Fintech

JanOne appoints Vay Tham Chief Revenue Officer and President of its Fintech subsidiary, ALT5 Sigma

Published

7 months ago

26 June, 2024

JanOne closes the acquisition of ALT 5 Sigma Inc., a leading next-generation blockchain fintech company

LAS VEGAS, June 26, 2024 /PRNewswire/ — JanOne Inc. (Nasdaq: GEN), a multidisciplinary organization focused on healthcare and fintech, is pleased to announce that it has named Vay Tham Chief Revenue Officer and President of ALT5 Sigma, Inc., its wholly owned subsidiary. Mr. Tham brings with him extensive experience of over 25 years in capital markets, particularly in technology sectors. His career includes roles in research, investment banking and finance, most recently as managing director and head of investment banking technology at PI Financial Corp. (Ventum Financial).

Vay Tham’s expertise will be instrumental in driving ALT5 Sigma’s go-to-market strategy to educate customers on how to improve their digital financial ecosystem. He has a background in electrical engineering, graduated from the University of Waterloo in 1999 and previously founded, grown and successfully sold his own fund, managing over $300 million in assets at the time.

In this role, Vay will lead ALT5 Sigma’s go-to-market strategy, with a focus on expanding the market share of ALT5’s leading digital financial ecosystem. Vay Tham, who most recently served as Managing Director and Head of Technology Investment Banking at PI Financial Corp. (Ventum Financial), has more than 25 years of capital markets experience. Vay’s career has spanned research, investment banking and finance roles. Additionally, Mr. Tham had previously founded, grown and sold his own fund, which had more than $300 million in assets under management. Throughout his career, Vay has focused predominantly on technology companies.

“The involvement of Vay Tham, a financial markets veteran and technologist at heart, will help drive revenue growth as he focuses on helping clients digitize their legacy financial ecosystems,” said Tony Issac, CEO of JanOne. He added: “As our new Chief Revenue Officer, the first in our company’s history, Vay’s experience will be invaluable as we educate our end users on the breadth of the ALT5 portfolio. Together, with the ALT5 team, we are confident May Vay help us reach new heights.”

Mr. Tham commented: “I am delighted to join JanOne and ALT5. In my 25-year career, I have advised and worked with dozens of corporate entities that would benefit from the ALT5 suite of products. I look forward to creating new partnership and building on an already impressive customer base on the ALT5 platform and introducing ALT5 to new opportunities.”

Additionally, the Company announced today that, as an incentive, on June 25, 2024, our Board of Directors and our Compensation Committee granted Mr. Tham 400,000 restricted stock units (the “RSUs”). The RSUs will vest over two years, subject to certain “Change of Control” accelerators as defined in JanOne’s 2023 Plan. Although granted as incentives outside of JanOne’s 2023 Plan, RSUs are subject to the terms of that Plan. The RSUs are intended to be incentive awards pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules and were granted outside of JanOne’s 2023 Plan.

About ALT5 Sigma Inc.

Launched in 2018, ALT5 is a fintech company providing next-generation blockchain-based technologies to enable the migration to a new global financial paradigm. ALT5, through its subsidiaries, offers two main platforms to its customers: “ALT5 Pay” and “ALT5 Prime”. The Company processed over $1.2 billion in cryptocurrency transactions in 2023.

ALT5 Pay is a cryptocurrency payment gateway that allows registered and approved global merchants to accept and make cryptocurrency payments or integrate the ALT5 Pay payment platform into their application or operations using the plugin with WooCommerce and/or widgets and the ALT5 Pay payment APIs. Merchants have the option to automatically convert to fiat currency or receive payment in digital assets.

ALT5 Prime is an over-the-counter electronic trading platform that allows registered and approved customers to buy and sell digital assets. Customers can purchase digital assets with fiat, and similarly, they can sell digital assets and receive fiat. ALT5 Prime is available through a browser-based access mobile phone application called “ALT5 Pro” which can be downloaded from the Apple App Store, Google Play, via the ALT5 Prime FIX API, as well as via the NYFIX Gateway of Broadridge Financial Solutions for approved clients.

About JanOne

JanOne is a unique, Nasdaq-listed, multidisciplinary organization with a focus on healthcare and fintech. JanOne is a component of the Russell Microcap Index, as of June 28, 2024. Through its biotechnology businesses, JanOne is developing innovative, actionable solutions intended to help end the opioid crisis. JanOne is committed to funding innovation, technology and education resources to find a key solution to the national opioid epidemic, which is one of the deadliest and most widespread in the nation’s history. Its drugs in clinical trials have shown promise for their innovative approach to the causes of pain as a strategic option for doctors averse to exposing patients to addictive opioids.

JanOne’s ALT5 subsidiary is a global fintech providing next-generation blockchain-based technologies for trading, clearing, settlement, payment and custody of digital instruments.

Please visit www.janone.com for more information.

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding statements that JAN 101 will address PAD, JAN 123 will address CRPS, timing of initiation of clinical trials, that the FDA will allow approval through a 505(b)(2) pathway for JAN 123, which upon JAN 101 approval will immediately disrupt the PAD market and other statements, including words such as “continue”, “expect”, “intend”, “will,” “hope,” “should,” “would,” “can,” “potential,” and other similar expressions. This press release also contains statements and links regarding the profitability and potential growth of ALT5’s platforms and businesses, including, but not limited to, international currency risks, third-party or customer credit risks, liability claims arising from ALT5’s services and technological challenges for future growth or expansion. Such statements reflect JanOne’s current view with respect to future events, are subject to risks and uncertainties and are necessarily based on a number of estimates and assumptions that, while considered reasonable by JanOne, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.

Many factors could cause JanOne’s actual results, performance or achievements to be materially different from any future results, performance or achievements described in this press release. Such factors may include, among others, those detailed in the Company’s periodic reports filed with the Securities and Exchange Commission (the “SEC”). Should one or more of these risks or uncertainties materialize, or should the assumptions set forth in the section entitled “Risk Factors” in JanOne’s SEC filings underlying such forward-looking statements prove incorrect, actual results may vary materially from those described here. These forward-looking statements are made as of the date of this press release and JanOne does not intend, and undertakes no obligation, to update these forward-looking statements, except as required by law. JanOne cannot assure you that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Individuals are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty therein.

Media Contact Investor Relations
[email protected]
1-800-400-2247

SOURCE JanOne Inc.

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Fintech

US Agencies Request Information on Bank-Fintech Dealings

Published

6 months ago

30 July, 2024

FinCrypt Staff

Federal banking regulators have issued a statement reminding banks of the potential risks associated with third-party arrangements to provide bank deposit products and services.

The agencies support responsible innovation and banks that engage in these arrangements in a safe and fair manner and in compliance with applicable law. While these arrangements may offer benefits, supervisory experience has identified a number of safety and soundness, compliance, and consumer concerns with the management of these arrangements. The statement details potential risks and provides examples of effective risk management practices for these arrangements. Additionally, the statement reminds banks of existing legal requirements, guidance, and related resources and provides insights that the agencies have gained through their oversight. The statement does not establish new supervisory expectations.

Separately, the agencies requested additional information on a broad range of arrangements between banks and fintechs, including for deposit, payment, and lending products and services. The agencies are seeking input on the nature and implications of arrangements between banks and fintechs and effective risk management practices.

The agencies are considering whether to take additional steps to ensure that banks effectively manage the risks associated with these different types of arrangements.

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Fintech

What changes in financial regulation have impacted the development of financial technology?

Published

6 months ago

30 July, 2024

FinCrypt Staff

Exploring the complex landscape of global financial regulation, we gather insights from leading fintech leaders, including CEOs and finance experts. From the game-changing impact of PSD2 to the significant role of GDPR in data security, explore the four key regulatory changes that have reshaped fintech development, answering the question: “What changes in financial regulation have impacted fintech development?”

PSD2 revolutionizes access to financial technology
GDPR Improves Fintech Data Privacy
Regulatory Sandboxes Drive Fintech Innovation
GDPR Impacts Fintech Data Security

PSD2 revolutionizes access to financial technology

When it comes to regulatory impact on fintech development, nothing comes close to PSD2. This EU regulation has created a new level playing field for market players of all sizes, from fintech startups to established banks. It has had a ripple effect on other markets around the world, inspiring similar regulatory frameworks and driving global innovation in fintech.

The Payment Services Directive (PSD2), the EU law in force since 2018, has revolutionized the fintech industry by requiring banks to provide third-party payment providers (TPPs) with access to payment services and customer account information via open APIs. This has democratized access to financial data, fostering the development of personalized financial instruments and seamless payment solutions. Advanced security measures such as Strong Customer Authentication (SCA) have increased consumer trust, pushing both fintech companies and traditional banks to innovate and collaborate more effectively, resulting in a dynamic and consumer-friendly financial ecosystem.

The impact of PSD2 has extended beyond the EU, inspiring similar regulations around the world. Countries such as the UK, Australia and Canada have launched their own open banking initiatives, spurred by the benefits seen in the EU. PSD2 has highlighted the benefits of open banking, also prompting US financial institutions and fintech companies to explore similar initiatives voluntarily.

This has led to a global wave of fintech innovation, with financial institutions and fintech companies offering more integrated, personalized and secure services. The EU’s leadership in open banking through PSD2 has set a global standard, promoting regulatory harmonization and fostering an interconnected and innovative global financial ecosystem.

Looking ahead, the EU’s PSD3 proposals and Financial Data Access (FIDA) regulations promise to further advance open banking. PSD3 aims to refine and build on PSD2, with a focus on improving transaction security, fraud prevention, and integration between banks and TPPs. FIDA will expand data sharing beyond payment accounts to include areas such as insurance and investments, paving the way for more comprehensive financial products and services.

These developments are set to further enhance connectivity, efficiency and innovation in financial services, cementing open banking as a key component of the global financial infrastructure.

Sebastian Malczyk

General Manager, Technology and Product Consultant Fintech, Insurtech, Miquido

GDPR Improves Fintech Data Privacy

Privacy and data protection have been taken to another level by the General Data Protection Regulation (GDPR), forcing fintech companies to tighten their data management. In compliance with the GDPR, organizations must ensure that personal data is processed fairly, transparently, and securely.

This has led to increased innovation in fintech towards technologies such as encryption and anonymization for data protection. GDPR was described as a top priority in the data protection strategies of 92% of US-based companies surveyed by PwC.

Arid Islam

Financial Expert, Sterlinx Global

Regulatory Sandboxes Drive Fintech Innovation

Since the UK’s Financial Conduct Authority (FCA) pioneered sandbox regulatory frameworks in 2016 to enable fintech startups to explore new products and services, similar frameworks have been introduced in other countries.

This has reduced the “crippling effect on innovation” caused by a “one size fits all” regulatory approach, which would also require machines to be built to complete regulatory compliance before any testing. Successful applications within sandboxes give regulators the confidence to move forward and address gaps in laws, regulations, or supervisory approaches. This has led to widespread adoption of new technologies and business models and helped channel private sector dynamism, while keeping consumers protected and imposing appropriate regulatory requirements.

George Blandford

Co-founder, UK Linkology

GDPR Impacts Fintech Data Security

A big change in financial regulations that has had a real impact on fintech is the 2018 EU General Data Protection Regulation (GDPR). I have seen how GDPR has pushed us to focus more on user privacy and data security.

GDPR means we have to handle personal data much more carefully. At Leverage, we have had to step up our game to meet these new rules. We have improved our data encryption and started doing regular security audits. It was a little tricky at first, but it has made our systems much more secure.

For example, we’ve added features that give users more control over their data, like simple consent tools and clear privacy notices. These changes have helped us comply with GDPR and made our customers feel more confident in how we handle their information.

I believe that GDPR has made fintech companies, including us at Leverage, more transparent and secure. It has helped build trust with our users, showing them that we take data protection seriously.

Dr. Rhett Stubbendeck

CEO & Co-Founder, Leverage Planning

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Fintech

M2P Fintech About to Raise $80M

Published

6 months ago

30 July, 2024

FinCrypt Staff

Application Programming Interface (API) Infrastructure Platform M2P Financial Technology has reached the final round to raise $80 million, at a valuation of $900 million.

Specifically, M2P Fintech, formerly known as Yap, is closing a new funding round involving new and existing investors, according to entrackr.com. The India-based company, which last raised funding two and a half years ago, previously secured $56 million in a round led by Insight Partners, earning a post-money valuation of $650 million.

A source indicated that M2P Fintech is ready to raise $80 million in this new funding round, led by a new investor. Existing backers, including Insight Partners, are also expected to participate. The new funding is expected to go toward enhancing the company’s technology infrastructure and driving growth in domestic and international markets.

What does M2P Fintech do?

M2P Fintech’s API platform enables businesses to provide branded financial services through partnerships with fintech companies while maintaining regulatory compliance. In addition to its operations in India, the company is active in Nepal, UAE, Australia, New Zealand, Philippines, Bahrain, Egypt, and many other countries.

Another source revealed that M2P Fintech’s valuation in this funding round is expected to be between USD 880 million and USD 900 million (post-money). The company has reportedly received a term sheet and the deal is expected to be publicly announced soon. The Tiger Global-backed company has acquired six companies to date, including Goals101, Syntizen, and BSG ITSOFT, to enhance its service offerings.

According to TheKredible, Beenext is the company’s largest shareholder with over 13% ownership, while the co-founders collectively own 34% of the company. Although M2P Fintech has yet to release its FY24 financials, it has reported a significant increase in operating revenue. However, this growth has also been accompanied by a substantial increase in losses.

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Fintech

Scottish financial technology firm Aveni secures £11m to expand AI offering

Published

6 months ago

30 July, 2024

FinCrypt Staff

Aveni, Investment Management, AI, NLP, UK

By Gloria Methri

Today

To come
Aveni Assistance
Aveni Detection

Artificial intelligence Financial Technology Aveni has announced one of the largest Series A investments in a Scottish company this year, amounting to £11 million. The investment is led by Puma Private Equity with participation from Par Equity, Lloyds Banking Group and Nationwide.

Aveni combines AI expertise with extensive financial services experience to create large language models (LLMs) and AI products designed specifically for the financial services industry. It is trusted by some of the UK’s leading financial services firms. It has seen significant business growth over the past two years through its conformity and productivity solutions, Aveni Detect and Aveni Assist.

This investment will enable Aveni to build on the success of its existing products, further consolidate its presence in the sector and introduce advanced technologies through FinLLM, a large-scale language model specifically for financial services.

FinLLM is being developed in partnership with new investors Lloyds Banking Group and Nationwide. It is a large, industry-aligned language model that aims to set the standard for transparent, responsible and ethical adoption of generative AI in UK financial services.

Following the investment, the team developing the FinLLM will be based at the Edinburgh Futures Institute, in a state-of-the-art facility.

Joseph Twigg, CEO of Aveniexplained, “The financial services industry doesn’t need AI models that can quote Shakespeare; it needs AI models that deliver transparency, trust, and most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, and reviewed by financial services experts for specific financial services use cases. Generative AI is the most significant technological evolution of our generation, and we are in the early stages of adoption. This represents a significant opportunity for Aveni and our partners. The goal with FinLLM is to set a new standard for the controlled, responsible, and ethical adoption of generative AI, outperforming all other generic models in our select financial services use cases.”