Retail News CRM

Tag: EY

  • Swiss Fintech Pioneer Finpension Contends For ‘EY Entrepreneur Of The Year 2025

    Swiss Fintech Pioneer Finpension Contends For ‘EY Entrepreneur Of The Year 2025

    Finpension, a fintech trailblazer based in Lucerne, has earned a spot in the limelight as it vies for the prestigious “EY Entrepreneur Of The Year 2025” award. Founded by Beat Bühlmann and Ivo Blättler, this dynamic duo has been nominated in the “Visionary Entrepreneurs” category for the Swiss iteration of the globally recognized accolade.

    They now find themselves in esteemed company, competing against other innovative entities such as the meteorology startup Meteomatics and the digital real estate broker Neho. The suspense builds as the winners of all categories will be revealed on October 17 in Bern, a date circled in bold on many calendars.

    Recognizing Trailblazers in Entrepreneurship

    The “EY Entrepreneur Of The Year” award stands as a pinnacle of entrepreneurial achievement, connecting an expansive network of over 50,000 visionaries across 60 countries. The process is not a walk in the park; finalists and winners are chosen by an independent jury that scrupulously evaluates them against rigorous criteria. Innovation, entrepreneurial vision, and sustainable success are at the forefront of their considerations. Remarkably, this marks the 28th iteration of the award in Switzerland.

    A Glimpse into Finpension’s Success

    The jury’s admiration speaks volumes about the team’s groundbreaking approach. They commended Bühlmann and Blättler as pioneers in digital pension solutions, highlighting how their platform champions simplicity and transparency. This acknowledgment is particularly noteworthy considering that Finpension has achieved financial success that places it in a rarefied group within the Swiss fintech landscape.

    Future Aspirations and Banking Dreams

    Echoing its forward-looking ethos, Finpension continues to chart an ambitious course. As reported by finews.com in April, the startup—established in 2016—has amassed over 3 billion Swiss francs in managed assets by the close of 2024. The founders are not stopping there; they are actively pursuing a banking license, which would empower them to broaden their offerings to include mortgages alongside their pension and wealth management services. Now that’s what you might call a “fintech fairy tale” in the making!

    Questions & Answers

    What is the significance of the “EY Entrepreneur Of The Year” award?
    The award is a major accolade in the entrepreneurial community, connecting over 50,000 entrepreneurs globally and recognizing innovation, vision, and sustainable business success.

    What unique contributions has Finpension made to the fintech sector?
    Finpension has revolutionized digital pension solutions, focusing on simplicity and transparency, setting it apart from many of its Swiss fintech counterparts.

    What are Finpension’s future goals?
    The company aims to obtain a banking license to expand its services to include mortgages, further enhancing its pension and wealth management offerings.

  • EY Bags the Elephant With UBS Audit Deal

    EY Bags the Elephant With UBS Audit Deal

    UBS selects EY as its auditor for the expanded bank following its takeover of Credit Suisse in March. PwC will audit Credit Suisse’s books for 2023.

    EY will have lots more work to do at UBS starting next year, having been retained to audit the merged entity starting next. The Big Four firm has been auditing UBS’s books since 1998, charging it $70 million last year for its services, while Credit Suisse paid PwC $90 million.

    EZ declined to comment on whether it was retained by UBS, saying only that The size and scale of the global EY financial services audit practice means we are able to access resource and specialist skills from across our network.

    The firm can tap into a global staff of about 20,000 bank auditors. The source told the FT that EY’s international operations are more closely integrated than those of its rivals, making it easier for resources to be shared internationally.

    The report went on to say that EY will probably have to drop the work that it does for Credit Suisse to avoid conflicts of interest. The auditor was hired about two years ago by Credit Suisse to look into anti-money laundering measures in its Asian wealth unit.

    PwC has a much shorter relationship with Credit Suisse than EY does with UBS. In 2020, PwC replaced KPMG as Credit Suisse’s external auditor. Earlier this year, Credit Suisse had to delay the release of its annual report after an SEC inquiry.

    The report came out mere days before Credit Suisse was taken over by UBS on March 19.

    On March 10 the SEC asked the bank to explain how it concluded entity-level material weakness did not exist for fiscal years 2021 and 2022, according to the documents.

    EY is not without blemish, having signed off on the books of German fintech Wirecard which collapsed in 2020. It was subsequently barred for two years from bidding for audit contracts for publicly listed companies in Germany.

    UBS, Credit Suisse, and PwC declined to comment to the FT.

    Lees ook:

    Lees ook:

  • Citi Hires Ex-EY Partner for Asia Digital Payments

    Citi Hires Ex-EY Partner for Asia Digital Payments

    Citi has hired a former partner from Ernst & Young to lead the upcoming launch of a new digital payment solution in the region.

    James Lloyd joins the treasury and trade solutions (TTS) unit as its Asia Pacific head of Spring by Citi – upcoming digital payments offering – according to an internal memo.

    In his Hong Kong-based role, Lloyd reports to Sanjeev Jain, APAC head of payments and receivables, TTS, and Anupam Sinha, global head of domestic payments and Receivables, TTS.

    Lloyd joins from EY where he was a partner within the strategy and transactions practice, leading the firm’s dedicated regional fintech capabilities and serving as APAC leader for its global payments practice.

    Spring by Citi

    The Spring by Citi offering aims to help corporate and institutional clients reach end-customers by enabling digital payments across preferred methods, be it credit cards, instant payments or digital wallets.

    The offering is scheduled for launch in the fourth quarter this year starting with Singapore, Australia and Hong Kong before adding more markets in 2022.

    A spokesperson for the bank confirmed the new appointment.

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • EY casts doubt over Parkson Retail’s ability to trade

    EY casts doubt over Parkson Retail’s ability to trade

    Parkson Retail Asia’s auditor has flagged the department store operator’s ability to continue as a going concern, given that its total liabilities exceeded total assets by about S$66 million.

    In its report for the audited financial statements for the year ended June 30, the auditor Ernst & Young (EY) highlighted as an emphasis of matter that the group incurred a net loss of about S$85 million, current liabilities exceeded its current assets by S$117.4 million, and total liabilities exceeded total assets by S$66 million as at the financial year-end.

    These conditions indicate the existence of a material uncertainty that may cast significant doubt about the group’s ability to continue as a going concern, Parkson Retail Asia reported in a regulatory filing on Monday.

    EY, however, did not qualify its opinion.

    Parkson Retail Asia said its operations were significantly impacted by movement restrictions and store closure caused by the pandemic in its key markets.

    The ability of the group to continue as a going concern is dependent on it generating sufficient cash flows from operations to meet working capital needs and continued support from its suppliers and creditors, Parkson Retail Asia said.

    But its board said the auditor’s report for the preceding financial year had also included a similar emphasis of matter.

    The counter ended flat at 1.4 Singapore cents on Monday, and it is still under watch-list by the bourse operator.

  • Jack Wills bags cash injection to save the business

    Jack Wills bags cash injection to save the business

    Creditors of fashion label Jack Wills under HSBC have ordered an assessment of the firm’s finances, according to a report. The news comes just weeks after Jack Wills achieved new investment of £10 million (US$12.8 million), followed by speculation that the company may soon need further financial help – prompting the appointment of advisers from auditing firm EY.

    The new investment reportedly comes from an unnamed wealthy Italian family, which has previously invested in Jack Wills’ majority shareholder, BlueGem Capital Partners. BlueGem itself is thought to have provided a similar injection of cash. The identity of the investor is likely to be revealed following reports expected to be filed at Companies House.

    Brand co-founder Peter Williams was ejected from the firm’s board last year, with new executives brought in to effect a turnaround.

    Jack Wills operates more than 90 stores worldwide, including five stores in Hong Kong and two in Singapore.