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The 2024 UAE Fintech Report reveals a remarkable growth in the sector, with 329 active fintech companies, a 128.5% increase since 2021. Emirates NBD is leading innovation through strategic partnerships and a $100 million Innovation Fund, enhancing digital banking and operational efficiencies while integrating AI solutions to streamline processes and improve compliance.
Infleqtion, a Boulder-based quantum technology firm, has raised $100 million in a Series C funding round, backed by investors like Glynn Capital and Morgan Stanley. The funds will be used to scale atom-based quantum systems and expand their deployment in commercial and government sectors, including a partnership with Japan’s Science and Technology Agency.The quantum industry is rapidly evolving, with Infleqtion reporting $30 million in annual revenue and a $200 million customer pipeline, indicating a shift from research to revenue-generating products. National security interests are driving adoption, as defense agencies invest in quantum technologies to enhance capabilities.
RBC Wealth Management-U.S. has attracted a team managing $500 million in assets from UBS in Syracuse, New York. Led by Thomas G. Austin and Ryan J. Smith, the move reflects RBC's strategy to recruit top talent amid UBS's recent broker attrition, which has seen a 3% decline in its Americas workforce.
Deutsche Bank AG has initiated stabilization measures for Anheuser-Busch InBev’s bond offering, which includes 8-year, 13-year, and 20-year fixed securities, with the stabilization period running until June 30, 2025. The bond pricing is expected to be mid-swap plus 125 basis points for the 8-year, plus 160 for the 13-year, and plus 200 for the 20-year bonds. The securities are targeted at qualified investors outside the UK and will not be registered under the U.S. Securities Act of 1933, prohibiting public offers in the United States.
UBS has implemented a new monitoring system to track employee attendance in the office, requiring staff to be present at least three days a week. While the bank claims this initiative aims to enhance collaboration, many employees are concerned about potential impacts on their bonuses. This move reflects a broader trend among companies tightening home office policies amid ongoing debates about remote work.
UBS has appointed Lin Reynolds as a Private Wealth Advisor in its Manhattan office, where she will focus on advising ultra-high-net-worth clients on asset allocation, investment strategies, and wealth transfer. Previously an Executive Director at J.P. Morgan Private Bank, Reynolds brings over nine years of experience in wealth management and is fluent in Mandarin. She holds a BA in Sociology and Economics from Lake Forest College and a Master's in Economics from American University.
Deem Finance has secured a $400 million asset-backed securitization in partnership with J.P. Morgan to enhance its lending capabilities for consumers and SMEs. This transaction diversifies Deem's funding sources and supports its growth strategy, contributing to the UAE's financial ecosystem. The collaboration underscores the importance of access to credit for underserved communities in the region.
A team generating $4.5 million in annual revenue at Cresset Capital has joined UBS Wealth Management USA, returning to a larger firm after managing $880 million in client assets. Led by Peter C. Sherlock, Gus B. Spaulding, and Chase A. Rodawig, the team will operate from UBS’s Denver Tech office. This move aligns with UBS's strategy to enhance profit margins amid a broader restructuring of its U.S. operations.
Global oil supply is projected to exceed demand by over 1 million barrels per day in 2025, driven by increased production from non-OPEC+ countries. Major banks forecast Brent crude prices averaging between $73.00 and $76.00 per barrel, with geopolitical events and OPEC+ decisions likely influencing market volatility. Traders should focus on risk management and monitor key market indicators to navigate the anticipated supply surplus and price pressures.
China's yuan is projected to weaken to record lows as U.S. tariff threats escalate, with major investment banks forecasting an average of 7.51 per dollar by the end of 2025. The yuan's depreciation poses challenges for Chinese authorities, who aim to stabilize the currency while reviving the economy. The People's Bank of China is expected to implement measures to prevent excessive declines, balancing currency control with economic growth.
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