everyday banking more convenient, seamless, and efficient – whether through digital platforms that allow 24/7 access or innovative products designed to meet growing needs. The goal is to make banking simpler, faster, and more intuitive for our customers, and that is the exact reason why we believe technology holds the most potential.

Private sector and wealth funds
Readiness is built on economic diversification. We believe the best strategy for diversification is investing in small and medium-sized enterprises (SMEs). The transition from a government-led economy is an important part of that shift, which aims to build an economy driven by private sector innovation and growth.

Highlighting the bank’s commitment to the next generation of professionals, talented Qataris are sent to locations like London and New York for specialist training. New laws and schemes have also been created to help more Qatari nationals set up their own businesses. These changes include simplified registration, and access to funding and resources.

Marketing
Establishing a strong brand presence is crucial in today’s marketing landscape as it presents an array of opportunities, from driving customer awareness to encouraging the adoption of new digital banking products. Even more, it provides powerful platforms to understand customers on a more personal level. Our marketing team is dedicated to highlighting our innovative efforts and digital solutions across Qatar and beyond, ensuring that our advancements resonate with our audience. This commitment to excellence has earned us prestigious accolades, including the ‘Best Mobile Banking App in the Middle East and Qatar’ from both Global Finance and Meed. By emphasising our unique offerings and harnessing our digital channels to engage with customers, our marketing initiatives have significantly contributed to our reputation as a trusted leader in the banking sector.

We recognise that technology holds the greatest potential, serving as the driving force behind every industry

Social media is particularly effective in showcasing real-life stories, building emotional connections, and becoming a trusted member in our customers’ world. That said, storytelling has become our core strategy. Take, for example, our viral CB Support campaign. Rather than simply answering customers’ questions, we chose to compile and respond to them with a humorous twist.

This approach not only retained their attention but also boosted brand awareness, addressed their inquiries, and introduced followers to services they might not have known about. To revive traditional Qatari dialect, we also launched a campaign in Ramadan where staff members engaged with citizens across Qatar, asking them to guess the meaning of authentic Qatari words. This initiative became viral on social media as it encouraged the younger generation to connect deeply with their cultural roots and fostered a shared sense of belonging among hundreds.

Our line of work extends social media to include corporate social responsibility on ground which is essential to Commercial Bank’s strategic vision. During this year’s Ramadan, we launched a series of initiatives that fall under our corporate social responsibility strategy. We introduced the CB Staff Eidya, empowering our team to conveniently make donations to Qatar charities.

In collaboration with the Centre for Empowerment and Elderly Care (Ehsan), we also joined a heartfelt Ghabqa dinner with the elderly, honouring the bonds across generations. As part of the cherished Gulf tradition of Garangao – a joyful celebration held on the 14th night of Ramadan where children dress in colourful clothes, sing special songs, and gather sweets – we hosted events across branches, schools, and hospitals, inviting children and customers to join in festivities, gifts and fun.

Our record of success is a testament to the power of strategic marketing in driving growth and innovation. As we continue to navigate the complexities of the financial sector, our focus remains firmly on delivering unparalleled value to our customers, ensuring that we remain at the forefront of the industry.