Finance & Capital Market

AIFT in deal to enhance digital insurance solutions in Saudi Arabia

Hong Kong-based AIFT, a global leader in cybersecurity and insurance technology, has forged two significant partnerships with two leading Saudi Arabian companies, at the recently-held Future Investment Initiative Summit in Riyadh, to enhance digital insurance solutions.

The partnerships were sealed at the summit (October 29-30) in the presence of Hong Kong Financial Secretary Paul Chan.

The first partnership was signed with Walaa Cooperative Insurance, a leading Saudi Arabian insurance company.

Robin Scott, AIFT’s General Manager of the Middle East, said: “AIFT is expanding quickly in markets that have a clear focus on global mega trends like AI and Web3 such as Saudi Arabia. With these two partnerships we are delighted to strengthen our ties with our friends in Saudi Arabia”.

AIFT first announced that its insurance company OneDegree is working with Walaa in September at the 24Fintech Summit in Riyadh. The collaboration will see Walaa serve as a reinsurer for OneDegree’s digital asset products globally.

Johnson Varughese, the Chief Executive Officer of Walaa, said: “We are pleased to reinforce our partnership with OneDegree. Walaa aims to be at the forefront of developments in the insurance industry. OneDegree, with their innovative digital asset products, is an ideal partner to pursue such cutting-edge progress.”

The second partnership was signed with Melon, an InsurTech company operating in Saudi Arabia. This partnership aims to establish a digital insurance agency in the Kingdom, initially focusing on delivering high-quality pet insurance solutions.

Melon is currently working with the Saudi Insurance Authority to obtain a Managing General Agent licence. Through the collaboration with AIFT, Melon will gain access to AIFT’s advanced insurance platform, IXT, which will be integrated with Melon’s own system.

Nasser Alshikhnasser, CEO of Melon, said: “AIFT’s extensive market expertise and innovative digital tools are crucial assets as Melon enters Saudi Arabia’s growing insurance and InsurTech industry. Collaborating closely with the Saudi Insurance Authority, this partnership is set to address the rising demand for pet insurance, aligning with the nation’s Vision 2030 objectives.”

The partnership is positioned to make Melon a frontrunner in the emerging pet insurance market, supported by an initial investment from AIFT. - TradeArabia News Service

 

Finance & Capital Market

EY-Parthenon eyes $250m investment in AI-powered Edge platforms

Leading accounting and consulting firm EY has announced that its key unit, EY-Parthenon, is set to make a $250 million investment in its artificial intelligence (AI)-powered Edge platforms working with ecosystem partners Microsoft and vendors including OpenAI.
 
The AI-powered Edge platforms – including Competitive Edge, Diligence Edge and Capital Edge – give private equity and corporate clients access to the most advanced tech and relevant datasets to support their transformative strategies and transactions, helping them create new value and gain competitive advantages.
 
EY-Parthenon is a joint venture between EY and Parthenon Group, a global strategy consultancy with offices in Boston, London, Mumbai, San Francisco, Shanghai and Singapore. It now boasts a 25,000-strong  workforce with presence in 150 countries.
 
The newly formed EY-Parthenon brand aims to appeal to an increasingly diverse range of talent with an investor mindset – professionals eager to address the most challenging business and societal issues within the most collaborative culture in strategic consulting.
 
According to EY, Brad Watson, an industry veteran, will be leading the sub-brand in the Mena region.
 
Unveiling the key expansion strategy, EY said it is unifying the organization’s strategy and transactions service line under a single, distinctive sub-brand focused on creating value for EY clients, people and society more broadly at the intersection of strategy, transaction services and transformation.
 
The move is a significant milestone in the broader EY global strategy, “All in,” and is designed to enhance the full consulting transformation capabilities of the organization. 
 
The expanded offering will be a unique combination of transformative strategy and transactions functions integrated within the full spectrum of EY services – from tax to technology – and will enhance the ability of EY professionals to help deliver market-leading, multi-disciplinary, cross-functional transformational solutions.
 
As part of this transition, the EY-Parthenon brand identity is being refreshed in line with the EY organization’s “Shape the future with confidence” brand expansion announced in June 2024, to inspire EY people, clients and stakeholders around the value delivered across all service lines and sectors.
 
Andrea Guerzoni, EY-Parthenon Global Vice Chair, said: "At a time of heightened geopolitical uncertainty and relentless tech-driven transformational change, client demand around strategic consultancy is evolving. This newly expanded proposition is meeting those new demands, focusing on delivering real-world value – solutions that work in practice, not just on paper."
 
"EY-Parthenon, with its deep functional talent and sector capabilities, innovative AI-powered technology and investor mindset, is designed to collaborate with CEOs, boards, private equity and governments on every step of their transformation journey – helping them to shape the future with confidence," he stated.
 
Guerzoni pointed out that this change would see EY-Parthenon strengthen its leading position in mergers and acquisitions (M&A), divestitures, corporate finance, value creation, turnaround, and optimization, as well as sector-driven strategic advisory and transformation services.
 
The newly integrated team will also benefit from cross-functional collaboration with the full spectrum of services provided by 400,000 EY people worldwide, enhancing the strength of the organization across Consulting, Tax and Assurance – and particularly around large-scale transformational programs.
 
EY Global Chair and CEO Janet Truncale said: "Expanding the EY-Parthenon brand is a pivotal step in reinforcing EY’s strategic consulting offerings to meet the challenges of tomorrow. Our “All in” strategy is rooted in the transformation of the EY organization to support clients as they shape the future with confidence."
 
"The strengthened EY-Parthenon will help deliver on this mission and drive value for C-suite and boards," he stated.
 
Watson said the elevation of Parthenon will unify its service line under a single and distinctive sub-brand here in the Mena region, as well as globally. 
 
"This will not only provide us with unique positioning in the market to further differentiate our team, but it will also showcase the full strategy, transaction, and transformation capabilities of EY – demonstrating our ability to deliver market-leading, multidisciplinary, cross-functional solutions for clients based in the region,"he added.
 
Nadine Mirchandani, EY-Parthenon Deputy Global Vice Chair, said: "Some of the most recent senior EY-Parthenon hires have included government policy advisors, data scientists, civil engineers, solution architects and technologists."
 
"The talent profile is rapidly changing and while EY-Parthenon continues to hire people with strategy, financial, M&A and investment banking skills, this recruitment strategy addresses clients’ growing needs for demonstrable value realization on the back of strategic consulting work," he stated. 
 
"That means more and more deep industry knowledge, and capabilities around emerging technology – including AI, and operational and functional offerings," he added.
 
Investments have also included strengthening EY-Parthenon’s Geostrategy Business Group – a well-established strategic offering focused on helping clients navigate macro-issues and the business implications of shifting geopolitical change. In full alignment with the core proposition of EY-Parthenon, the group translates emerging and anticipated trends into practical strategic and operational advice to help boards and public institutions navigate disruption and uncertainty.
 
EY-Parthenon is also making a $250m investment in its AI-powered Edge platforms working with ecosystem partners such as Microsoft and vendors including OpenAI.
 
Competitive Edge encompasses more than 26m company profiles, 2.1m transactions and more than 325,000 company reports. It also keeps a pulse on the market by monitoring 677m news articles and proprietary data sources.
 
The full Edge suite is being leveraged by more than 25,000 people, including more than 10,000 clients across the globe. Combined, the three platforms provide AI-supported insights and benchmarks – empowering the EY-Parthenon offering from strategy and deal sourcing to due diligence and private equity value creation.-TradeArabia News Service

Finance & Capital Market

Ithmaar Reward winner of February draw announced

Ithmaar Bank, a Bahrain-based Islamic retail bank, has announced the winner of the February draw of the Ithmaar Reward Programme that is designed exclusively for corporate Modaraba accountholders. 
 
The draw was held at the bank’s headquarters in Seef district and was coordinated and supervised by the Ministry of Industry and Commerce (MOIC), as well as external auditors BDO Bahrain and the bank’s internal auditors.
 
Al Rafeeq Contracting Company won the prize, which is an additional 1% of profit on the modaraba amount. The ceremony was attended by the General Manager of Al Rafeeq Contracting, Sayed Mohammed Al Mosawi. 
 
“We are pleased to win in the second prize of Ithmaar Reward Programme that is designed exclusively for corporate Modaraba accountholders,” said Al Mosawi. “We appreciate Ithmaar Bank’s efforts to support corporate clients and provide special services to facilitate the financial management of our businesses in order to achieve further growth and development,” he said. 
 
“On behalf of all of us at Ithmaar Bank, we congratulate Al Rafeeq Contracting Company and all its team for winning the second prize of Ithmaar reward programme, which we have launched as part of the Bank’s efforts to provide an exceptional banking experience to its corporate clients,” said Ithmaar Bank Head of Corporate Banking, Financial Institutions and Treasury, Ebrahim Jassim. 
 
“Ithmaar will continue to work on enhancing its products and services provided to corporate clients in line with their financial demands and requirements,” he said. 
 
Ithmaar Reward Programme aims to encourage corporates as well as Small and Medium Enterprises (SMEs) to invest more in the bank’s Modaraba account to increase their chances of winning rewarding prizes. Modaraba accounts of six months and longer tenors, with an amount of BHD100,000 or $250,000 or higher are qualified to enter the draw to win an additional 1% of profit on the modaraba amount. The draws of Ithmaar Reward will be held on a monthly basis and a winner will be chosen every month. - TradeArabia News Service