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World FinTech Report 2019: The Industry is Transitioning from Open Banking to “Open X”
Reading Time: 5 minutes
Driven by four fundamental market shifts, the industry is moving
to a shared marketplace that demands improved collaboration and
specialization
PARIS–(BUSINESS WIRE)–The World
FinTech Report (WFTR) 2019, published today by Capgemini
and Efma,
indicates that even though Open Banking has yet to reach maturity, the
financial services industry is entering a new phase of innovation –
referred to as “Open X” – that will require deeper collaboration
and specialization. The report advocates that banks and other financial
services ecosystem players must begin to plan accordingly and evolve
their business models.
The WFTR 2019 identifies a dual challenge: FinTechs are
struggling to scale their operations and banks are stalling on FinTech
collaboration. As a result, industry players are looking to leapfrog
beyond Open Banking towards Open X, which is a more effective,
structured form of collaboration, facilitated by Application Program
Interface (API)1 standardization and shared insights from
customer data. The era of Open X will create an integrated marketplace,
with specialized roles for each player that will enable a seamless
exchange of data and services, improving customer experience, and
expediting product innovation.
Key findings of the report include:
Open X will transform industry norms and assumptions
The advent of Open X is being driven by four fundamental shifts:
-
A move away from a focus on products to an emphasis on customer
experience - The evolution of data as the critical asset
- A shift from prioritizing ownership to facilitating shared access
-
Emphasis on partnering to innovate instead of buying or building new
solutions
Open X will lead the financial services industry to a shared ecosystem
or marketplace, in which the industry reintroduces the re-bundling of
products and services, and both banks and FinTechs must re-evaluate
their strategy for innovation and serving customers.
APIs will be critical Open X enablers
APIs, which allow third parties to access bank systems and data in a
controlled environment, will be catalysts to creating the Open X
marketplace. While customer data is already widely shared and leveraged
in the industry, standardized APIs are not commonplace. Although
requirements and regulations are complex, standardization will help to
reduce fraud, improve interoperability, increase speed to market, and
enhance scalability.
The WFTR 2019 also finds that industry players are looking at two
potential monetization models for APIs – revenue-sharing (which 60% of
banks and 70% of FinTechs think is feasible) and API access fees
(supported by 46% of banks and 55% of FinTechs). However, only about a
third of banking executives said they are currently well equipped to
monetize APIs.
Privacy, security and collaboration concerns may slow progress
While banks and FinTechs said they understand the importance of
collaboration, apprehension over privacy and security remain top of
mind. When asked what concerns them about Open Banking, the vast
majority of banks identified data security (76%), customer privacy
(76%), and loss of control of customer data (63%). FinTechs were more
optimistic about Open Banking, but 50% expressed fears over security and
privacy, and 38% over the loss of control of customer data.
When asked about roadblocks to effective collaboration, 66% of banks and
70% of FinTechs pointed to a difference in the other’s organizational
culture/mind-set, 52% of banks and 70% of FinTechs mentioned process
barriers, and a lack of long-term vision and objectives were listed as
gates by 54% of banks and 60% of FinTechs. Only 26% of bank executives
and 43% of FinTech leaders said they had identified the right Open
Banking collaboration partner. These responses suggest that many banks
and FinTechs remain unprepared for Open Banking, let alone for the
increased demands of data sharing and integration that Open X will bring.
Open X participants must choose strategic, specialty-based roles
Within the Open X marketplace, banks will need to enhance their
integrated (traditional) model first and then focus on areas of
specialized strength. The WFTR 2019 identifies three strategic roles
expected to evolve as a part of Open X:
- Suppliers will develop products and services;
-
Aggregators will amass products and services from the
marketplace and distribute them through internal channels, holding
onto customer relationships; -
Orchestrators will act as market connectors and coordinators,
facilitating partner interactions.
According to the report, integrated firms2 are likely to
struggle to match the time to market of an ecosystem of specialists and
find it challenging to meet the unique demands from customers. Within
the Open X marketplace, many incumbents may not be best positioned to
compete as an Orchestrator and their strengths may lead them to other
roles. No matter what role they assume in Open X, however, they must
recruit the right talent, leverage data and technology, and collaborate
with FinTechs to first ensure better internal capabilities for
competitive delivery of relevant services in the current Open Banking
scenario.
“Open Banking has long been regarded as transformational for
financial services, but this report shows it is just one part of a much
bigger picture,” said Anirban Bose, CEO of Capgemini’s Financial
Services and Member of the Group Executive Board. “The industry is on
the verge of a more comprehensive evolution, where there is opportunity
to leapfrog into an integrated marketplace that we are calling Open X.
In Open X, there will be seamless sharing of data, and ecosystem
partners will be able to collaborate in a far more comprehensive way.
Our research suggests that banks and FinTechs need to prepare themselves
for a more radical change than many previously anticipated.”
“The findings of the report could not be clearer: collaboration will
be the foundation of the future of financial services,” said Vincent
Bastid, Secretary General of Efma. “In the era of Open X, ecosystem
players will have to work together more effectively than they have
previously. Only by embracing collaboration and new, specialist roles
can both banks and FinTechs thrive and best serve their customers. It’s
clear that many barriers to collaboration still exist, and there is an
urgent need to overcome them for collective benefit.”
Report methodology
The World FinTech Report 2019 is based on a global survey
encompassing responses from 116 traditional financial services firms and
40 FinTech firms including banking and lending, payments and transfers,
and investment management. Questions sought to yield perspectives from
both FinTech and traditional financial services firms— exploring the
emergence of Open Banking in the financial services industry. It sheds
light on the impact the new ecosystem will have on all the stakeholders,
the challenges and concerns that firms will face, and the emergence of
new businesses and monetization models in this space.
About Capgemini
A global leader in consulting, technology services and digital
transformation, Capgemini is at the forefront of innovation to address
the entire breadth of clients’ opportunities in the evolving world of
cloud, digital and platforms. Building on its strong 50-year heritage
and deep industry-specific expertise, Capgemini enables organizations to
realize their business ambitions through an array of services from
strategy to operations. Capgemini is driven by the conviction that the
business value of technology comes from and through people. It is a
multicultural company of over 200,000 team members in more than 40
countries. The Group reported 2018 global revenues of EUR 13.2 billion.
Visit us at www.capgemini.com.
People matter, results count
About Efma
A global non-profit organization, established in 1971 by banks and
insurance companies, Efma facilitates networking between
decision-makers. It provides quality insights to help banks and
insurance companies make the right decisions to foster innovation and
drive their transformation. Over 3,300 brands in 130 countries are Efma
members.
Headquarters in Paris. Offices in London, Brussels, Andorra, Stockholm,
Bratislava, Dubai, Milan, Montreal, Istanbul, Beijing, Tokyo and
Singapore. Learn more www.efma.com.
____________________________________________
1
Application programming interface (API) refers to a set of functions and
procedures that a player opens to the external world to allow the
creation of applications that access the features or data of an
operating system, application, or other service.
2
Integrated firms refer to the firms that perform all the functions on
their own without collaborating or leveraging other firms in the
ecosystem. Many of the banks in the current ecosystem are integrated
firms as they build, produce, and distribute their own products for all
business lines (without leveraging FinTechs or other players in the
ecosystem)
Contacts
Capgemini Press Contacts:
Mary Sacchi (North America)
WE
Communications for Capgemini
Tel.: +1 (212) 551 4818
E-mail:
[email protected]
Liz Fletcher (EMEA)
WE Communications for Capgemini
Tel.:
+44 (0) 20 7632 3816
E-mail: [email protected]
Efma Press Contact:
Anna Quinn
Tel.: +33 1 47
42 6771
E-mail: [email protected]
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Cannabis
Cannabis Capsule Global Analysis Report 2024: Market to Reach $79.2 Billion in 2028 – Forecast to 2033 Featuring GW Pharmaceuticals, Trulieve Cannabis, Green Thumb Industries, Tilray, Columbia Care
Innocan
Innocan Pharma Initiates FDA Approval Process for Liposome Injection Therapy for Chronic Pain
With its submission of a Pre-IND Meeting Request Letter, Innocan initiates the regulatory process with the U.S. Food and Drug Administration (FDA) for the approval of its prolonged CBD release technology for human use
HERZLIYA, Israel and CALGARY, AB, April 22, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), is pleased to announce that is has reached a key milestone: the Company submitted its letter of application for a Pre-IND meeting, the first phase in the FDA approval process in the United States for Innocan’s Liposome-Cannabidiol (LPT-CBD) injectable treatment of chronic pain.
With the global market for pain therapeutics widely expected to exceed US$100 billion by 2032[1], LPT therapy which requires only one single monthly subcutaneous injection, is positioned as a highly attractive alternative to opioid-based approaches. Opioids have and continue to take a significant human toll in recent years, with more than three-quarters of drug overdose deaths in the United States involving opioids, according to the United States Center for Disease Control and Prevention[2].
Innocan’s therapy has shown consistent efficacy in multiple pre-clinical trials in recent years of it’s LPT-CBD injectable treatment through prolonged and controlled release of CBD in animals with chronic pain conditions. Innocan’s Pre-IND Meeting Request Letter to the FDA is a key milestone and important first step in seeking approval of its LPT-CBD therapy for use in humans. At the Pre-IND meeting, the objective will be to obtain guidance from the FDA on the preclinical and clinical development plan, enabling the initiation of an Investigational New Drug (IND) program in the United States.
Iris Bincovich, CEO of Innocan, commented: “We are extremely excited to embark on this next stage in the development of LPT-CBD injectables, this is a major Milestone for Innocan Pharma. We have invested significant effort and many thousands of person-hours in its research and development, accumulating a wealth of preclinical data that will serve as the foundation for our participation in the FDA process. This is a key milestone for Innocan and marks our first step towards the FDA’s recognition of our technology. We see significant potential for our therapy, with an addressable market for pain management therapeutics expected to exceed US $100 billion by 2032, and we look forward to tapping that.“
Dr. Joseph Pergolizzi, Innocan’s FDA Advisory Board Member, added:
“We have worked hard to catalogue the data collected as part of our animal LPT therapy testing program and prepare it for the FDA. We look forward to working under FDA guidance, with the goal of completing the review process as quickly and efficiently as possible. We believe that Innocan’s unique treatment method, if and when it should become FDA-approved has the potential of being a highly valuable non-opioid addition in the medical arsenal of the management of chronic pain.”
About Innocan
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies based on advanced cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD- loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for: Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment, Innocan has established a joint venture by the name of BI Sky Global Ltd. that focuses on advanced targeted online sales. https://innocanpharma.com/
For further information, please contact:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1-516-210-4025
+972-54-3012842
+442037699377
[email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary note regarding forward-looking information
Certain information set forth in this news release, including, without limitation, information regarding research and development, collaborations, the filing of potential applications with the FDA and other regulatory authorities, the potential achievement of future regulatory milestones, the potential for treatment of conditions and other therapeutic effects resulting from research activities and/or the Company’s products, requisite regulatory approvals and the timing for market entry, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of requisite production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import / export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner) and availability in each market of product inputs and finished products. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact Innocan can also be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
[1] https://www.gminsights.com/industry-analysis/pain-management-drugs-market
[2] https://www.cdc.gov/opioids/data/index.html
Logo – https://mma.prnewswire.com/media/2046271/3968398/Innocan_Pharma_Corporation_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/innocan-pharma-initiates-fda-approval-process-for-liposome-injection-therapy-for-chronic-pain-302122779.html
Bolsters Company’s Advantage in Several Key Emerging Markets, including Australia, New Zealand, Germany, Poland and the United Kingdom
NEW YORK, April 22, 2024 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer cannabis products, announced today the closing of its acquisition of Northern Green Canada (“NGC”), a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. The accretive acquisition amplifies the Company’s strategic advantage in established European markets including Germany, Poland and the United Kingdom and provides a foothold in the emerging markets of Australia and New Zealand.
Integrating NGC’s international operation will equip Curaleaf with a secure and consistent high quality, non-irradiated, indoor EU-GMP flower supply, essential to maintaining its leading positions in Germany, the United Kingdom and Poland.
“We are thrilled to welcome NGC formally to the Curaleaf family of global brands,” said Boris Jordan, Founder and Executive Chairman of Curaleaf. “This is an incredibly important deal for our international expansion strategy, as we’ll be able to bolster our supply of high quality EU-GMP certified flower immediately to key European markets as well as enter the fast-growing markets of Australia and New Zealand.”
The global cannabis market is projected to generate $55 billion in sales by 2027. Emerging markets beyond the United States and Canada, including Germany, Australia and New Zealand are expected to contribute $6.3 billion of the $55 billion projection.
Terms of the acquisition of NGC include an initial payment at closing of the Company’s Subordinate Voting Shares valued at approximately US $16 million, subject to a typical post-closing adjustment. An earnout may also be paid in 2025 based upon 2024 performance of NGC’s operations, up to 50% of which will be cash and the rest paid in additional Subordinate Voting Shares. The issuance of Subordinate Voting Shares in connection with the acquisition of NGC has been conditionally approved by the Toronto Stock Exchange, subject to fulfilling customary listing conditions.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, JAMS, Find and Zero Proof provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.
Forward Looking Statements
This media advisory contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “expects” or, “proposed”, “is expected”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the expected benefits of the acquisition of NGC, and the Company’s planned expansion on internal markets, the Company’s anticipated strategic advantages in European markets and emerging markets, the integration of NGC’s internal operations, the anticipated global cannabis market, and the listing of shares issuable in connection with the acquisition on the Toronto Stock Exchange. Such forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matters described in this new release, including the Company’s ability to successfully realize the expected benefits of the acquisition, and the Company’s ability to fulfil the listing conditions imposed by the Toronto Stock Exchange. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including the failure to realize the expected benefits of the acquisition, or the Company’s failure to fulfil the listing conditions imposed by the Toronto Stock Exchange. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s latest annual information form filed on March 6, 2024, which is available under the Company’s SEDAR profile at http://www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. The Toronto Stock Exchange has not reviewed, approved or disapproved the content of this news release.
INVESTOR CONTACT
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment Officer
[email protected]
MEDIA CONTACT
Curaleaf Holdings, Inc.
Tracy Brady, SVP Corporate Communications
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/curaleaf-completes-acquisition-of-northern-green-canada-302123010.html
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