Finance
White & Case advises on IPO of Aadhar Housing Finance Limited | White & Case LLP
![White & Case advises on IPO of Aadhar Housing Finance Limited | White & Case LLP](https://www.whitecase.com/sites/default/files/images/hero/2022/08/Public_Relations_option_99.jpg)
Global law firm White & Case LLP has advised the book running lead managers on the initial public offering (IPO) of Aadhar Housing Finance Limited, a housing finance company focused on the low-income housing segment in India.
“White & Case teams in Singapore, Hong Kong, New York and London successfully advised on a notable IPO in the Indian market, which marks a significant milestone for Aadhar Housing Finance,” said Rahul Guptan, a partner at White & Case who co-led the Firm’s deal team. “This transaction was complex and executed within very tight timelines across multiple jurisdictions, demonstrating our global team’s expertise and commitment.
Aadhar Housing Finance Limited is one of India’s largest housing finance companies, dedicated to supporting the low-income sector. With branches across 20 states and union territories, the company offers tailored credit solutions to its clients and boasts the highest Assets Under Management and net worth among its peers.
BCP Topco VII Pte. Ltd., the promoter of Aadhar Housing Finance Limited, is an affiliate of funds managed and/or advised by affiliates of Blackstone Group Inc.
Citigroup Global Markets India Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited acted as the book running lead managers for the transaction.
The White & Case team which advised on the transaction was led by partners Rahul Guptan (London) and Kaya Proudian (Singapore), with support from partners Jim Fogarty, Elodie Gal, Steven Gee and Edward So (all New York) and associates Ji Yang Lim, Rachna Talati, Stephanie Zhao (all Singapore), Hilda Leung (Hong Kong) and Daniel Park (New York).
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Finance
Philippine finance app allows transfers from US banks to GCash accounts
![Philippine finance app allows transfers from US banks to GCash accounts](https://cdn.i-scmp.com/sites/default/files/styles/og_image_scmp_generic/public/d8/images/canvas/2024/06/27/e904dfe9-842e-474a-a99e-855ce40fa821_fb596d38.jpg?itok=FlCeT46Q&v=1719462666)
[The content of this article has been produced by our advertising partner.]
GCash, the Philippines’ leading finance app and largest cashless ecosystem, brought the spirit of Filipino independence to overseas communities this month. From the vibrant streets of New York City to the sun-kissed shores of California and the cosmopolitan hub of Dubai, GCash connected with Filipino communities to celebrate a mutual heritage and foster stronger ties with the Philippines.
GCash took part in Philippine Independence Day celebrations in New York City, California and Dubai, where it shared important new developments that aim to make digital financial services more accessible and efficient for Filipinos living and working outside their home country.
“At GCash, when we say that ‘finance for all’ is our vision, it means we are driven to go beyond the Philippines and reach as many Filipinos as we can around the globe,” says Paul Albano, general manager, GCash International. “We are honoured to join our community in this distinctly Filipino celebration, and we’re eager to share all the ways GCash has been continuously innovating and enhancing our services to meet the needs of our kababayan [fellow Filipinos] overseas.”
As GCash continues to expand its reach, Filipinos worldwide can look forward to more responsive services, greater financial empowerment and connectivity – bridging the gap between continents and reinforcing the bonds of community and culture.
Coast-to-coast celebrations
This year’s Philippine Independence Day celebrations in the US – marking 126 years of liberation – included a June 2 parade in New York City – the largest outside the Philippines. The Philippine Independence Day Council Inc. (PIDCI), a non-profit umbrella organisation of the National Federation of Filipino-American Associations up and down the US East Coast, hosted the event. Now in its 34th year, the parade has grown to become an annual celebration of Filipino culture and a display of national pride, strengthening familial and community ties.
At a booth set up during a street fair in New York City celebrating independence, GCash showcased its partnerships with financial institutions such as Meridian, an instant payment technology company headquartered in New York. The collaboration effectively synergises US-based financial services and the mobile wallets that have become part of daily life across the Philippines.
On June 8, over on the US West Coast, the city of Carson, California held a day of festivities for its own Philippine Independence Day celebrations. The community event, held at Veterans Park, featured food booths, a parade and cultural presentations – all showcasing Filipino culture, as well as offering individuals the opportunity to come together with family and friends.
GCash also set up booths to share the latest updates about its financial services, including its international expansion and its position as a seamless digital financial solution for Filipinos overseas. The app is now available for download in the US using a US mobile phone number. Cashing in and sending money have been made easier and more convenient through direct cash-ins.
![GCash booths in the city of Carson, California, with attendees learning about the company’s fintech solutions via its app, as well as its recent partnership with Meridian.](https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2024/06/27/8c47ce50-8565-4db6-a265-fb7b2cccc2c2_3a0915fa.jpg)
Collaboration enables international transfers
GCash’s partnership with Meridian has enabled the direct in-app transfer of American-based user funds from more than 12,000 banks to GCash accounts. Upon cash-ins, which come with a US$1 fee per transaction, the service automatically converts dollar amounts into Philippine pesos, with competitive foreign exchange rates.
“At GCash, we want to help with the most important thing for our countrymen abroad: how they can care for their families and maintain connections with their loved ones despite the distance,” Albano says. “With GCash’s international expansion, this is exactly what we are doing. We’re making it possible for Filipinos overseas to take better control of their finances, and sending money to the Philippines is more convenient with our competitive rates.”
Celebrating Philippine-UAE partnerships
In the United Arab Emirates (UAE), the Filipino community gathered at the Independence Day celebrations held at the Dubai World Trade Centre. The event, which featured cultural presentations and tributes to Filipino traditions, celebrated the continuous contributions of overseas Filipinos towards nation-building efforts between the two countries. It also honoured 50 years of diplomatic relations between the UAE and the Philippines.
At the event’s bazaar, GCash showcased its global expansion efforts to Filipinos who have made a second home in the UAE, sharing its latest innovations that aim to empower members of the Filipino community working overseas by giving them more control of their finances via the app.
![GCash staff and brand ambassadors showcase the company’s latest innovations and international expansion drive to the Filipino community at the 126th Kalayaan 2024 celebrations held at the Dubai World Trade Centre.](https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2024/06/27/50db9307-da13-4954-b34a-d07b07d05a4e_3a6d37ea.jpg)
International expansion to reach millions of Filipinos overseas
GCash announced in March that it has expanded its international reach and fully launched its global push following approval from the Bangko Sentral ng Pilipinas, the central bank of the Philippines, in 14 territories. Users in the US, Canada, Italy, the UK, Australia, Japan, the UAE, Qatar, South Korea, Taiwan, Hong Kong, Spain, Germany and Singapore can now use international mobile numbers to sign up for the GCash app. Approval for Kuwait and Saudi Arabia is expected to follow in the second half of this year.
With its expansion outside the Philippines, GCash is able to serve and empower more Filipinos, wherever they may be based. In addition to free real-time money transfers between GCash wallets for convenient access to funds, as well as the ability to buy prepaid credits for loved ones back home, GCash users abroad can now directly pay their bills, including utilities, tuition fees and government bills such as taxes, as well as making payments to more than 1,900 Philippine merchants.
To access GCash outside the Philippines, users with an active international SIM card can download the app from Google Play, App Store or Huawei AppGallery.
Finance
Finance minister says Israel to promote West Bank settlement
![Finance minister says Israel to promote West Bank settlement](https://www.reuters.com/resizer/v2/6YJSZ6KR5NJLROLUIGCTZQRSFA.jpg?auth=08dc3e5fa710c824bff7a2c9dad8bcd0cf4bc47248303ec37d57cfbded242ee4&height=1005&width=1920&quality=80&smart=true)
Finance
Fact Sheet: Fighting Discrimination in Finance Starts with Ensuring Diversity at the Agencies That Enforce the Financial Laws | Better Markets
![Fact Sheet: Fighting Discrimination in Finance Starts with Ensuring Diversity at the Agencies That Enforce the Financial Laws | Better Markets](https://bettermarkets.org/wp-content/uploads/2024/06/AF_representation.jpg)
WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement in connection with the release of a fact sheet titled “Fighting Discrimination in Finance Starts with Ensuring Diversity at the Agencies That Enforce the Financial Laws.”
“Financial regulatory agencies have the power to improve racial economic inequality by fighting predatory practices in the financial sector that disproportionately harm minorities. But the agencies’ commitment to this fight depends partly on their commitment to diversity among their staff. Diversity in staff enhances an agency’s ability to oversee complex markets, innovate in response to new challenges, and build public trust.
“The Dodd-Frank Act mandated the creation of the Office of Minority and Women Inclusion (OMWI) and our fact sheet reviews OMWI’s FY 2023 Annual Report and highlights notable progress in minority and women representation at the SEC, OCC, FDIC, the Fed and the CFTC, as well as commendable efforts to implement diversity initiates and programs.
“A workforce that mirrors the diversity of the population it serves is better equipped to understand and address the varied needs of all stakeholders. This diversity is crucial for overseeing the financial sector, protecting customers and investors, and ensuring fair and efficient markets. A diverse senior leadership ensures that decision-making processes benefit from a variety of perspectives, leading to more comprehensive and inclusive regulatory policies.”
The Fact Sheet is available here.
###
Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.
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