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Tricolor Issues its Second Social Bond to Expand Impact to Underserved Hispanic Communities

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DALLAS, Feb. 15, 2023 (GLOBE NEWSWIRE) — Tricolor today announced a $224 million social bond – its second – to empower underserved, low-income communities and provide them with improved access to mainstream financing that ultimately allows them to build a better future.

JPM Morgan Securities LLC acted as the sole lead book-running manager with Barclays and Fifth Third Bank as joint book runners. The Class A, Class B, Class C, Class D, Class E, and Class F were rated by Kroll Bond Rating Agency and Moody’s and were placed with a diversified mix of institutional investors in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended.

Using artificial intelligence (AI), Tricolor can successfully underwrite and extend affordable loans to credit invisible customers. Through these successful offerings, investors participate in the company’s strategy to reverse systemic financial inequality in America by providing deserving people with access to reliable, affordable transportation and moving them into the financial mainstream.

“We’re extremely pleased with the continued validation of our ability to leverage technology to create both a physical and financial mobility solution for underserved Hispanics, attracting investor demand that exceeded $700 million, or greater than 3x the offering size,” said Daniel Chu, founder and CEO of Tricolor. “We believe that consistently strong demand for our securities reflects capital markets investors’ embrace of our ability to provide customers with the opportunity for a better future, an enduring American value. Furthermore, we successfully added a number of new prominent ABS investors to supplement continued participation from our last transaction, growing the number of participants to 19 unique investors.”

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.

Tricolor has now completed ten 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.

“As we execute and expand our core business strategy, the achievement of a social purpose is a natural outcome,” continued Chu. “It was encouraging to experience growing demand for our value proposition in 2022, increasing our unit sales volume by 33% while the industry declined in the low double digits.”

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 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 been routinely recognized for its important work supporting consumers, including being named one of Inc. Magazine’s Best in Business for 2022 and the winner of the Excellence in Financial Inclusion Award at the 2022 LendIt Fintech Industry Awards.

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]

 

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HKPC and HP Launch Joint Technology Centre in Hong Kong on Advanced 3D Printing

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HONG KONG, May 7, 2024 /PRNewswire/ — Hong Kong Productivity Council (HKPC) and HP signed a collaboration agreement (agreement) today to establish the HKPC-HP 3D Printing Technology Centre (Centre) in Hong Kong for application research development on additive manufacturing, also known as 3D printing. The Centre aims to become a pilot transformation base, applying advanced 3D printing technologies to empower various industries, sharpen their competitive edge, and foster the development of high-value strategic industrial chains. It will also accelerate Hong Kong’s pioneering effort in micro-factory and new industrialisation development, offering important references and inspiration worldwide in the pursuit of innovative and sustainable development.

The Centre will be located in the HKPC Building, being the first in Asia to be equipped with both HP’s research version of “Metal Jet” and “Multi Jet Fusion” industrial 3D printers. HP will bring advanced equipment and talent to support the operations of the Centre, and HKPC will contribute expertise in raw material development, process development, and smartification. Market research data estimate that the value of the 3D printing industry will reach US$186.4 billion by 2033, a significant increase from US$27.7 billion in 2023, indicating the immense market potential.
Clean, digitally powered 3D printing generates minimal waste and a minimal carbon footprint. This aligns with global goals of achieving green and sustainable development, while also promoting long-term economic growth through sustainable industries. At the same time, advanced 3D printing provides significant opportunities in strategic industries, such as healthtech, critical components, electronics, and more. In the future, the Centre, with its focus on customisation and precision, can be a game-changer in meeting the demand for hard-to-source parts, complex structures, patient-specific implants, and other tools. This will enable enterprises, especially small and medium enterprises (SMEs), to leverage advanced 3D printing technology and produce high-value, customised goods that can respond to market-specific demands in real-time, offering new levels of flexibility and efficiency that conventional factories are unable to meet.
In the ceremony, Professor Dong SUN, JP, Secretary for Innovation, Technology and Industry, HKSAR Government, said, “3D printing enables the development of more micro-factories in Hong Kong.  Compared to the traditional one, micro-factories require less land and materials, generate higher efficiency but less waste. This best suits Hong Kong’s condition, where land resources are limited and labour costs are relatively high. The establishment of this 3D printing technology centre is undoubtedly a good answer to show how we make use of state-of-the-art technology to promote advanced manufacturing and new industrialisation in Hong Kong. I am confident that Hong Kong’s manufacturing industry will reach new heights, and ‘Made in Hong Kong’ will continue to be a reputable and brilliant international brand. I look forward to more representative technology companies from all around the globe, such as HP to team up with our I&T quangoes, such as HKPC, bringing talents, technologies and machinery to Hong Kong to redefine Hong Kong’s manufacturing industry and drive high-quality economic growth.”  
Hon Sunny TAN, Chairman of HKPC, said, “We’re very pleased to form this research collaboration with HP, underscoring the confidence that global technology firms have in Hong Kong’s strengths in innovation. As an international innovation and technology centre, Hong Kong can be a paragon of the micro-factory city of the future that provides Hong Kong’s answer to develop new productive forces and set a fine example in Asia and across the globe to pursue innovation-driven, sustainable development. Hong Kong’s unique conditions make it particularly suitable for the development of micro-factories. The vibrant ecosystem in Hong Kong, combined with the robust supply chains in the Guangdong-Hong Kong-Macao Greater Bay Area, will provide an excellent pilot transformation base for the development of micro-factories, with significant implications for economies in Asia and worldwide.”
Mr Ramon PASTOR, Global Head of 3D Metals at HP Personalisation & 3D Printing, said, “It’s truly exciting to witness the launch of this collaborative effort between HKPC and HP, which aligns perfectly with our vision of leveraging Additive Manufacturing to drive industrialisation. This initiative not only showcases our dedication to technological advancement but also our shared vision for propelling industry innovation forward. HP believes in the immense potential of Hong Kong’s technology sector. We are also glad to bring in Pro-Technic Machinery Ltd. (Pro-Technic) to provide local support for our collaboration with HKPC.”
The Centre is planned to open in September, serving as a networking hub to promote closer collaboration among academia, research institutions and industries, empowering diverse sectors to grasp market trends. In addition to application development, the Centre will also provide consultancy and training services, driving advancements and propelling the 3D printing industry, as well as other industries utilising 3D printing technologies, forward.
About Hong Kong Productivity Council 
The Hong Kong Productivity Council (HKPC) is a multi-disciplinary organisation established by statute in 1967, to promote productivity excellence through relentless drive of world-class advanced technologies and innovative service offerings to support Hong Kong enterprises. Being a key enabler of Industry 4.0 and Enterprise 4.0, HKPC strives to facilitate new industrialisation in Hong Kong, as well as bolstering Hong Kong to be an international innovation and technology centre and a smart city. The Council offers comprehensive innovative solutions for Hong Kong industries and enterprises, enabling them to achieve resources and productivity utilisation, effectiveness and cost reduction, and enhance competitiveness in both local and overseas marketplace. The Council partners and collaborates with local industries and enterprises and world-class R&D institutes to develop applied technology solutions for value creation. It also benefits a variety of sectors through product innovation, technology transfer, and commercialisation, bringing enormous business opportunities ahead. HKPC’s world-class R&D achievements have been widely recognised over the years, winning an array of local and overseas accolades.   
In addition, HKPC offers SMEs and startups immediate and timely assistance in coping with the ever-changing business environment, and strengthens talent nurturing and Hong Kong’s competitiveness with FutureSkills training for enterprises and academia to enhance digital capabilities and TechEd competencies.
For more information, please visit HKPC’s website: www.hkpc.org/en.  
About HP
HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit: http://www.hp.com.
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ShipFlex from Locus Expands Global Carrier Network to Over 160 Carriers, Enhancing Multi-Carrier Parcel Management Capabilities

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SAN FRANCISCO, May 7, 2024 /PRNewswire/ — Locus.sh, a global AI-powered integrated logistics management SaaS company, announced its global carrier network for ShipFlex (its innovative multi-carrier parcel management solution) now has over 160 carriers. This significant expansion reflects ShipFlex’s continued commitment to redefining flexibility and efficiency in logistics for shippers globally.

“By efficiently broadening our carrier network globally, ShipFlex stands out as a marketing-leading offering that has the agility to cater to shippers’ fulfillment needs across diverse geographies, industries, fulfillment models, and fleet types, among other variables crucial to shippers,” said Nishith Rastogi, Founder and CEO of Locus.
For retail, manufacturing, and consumer packaged goods (CPG) companies that outsource their deliveries, ShipFlex stands out as a powerful ally as it optimizes fulfilmment operations across captive, contracted, outsourced and even hybrid fleets. “These sectors prize end-to-end optimization of operations and costs to deliver exemplary customer experiences. By automating decision-making around selecting third-party delivery providers, ShipFlex empowers shippers to meet both current and future demands efficiently across diverse fleet types used by these industries,” added Rastogi.
ShipFlex automates multi-carrier deliveries tailored to specific business constraints regarding cost, speed, and efficiency. The platform simplifies the logistics of sourcing additional capacity and assigning shipments, all from a single dashboard.
The solution enhances dispatch flexibility with its capacity to integrate various carriers easily. It provides end-to-end visibility of the order journey, including real-time status updates and customer notifications, ensuring a top-notch post-purchase experience and minimizing delivery re-attempts.
About Locus
Locus’ order-to-delivery AI-powered dispatch and transport management software helps enterprises transform their logistics from cost centers to revenue generators through advanced optimization algorithms and intuitive workflow automation. Backed by GIC Singapore, Tiger Global, and Qualcomm Ventures, it has helped 200+ global customers across industries – Unilever, Nestle, BlueDart-DHL, etc. – execute over 1 billion deliveries across USA, Southeast Asia, the Middle East, and the Indian subcontinent.
www.locus.sh 
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Metacon and Siemens enter into collaboration for the manufacture of systems for green hydrogen production

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STOCKHOLM, May 7, 2024 /PRNewswire/ — Metacon AB (publ) and Siemens AB have signed a Memorandum of Understanding to enter into a partnership with the aim of accelerating the manufacturing of hydrogen production systems in Sweden, for the European market.

At the beginning of the year, Metacon announced that the company has been granted exclusive rights for the manufacture of complete electrolysis plants based on the partner PERIC’s world-leading technology for pressurized alkaline electrolysis modules (stacks). One of the key components of PERIC’s alkaline technology is efficient and proven 5 MW modules with over 10 years of operating data. Metacon also has access to the 10 MW module that PERIC recently launched and which today, in terms of power and production, is one of the world’s largest. The rights apply to most European countries and mean that Metacon can start from a proven technology that has been developed and refined for over 60 years, and make the adaptations required to match the requirements for safety and automation found in European standards for hydrogen production. With the exclusive right, Metacon now aims to become one of the market leaders in Europe for this type of large-scale hydrogen plants.
The joint MoU means that Siemens will become a technology partner to Metacon to contribute with its solid experience in delivering products, solutions and services in automation, power distribution, electrification, instrumentation, building technology and drives. Siemens will also be able to contribute with its wide range of digital services and software for optimisation, standardisation and simulation during both the manufacturing and operational phases of hydrogen plants.
“Hydrogen is an important piece of the puzzle in the industrial, energy and transport sectors to become CO2 neutral, and is the focus of Siemens’ global investment in Power-to-X. The partnership with Metacon marks a milestone in our quest to create a more sustainable world by, among other things, developing innovative solutions for the energy sector,” says Mikael Kraft, Head of Factory Automation and Sales at Siemens Digital Industries.
“Metacon has big plans for the investment in the manufacture and sale of large-scale electrolysis plants to, among others, the basic industry, the wind power sector and the transport sector in Europe. I have a hard time imagining a better partner on such a journey than Siemens. With its world-leading portfolio of technology, expertise and long-standing experience of similar projects, this partnership gives us the opportunity to both accelerate and optimize central parts of our unique Gigafactory project,” says Christer Wikner, CEO and President, Metacon.
For further information, please contact Christer Wikner, by phone 0707-647389 or e-mail [email protected]
About Metacon
Metacon AB (publ) develops and manufactures energy systems for the production of fossil-free “green” hydrogen. The products in the Reforming business area are based, among other things, on a patented technology that generates hydrogen through so-called catalytic steam reforming of biogas or other hydrocarbons. The development of Metacon’s reforming products is done within the wholly owned subsidiary Metacon S.A in Patras, Greece. The business is focused on catalytic process chemistry and advanced reformers for high-efficiency hydrogen production.
Metacon also offers complete electrolysis plants and integrated refueling stations for green hydrogen, a large and globally growing area for the production of green hydrogen. Electrolysis is a process of driving a chemical reaction to split water by adding electricity. If the electricity used is non-fossil, the hydrogen will also be fossil-free and climate-neutral. Green hydrogen can be used in sectors such as transport, basic industry and the real estate sector, with a better environment and climate as a result. www.metacon.com
About Siemens
Siemens AG (Berlin and Munich) is a technology company with a focus on industry, infrastructure, transport and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more convenient transportation and advanced healthcare, the company is developing technologies to create real value for customers and users. By combining the real and digital worlds, Siemens empowers its customers to transform their businesses and markets, helping them transform the lives of billions of people. Siemens owns a majority stake in the listed company Siemens Healthineers, a global leading medical device provider that is shaping the future of healthcare.
In the 2023 financial year ended September 30, 2023, the Siemens Group generated revenues of €77.8 billion and net profit of €8.5 billion. As of September 30, 2023, the company had approximately 320,000 employees worldwide. During the same period, Siemens in Sweden generated revenues of SEK 6.9 billion and employed approximately 1,500 people. For more information, see www.siemens.com and www.siemens.se. 
For more information see:www.metacon.com | X: @Metaconab | LinkedIn: www.linkedin.com/company/metaconab
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/metacon-ab/r/metacon-and-siemens-enter-into-collaboration-for-the-manufacture-of-systems-for-green-hydrogen-produ,c3974861
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