Swiss Re Corporate Solutions said that its new wholly-owned subsidiary, Swiss Re Corporate Solutions Advisors South Africa Pty Ltd, is now licenced by the South African Financial Services Board (FSB) to operate in the country as a financial services provider (FSP).
Under its FSP licence, the company will originate, advise on and bind direct commercial insurance business in South Africa through an intermediary agreement with Guardrisk Insurance Company, a South African-licenced non-life insurer well-known in the local market for its reputation and solid financial standing.
Swiss Re Corporate Solutions expects to begin operations during Q2 of 2015 from an office in Johannesburg. The company will provide commercial insurance services to mid- and large-sized corporate clients, focusing on property, mining and engineering risks, as well as customised solutions for the agriculture and energy sectors.
“South Africa is a key high growth market for us, based on the scale and sophistication of its commercial insurance sector,” said Tony Buckle, Swiss Re Corporate Solutions’ head of Europe, Middle East and Africa (EMEA). “The Johannesburg office will be our first local representation in Africa, and it will be a cornerstone of our strategy to provide locally relevant solutions to clients.”
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Far and away, the largest financial market on the planet is the foreign exchange currencies market, where on average individuals and organisations trade more than $5 trillion daily. In the FX world, the ability to master the market isn't considered a luxury for treasury officers–it's a necessity.
Using data for predictive analytics is the future of banking success, argued Jean-Laurent Bonnafé, CEO of BNP Paribas, in his session on how the bank is reinventing its approach to innovate with and for corporates.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.