Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Artificial Intelligence

Tricolor Issues First Ever Social Bond in U.S. Consumer Auto Lending to Empower Mobility in Underserved Hispanic Communities

Published

on

DALLAS, April 29, 2022 (GLOBE NEWSWIRE) — Tricolor today announced a $212 million social bond, the first ever in the United States collateralized by consumer auto asset backed securities (ABS), to empower underserved, low-income communities and provide them with improved access to mainstream financing that ultimately allows them to build a better future. J.P. Morgan Securities LLC acted as the sole lead book-running manager.

This noteworthy achievement validates the application of capital markets investments to expand financial opportunities for low-income communities. It also highlights a path for other purpose-driven enterprises using for-profit models to address social issues at scale. The success of these loans and the bond are rooted in Tricolor’s use of artificial intelligence (AI) to successfully underwrite and extend affordable loans to credit invisible customers.

“We are excited to be the first in the U.S. to achieve a social bond designation across all auto consumer lending, enabling us to facilitate capital markets investment towards underserved Hispanic communities,” said Daniel Chu, founder and CEO of Tricolor. “This milestone issuance validates a path for capital markets investors to help accelerate our strategy to reverse systemic financial inequality in America, providing deserving people with access to reliable, affordable transportation and moving them into the financial mainstream, having been oversubscribed by an average of three times across all of the investment grade bonds”

“Congratulations to Tricolor for demonstrating an innovative new way to leverage social bonds,” George Wilkins from JPMorgan. “This first for the Auto ABS market will help establish a new precedent for attracting support from capital markets investors for underserved populations.”

The Tricolor Social Bond is collateralized with loans that provide affordable access to low-income borrowers with no FICO score for financing the purchase of a motor vehicle. Tricolor has secured a Second Party Opinion (“SPO”) from S&P Global Ratings to provide an opinion on the social benefits of this Framework as well as the alignment to the International Capital Markets Association (ICMA) Social Bond Principles.

Meeting the Needs of Underserved Hispanics
The more than 59 million Hispanics in the United States would collectively rank as the eighth largest economy in the world. Yet, according to the FDIC National Survey of Unbanked and Underbanked Households, 32% of this US Hispanic population has no or limited access to mainstream credit.

Tricolor uses artificial intelligence (AI) and nearly 15 years of proprietary customer insights and with over 25 million unique non-traditional credit attributes to unlock financially inclusive opportunities for low-income, credit invisible Hispanics left behind by mainstream financial providers. To date, Tricolor, a U.S. Department of the Treasury certified Community Development Financial Institution (CDFI), has disbursed over $2 billion in affordable auto loans as part of its mission to empower underserved Hispanics and provide them a path to a better future through both physical mobility and upward financial mobility.

Tricolor has now completed eight well-received ABS transactions and is the only issuer in all of subprime auto ABS with loans primarily backed by no-file or thin file borrowers. The Company issued its first securitization in July 2013. In September 2021, Tricolor closed a $90 million convertible preferred equity investment from funds managed by BlackRock.

Tricolor has been routinely recognized for its important work supporting consumers, including being named the winner of the Excellence in Financial Inclusion Award at the 2022 LendIt Fintech Industry Awards as well by the Finovate Awards and Auto Finance News.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

For more information about Tricolor, please visit tricolorholdings.com and tricolor.com.

About Tricolor
Tricolor is a U.S. Department of the Treasury certified Community Development Financial Institution (CDFI) and a mission-driven company that leverages its direct-to-consumer, A.I.-powered platform to provide transportation and upward financial mobility solutions for underserved Hispanics in the United States. It utilizes advanced data analytics and technology to advance financial inclusion to a highly underserved market and offer responsible, affordable, credit-building auto loans to individuals with no or limited credit history.

Headquartered in Dallas, Texas, Tricolor and its affiliate Ganas Auto Group operate 50 retail centers across 20 markets in Texas, California, Nevada, and Arizona with a shared services center in Guadalajara, Mexico. On a combined basis, Tricolor and Ganas have served over 90,000 customers and disbursed over $2 billion in affordable auto loans using their proprietary model to segment risk.

CONTACT INFORMATION
Stephanie Hicks
Cosmo PR for Tricolor
(805) 295-9455
[email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Aetina Accelerates Embedded AI with High-performance, Small Form-factor Aetina IA380E-QUFL Graphics Card

Published

on

aetina-accelerates-embedded-ai-with-high-performance,-small-form-factor-aetina-ia380e-qufl-graphics-card

TAIPEI, April 25, 2024 /PRNewswire/ — Aetina, a leading Edge AI solution provider, announced the launch of the Aetina IA380E-QUFL at Embedded World 2024 in Nuremberg, Germany. This groundbreaking product is a small form factor PCIe graphics card powered by the high-performance Intel Arc A380E GPU. 

Unmatched Power in a Compact Design
The Aetina IA380E-QUFL delivers workstation-level performance packed into a low-profile, single-slot form factor. This innovative solution consumes only 50W, making it ideal for space and power-constrained edge computing environments. Embedded system manufacturers and integrators can leverage the power of 4.096 TFLOPs peak FP32 performance delivered by the Intel Arc A380E GPU[1].
Beyond Small Size: Big Capabilities
Despite its compact size, the IA380E-QUFL offers native support for 4 mini-DisplayPort outputs and 6GB of GDDR6 memory, enabling the connection of multiple high-resolution displays (UHD). This makes the IA380E-QUFL an excellent choice for a wide range of applications, including commercial gaming, video walls, medical imaging, and visual inference for smart cities.
“The demand for slim and energy-efficient AI systems is rapidly escalating,” said Jackal Chen, Senior Product Manager at Aetina. “The Aetina IA380E-QUFL addresses this need head-on, offering a powerful GPU solution in a compact, single-slot form factor with minimal power consumption. This empowers developers to create powerful and efficient edge systems for a wide range of applications.”.
Unparalleled Commitment: 5-Year Product Supply
Acknowledging the critical need for long-term product stability in industrial applications, Aetina ensures a 5-year product supply for the Aetina IA380E-QUFL, which streamlines system roadmaps and reduces the need for costly redesign. Our commitment is aligned with Intel’s announced product plans for the Intel Arc A380E GPU.[1]
[1]https://www.intel.com/content/www/us/en/content-details/820389/intel-arc-gpu-for-the-edge-public-30-3-30.html?wapkw=Intel%20Arc%20GPU%2030-3-30&DocID=820389 Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries.
Photo –  https://mma.prnewswire.com/media/2395995/High_performance_Small_Form_factor_Aetina_IA380E_QUFL_Graphics_Card.jpg

View original content:https://www.prnewswire.co.uk/news-releases/aetina-accelerates-embedded-ai-with-high-performance-small-form-factor-aetina-ia380e-qufl-graphics-card-302125786.html

Continue Reading

Artificial Intelligence

IG Canada Announces Enhanced Trading Platform for Enhanced User Experience

Published

on

ig-canada-announces-enhanced-trading-platform-for-enhanced-user-experience

Meta description : Explore IG Canada’s advanced trading platform, educational resources, and robust security features. Achieve your trading goals with the innovative tools.
NOTTINGHAM, England, April 25, 2024 /PRNewswire/ — IG Canada, a premier online trading platform, is pleased to announce significant enhancements to its trading technology, designed to empower both novice and experienced traders with superior tools and resources. This development is part of IG Canada’s commitment to providing the best trading experience in the Canadian market.

IG Canada has upgraded its platform with advanced features that streamline trading processes and improve the accuracy of trade execution. These enhancements include customizable charts, a wider range of indicators, and improved mobile access, ensuring traders can operate efficiently from anywhere at any time.
Recognizing the importance of education in trading success, IG Canada has expanded its educational resources. The brokerage now offers a comprehensive learning center featuring webinars, tutorials, and articles that cater to various skill levels. These resources are designed to help traders develop robust trading strategies and improve their market knowledge.
Security remains a top priority for IG Canada. The latest updates include enhanced encryption and multi-factor authentication to protect client data and funds. These security measures provide peace of mind for traders, knowing their investments are safeguarded against potential threats.
IG Canada is a leading online brokerage that provides trading services across multiple asset classes, including forex, stocks, commodities, and indices. With a focus on innovation and customer service, IG Canada is committed to helping Canadian traders achieve their investment goals through a transparent and efficient trading environment.
In addition, IG Canada is committed to engaging with the community through upcoming webinars, live events, and partnerships with local financial experts. These initiatives are designed not only to support the growth and education of the clients but also to foster a stronger, more connected trading community in Canada.
Press Contact:Contact Name: Timothy C. SherwinEmail: [email protected] Phone: +447 441425053

View original content:https://www.prnewswire.co.uk/news-releases/ig-canada-announces-enhanced-trading-platform-for-enhanced-user-experience-302127189.html

Continue Reading

Artificial Intelligence

Sentrycs Now Part of the UK National Protective Security Authority Catalog of Security Equipment

Published

on

sentrycs-now-part-of-the-uk-national-protective-security-authority-catalog-of-security-equipment

This inclusion into the NPSA CSE marks a significant milestone in the company’s commitment to enhancing national and international airspace security and to leading the C-UAS market toward multi-layer strategy optimization and excellence.
TEL-AVIV, Israel, April 25, 2024 /PRNewswire/ — Sentrycs, a leading innovator in adaptive counter-drone solutions, is proud to announce its inclusion in the prestigious UK National Protective Security Authority Catalogue of Security Equipment (NPSA CSE).
 
Following a rigorous assessment process, Sentrycs’ cutting-edge Counter Unmanned Aerial Systems (C-UAS) solution has met the high standards set by the NPSA for Detection, Tracking, and Identification (DTI). The testing, conducted at the NPSA’s designated testing facilities in August 2023, rigorously evaluated the Sentrycs system against the NPSA’s DTI Testing and Evaluation Standard v3.1.
Sentrycs elected to be assessed under Configuration D as a 3D system with Ground Control Station (GCS) detection capability and platform identification capability, which is the most demanding test scenario with the highest number of scored parameters.
The Sentrycs system demonstrated exceptional capabilities in various security scenarios, showcasing its robustness in detecting and tracking with high accuracy and zero false alarms. The system’s innovative use of cyber techniques to extract data from targets and its streamlined human-machine interface were especially noted for their efficiency and ease of use.
“Our team is proud to have Sentrycs recognized by the UK National Protective Security Authority,” said Yoav Zaltzman, CEO of Sentrycs. “Being listed in the CSE is not just an honor; it’s a testament to our technology’s reliability and effectiveness in contributing to the ever-changing airspace security landscape.”
Sentrycs’ technology is now accessible through the NPSA CSE, providing security practitioners with verified solutions that meet the UK’s rigorous security standards. This inclusion not only underscores Sentrycs’ role in advancing security technology but also enhances its visibility and credibility on a global stage.
For more details on Sentrycs’ solutions and their impact, visit www.sentrycs.com.
For further information regarding the NPSA and the Catalog of Security Equipment, please visit the NPSA’s official website.
About Sentrycs
Sentrycs is a leader in adaptive counter-drone solutions, supported by innovative technology designed to passively identify, mitigate, and where necessary, intercept unauthorized drones custom-built for various environments – including airports, borders, prisons, critical infrastructure, and mass events. Founded in 2017, Sentrycs’ has offices in Israel and the US, serving customers worldwide. By uniting its field-proven technology and expertise in global drone environments, Sentrycs is leading the way towards a safer and more secure drone-driven future. Learn more at www.sentrycs.com
Video – https://www.youtube.com/watch?v=YBuhpTq5QuM

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/sentrycs-now-part-of-the-uk-national-protective-security-authority-catalog-of-security-equipment-302126952.html

Continue Reading

Trending