![]() "It takes a while for founders to adjust their own expectations of value, but that has been starting to properly come through in 2023," he said. Mark Beeston, founder of Illuminate, said the tougher fundraising environment has led to more attractive valuations. ![]() Fintech companies raised $15 billion in the first three months of 2023, down about 50% from a year earlier. Global financial institutions are projected to spend $57 billion maintaining outdated payments systems alone in 2028, up from $36.7 billion in 2022. Illuminate closed the round even as fundraising by fintech companies has slumped and some investors slashed the valuations for their holdings of privately held startups like Revolut Ltd. ![]() Illuminate strategic investors, including JPMorgan Chase, Barclays and Jeffries, also put money in the new fund. The fund will invest in startups that offer technology services to financial institutions. venture capital firm Illuminate Financial raised $235 million for its third fund from investors, including Bank of New York Mellon and Euroclear. This week, two former Wirecard employees were handed prison terms, the first criminal convictions related to the fraud at the firm. The firm's units that operated in Singapore had been asked to cease their payment activities in 2020. Wirecard filed for bankruptcy in 2020 after acknowledging that 1.9 billion euros ($2 billion) it had listed as assets probably didn't exist. The penalized firms have addressed the deficiencies identified by the Monetary Authority of Singapore (MAS), which include boosting their processes and training to improve staff's vigilance in detecting and escalating risk concerns. As it gains status as a key financial hub, Singapore has been moving to curb illicit flows in May, Parliament passed a bill paving the way for banks to share information on potentially risky clients. The penalties amount to S$400,000 on Citibank, S$600,000 on OCBC, S$200,000 on Swiss Life and S$2.6 million imposed on DBS. Getting a good rest before the big day is a. The four institutions were found to have inadequate money laundering and terrorism financing controls in place when they dealt with parties linked to Wirecard. Proposal bridal party gift with bath salts, soap, candle, lip balm and rose. When it comes to dealing with challenging emotions, relaxation may be beneficial. ![]() Let’s dive into the collection of funniest memes. Whatever fantasy proposal you had dreamed up (at the most romantic. You may not be wearing the perfect outfit on the day of your proposal. Lam urged the MTR to reform its training system and bump up salaries in order to attract more local young people to join the industry.Singapore's financial regulator imposed penalties amounting to a total of S$3.8 million ($2.8 million) on DBS, Citigroup, Oversea-Chinese Banking and Swiss Life for breaches related to the Wirecard scandal. 50+ Funny Relaxing Memes To Help You Chill Out. No matter how long you and your soon-to-be spouse dated or how many times youve been a bridesmaid in your friends weddings, there are some truths you just dont find out about until you get engaged. "If you recruit non-local workers, what are their responsibilities? Also, are they qualified and experienced to handle what we are doing now?" For example, if a worker forgot to put in a screw and that resulted in an accident, there could be legal consequences," he told the same programme. "Every worker has to shoulder a big responsibility. Lam Wai-keung, chairman of the Hong Kong Federation of Railway Trade, also questioned if non-local workers are a good fit. Language is a huge barrier," he told an RTHK programme. ![]() There may be serious consequences if things go wrong. For railways, the tolerance of error is very low. "For frontline repairs and operations, especially those involving emergency repairs, accuracy in communication is very important. Zhang said while non-local staff can help with railway construction projects, they should be kept away from frontline operations. The railway operator said a day ago that it is suffering from a serious shortage in manpower – including maintenance staff – and that it’s considering bringing in outside workers. Lawmaker and former MTR engineer Gary Zhang on Thursday raised concerns over the MTR's plan to import non-local workers, saying those working in key roles should be local staff. ![]()
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