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Mogo Announces Business Combination with Difference Capital Financial

Vlad Poptamas

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Photo source: vleeway.com
Reading Time: 3 minutes

 

Mogo Finance Technology Inc. (TSX:MOGO) (NASDAQ: MOGO) (“Mogo”) is pleased to announce the signing of a definitive arrangement agreement (the “Arrangement Agreement”) to merge Mogo (the “Transaction”) by way of a plan of arrangement with Difference Capital Financial Inc. (TSX:DCF) (“Difference”). Following the combination, the resulting company (the “Combined Entity”) is expected to be named ‘Mogo Inc.’.

Under the terms of the Arrangement Agreement, each common share of Mogo (a “Mogo Share”) will be exchanged for one (the “Exchange Ratio”) Difference common share (a “Difference Share”). Upon completion of the Transaction, former Mogo shareholders will own approximately 80% of the Combined Entity on a fully diluted basis. Following completion of the Transaction, all of Mogo’s outstanding convertible securities will become exercisable or convertible, as the case may be, for shares of the Combined Entity in accordance with the Exchange Ratio.

The Transaction is subject to Mogo shareholder approval, regulatory approval and satisfaction of other customary conditions. The Transaction is expected to close in the second quarter of 2019.

Transaction Highlights

  • Following the combination, the Combined Entity is expected to be named ‘Mogo Inc.’. Mogo shareholders will own approximately 80% of the Combined Entity and Dave Feller will be Chairman and CEO and Greg Feller will be President, CFO and Director of the Combined Entity.
  • The Combined Entity will continue to execute on Mogo’s vision of building the leading fintech platform in Canada. The combination will give Mogo immediate access to approximately $9 – $10 million in cash, which reflects proceeds from Difference’s two recently announced monetizations. In addition, Mogo will have control of Difference’s portfolio of investments in some of the premier private technology companies in Canada, including Hootsuite and Vision Critical, which collectively have an estimated fair market value of approximately $24 million.
  • The Transaction has received the unanimous recommendation of both Mogo’s and Difference’s special committees and respective boards of directors, with voting and support agreements representing approximately 21.8% of outstanding Mogo Shares and approximately 49.8% of outstanding Difference Shares executed in support of the Transaction.

“This transaction enables Mogo to continue to invest in new products and innovation, building on our leadership position in the Canadian fintech space,” said David Feller, Mogo’s Founder and CEO. “We are excited by the opportunity that the Transaction presents for shareholders of Mogo and Difference and are very pleased to have the support of the Difference board. We look forward to working closely with the leadership team at Difference to complete the Transaction.”

“The merger with Difference strengthens our financial position and represents a significant opportunity to create value for shareholders of the combined entity,” added Greg Feller, Mogo’s President. “Difference has invested in many of Canada’s leading technology companies and Mogo has built a valuable distribution platform. Shareholders of both companies will benefit from improved financial flexibility as we execute on our strategy of partnering to bring best-in-class products to our more than 800,000 members.”

Transaction Summary

The proposed transaction will be completed pursuant to a plan of arrangement under the Business Corporations Act(British Columbia) and, in addition to other customary closing conditions, is subject to regulatory and court approvals. The Transaction will need to be approved by: (i) two-thirds of the votes cast by Mogo shareholders at its shareholder meeting; and (ii) if required, a simple majority of the votes cast by Mogo shareholders at its shareholder meeting, excluding the votes held by certain persons as required by Multilateral Instrument 61-101. The directors and certain shareholders of Mogo, representing approximately 21.8% of Mogo’s outstanding shares, have entered into support agreements pursuant to which they agreed to vote their Mogo Shares in favor of the Transaction.

The annual general and special meeting of Mogo is expected to be held in June 2019. An information circular detailing the terms and conditions of the Transaction will be filed with regulatory authorities and mailed to the shareholders of Mogo in accordance with applicable securities laws. The Arrangement Agreement includes customary deal-protection provisions, including non-solicitation of alternative transactions and break fees payable by Mogo and Difference, respectively, under certain circumstances.

Mogo’s Board of Directors and Special Committee have determined that the proposed transaction is in the best interest of the shareholders, having taken into account advice from their financial advisors, and have unanimously approved the Transaction. Mogo’s Board of Directors recommends that their shareholders vote in favor of the proposed transaction.

Advisors and Counsel

Mogo’s financial advisor is Raymond James Ltd. and its legal counsel in Canada is Stikeman Elliott LLP. Raymond James Ltd. provided an opinion to Mogo’s Board of Directors that, as of the date thereof and subject to the assumptions, limitations and qualifications set out therein, the transaction is fair, from a financial point of view, to the shareholders of Mogo.

 

SOURCE Mogo Finance Technology Inc

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Blockchain

MEDSiS Announces the Launch of “Maxwell” Stablecoin in Brazil, Making it the Second Country and Currency Added to Their Global Ecosystem Within Two Weeks

Vlad Poptamas

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Maxwell Stablecoin, one of the largest cryptocurrencies ever launched.
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In the same week that MEDSiS announced the official advancement of their Maxwell stablecoin in Argentina with their partner WTIA, a second country now officially comes on board toward their global strategy.  With current contracts in Brazil that include more than 10 million individuals immediately, and with plans to incorporate Maxwell as the backing of future contracts into South America’s largest country, Maxwell now adds a second currency to its portfolio and secures itself as one of the largest cryptocurrencies ever launched. In addition, MEDSiS has plans to announce a US partnership, as well as three more countries in Central and South America.

“We’ve been fortunate to have a team and partnerships in Brazil that have weathered the storm and the delays that it’s taken us to get to this point. Our partners in CLASP have been amazing, and it’s finally time that we’ll be able to fully honor the commitments that have been long standing.”
–  Dax Cabrera, CEO of MEDSiS

Though Brazil has not fully endorsed cryptocurrency as an investment mechanism, what Maxwell is bringing to its customers is quite different than the conventional “cryptocurrency”.  Using a stablecoin model, Maxwell will be an added value to the Brazilian customers in which they will automatically be able to participate and take part in a regulated and secured portal to the global economy.

MEDSiS’ Brazil contracts are based on large-scale payment programs, tied to pre-paid payment cards branded by Visa or Mastercard for benefits and other types of government or individual spending. The inclusion of Maxwell provides stability and one issued coin to every customer that registers and begins using the payments platform.  The integration with the multi-currency payments platform, provided by Rijndlepay, is the engine to which the payments can be processed, and the fiat and blockchain based currencies create a regulated ecosystem which will provide consumers with trust and additional incentives to use the program.

“Rijndlpay’s vision is to enable real-time transactions and settlement between all the stakeholders of any payment ecosystem with any currency, be it fiat or crypto or cross border remittances. The platform can scale to about 15,000 transactions per second. We have developed on hybrid technology that can scale to any model that customers and compliance demands of each country.”
–  States Mitish Chitnavis, architect and CEO of Rijndlepay

As one of the newest Unicorn companies in the FinTech space, MEDSiS’ investments will bring their current contracts to date and be able to provide new jobs, new sources of revenue, and stability in the payments platform.

“The MEDSiS platform will usher in a new era of business management and intelligence for our largest Brazilian customer, CLASP,” says MEDSiS co-founder and chairman of the board, Patrick Mulcahy. “Our platform paves a technological highway to access the most advanced business intelligence and security available today and in the future.  And by building it into the financial platform framework of our contracts, we expect our ecosystem will set a new standard for the payments industry.”

In a time of economic uncertainty, MEDSiS and the Maxwell stablecoin currency are stepping up in at least two major markets to be the first wide-scale blockchain currency applied to both public and private contracts.  MEDSiS is currently partnered with CiaGroup in Brazil for card issuance, and is expanding their partnerships to include and absorb other licensed financial entities, setting a new, highly regulated and secure model for the rest of the Americas.

 

SOURCE MEDSiS International

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Fintech

Results for the second quarter of 2019 – Desjardins Group records surplus earnings of $692 million for the second quarter

Vlad Poptamas

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AN ACTIVE AND INVOLVED GROUP. Second-quarter achievements included the launch of the UX Lab, the appointment of a new Youth Advisory Board and L’actualité magazine’s social impact award in the Environment category. (CNW Group/Desjardins Group)
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At the end of the second quarter ended June 30, 2019Desjardins GroupCanada’s leading financial cooperative group, recorded surplus earnings before member dividends of $692 million, up $15 million from the same quarter of 2018. Adjusted surplus earnings(1) were up $144 million or 26.3 % for the specific item related to the creation of Aviso Wealth, i.e. the gain from the transaction involving Qtrade Canada Inc. and the interest in Northwest & Ethical Investments L.P. recognized in 2018. These results were due to strong performance in caisse network activities and the operations of the Property and Casualty Insurance segment, which posted higher premium income and a favourable claims experience compared to the same quarter of 2018. The higher surplus earnings were also due to a smaller provision for credit losses as a result of the parameter update for non-credit impaired loans and economic factors. As for the privacy breach, a total of $70 million in expenses and provisions for the implementation of protections for our members (i.e. the credit monitoring plan and the identity theft solution for Desjardins caisse members) were recognized in the second quarter of 2019.

The amount returned to members and the community was $112 million (Q2 2018: $106 million), including an $80 million provision for member dividends (Q2 2018: $71 million), $20 million in sponsorships, donations and scholarships (Q2 2018: $25 million), and $12 million in Desjardins Member Advantages (Q2 2018: $10 million). There was also another $8 million(Q2 2018: $6 million) in commitments related to the $100 million regional development fund.

“Our second quarter results are fully in line with our expectations, in particular due to the growth in caisse network operations,” said President and CEO Guy Cormier. “They demonstrate Desjardins Group’s financial strength and its ability to deal with the unexpected. Members who are worried about the privacy breach can rest assured that their cooperative protects them by providing automatic protection against identity theft to all its members. Our employees are working very hard to address our members’ concerns and needs.

It should be remembered that the identity theft solution for Desjardins caisse members includes the following:

Protection of assets and transactions

The assets and transactions of Desjardins members are protected. If the breach results in unauthorized transactions in members’ accounts, they will be reimbursed.

Individual support during the identity recovery process

In the event of identity theft, Desjardins offers its members individual support throughout the identity recovery process.

Reimbursement of $50,000

In relation to the identity recovery process, Desjardins members will be reimbursed up to $50,000 for certain expenses incurred, such as notary and legal fees and other expenses.

This offer, when combined with the Equifax credit monitoring plan and our Credit Score feature from TransUnion, will help members better protect themselves against identity theft and its consequences.

Giving back to the community

In addition to the sustained commitment of the caisses in the communities they serve, here are some of the other ways that Desjardins is making a positive difference in people’s lives.

  • Desjardins joined the Ready When the Time Comes program of the Canadian Red Cross. Through this initiative, Desjardins employees were trained to help the Red Cross with its activities during the recent floods.
  • Desjardins has strengthened its partnership with the Citadelle Cooperative, the flagship Quebec organization for maple syrup producers, beekeepers and cranberry producers, providing $1 million to modernize its plants inPlessisville, Château-Richer and Aston-Jonction.
  • Desjardins won L’actualité magazine’s social impact award in the Environment category.
  • The appointment of a new Desjardins Youth Advisory Board. This committee gives the young people in our cooperative group a voice.
  • Donation of $655,000 to support four community development projects in Abitibi-Témiscamingue, with a special focus on young people, mobility in the region and the agrifood sector.

Innovating

Desjardins is constantly innovating to meet the needs of its members and clients. Here are just a few examples of recent initiatives and the recognition received by Desjardins for its expertise.

  • Creation of a $45 million strategic fintech investment pool for Desjardins Group that will benefit members and clients and be managed by Desjardins Capital.
  • The Desjardins Group Pension Plan acquired a portion of EDF Renewables Canada Inc.’s stake in the Cypress Wind Project in Alberta as a contribution to the energy transition.
  • Desjardins Group has modernized its governance with new rules on how members are elected to its Board of Directors and its Board of Ethics and Professional Conduct, including to achieve greater diversity.
  • Responsible investment survey carried out on behalf of Desjardins to know Canadians’ perceptions and opinions of this concept in order to better serve our members and clients.
  • Launch of UX Lab, a new user experience laboratory.

Q2 financial results

  • Surplus earnings of $692 million, up $15 million from 2018.
  • Adjusted surplus earnings(1) up $144 million or 26.3% from 2018.
  • Increase in operating income(1) of $71 million or 1.7%.
  • Provision for member dividends of $80 million, up $9 million or 12.6%.
  • Outstanding residential mortgages up $3.3 billion since December 31, 2018.
  • Total capital ratio of 17.8% as at June 30, 2019.
  • Total assets of $310.9 billion as at June 30, 2019.

Net interest income was $1,299 million, up $124 million from the same period in 2018. This increase was due to growth in the entire average portfolio of loans and acceptances outstanding, and to higher interest rates.

Net premiums were $2,242 million (Q2 2018: $2,200 million), up 1.9%. This increase stemmed primarily from growth in activities and in the average premium in property and casualty insurance, offset by lower premiums from life and health insurance.

Other operating income(1) totalled $686 million, down $95 million from the corresponding period in 2018. Excluding the gain, before income taxes, of $132 million related to the transaction involving Qtrade Canada Inc. and the interest in Northwest & Ethical Investments L.P. recognized in 2018, other operating income would have been up $37 million or 5.7% compared to the same period of 2018. This increase came essentially from higher business volumes in payment and financing activities.

The recovery of the provision for credit losses totalled $11 million for the second quarter of 2019, compared to a provision for credit losses of $80 million for the same period in 2018. This decrease in the credit loss provision was primarily due to a refinement made to the risk measurement methodology for non-credit impaired loans concerning the estimated life of revolving exposures, such as credit cards and lines of credit, and an update of economic factors on the credit portfolios. The gross credit-impaired loans ratio, expressed as a percentage of the total gross loans and acceptances portfolio, was 0.56% as at June 30, 2019, relatively unchanged from what was recorded in 2018. Desjardins Group has continued to present a quality loan portfolio in 2019.

Non-interest expense was $2,053 million (Q2 2018: $1,853 million). This increase was mainly due to $70 million in expenses and provisions for the implementation of protections for our members, i.e. the credit monitoring plan and the identity theft solution for Desjardins caisse members, to higher salaries due to indexing and growth in operations and payment activities, including reward program expenses, as well as growth in financing activities.

Assets of $310.9 billion, an increase of $15.4 billion

As at June 30, 2019, Desjardins Group had $310.9 billion in assets, up $15.4 billion or 5.2% since December 31, 2018. This growth stemmed partly from a $6.2 billion increase in loans and acceptances. In addition, the growth was due to an increase in securities, including securities borrowed or purchased under reverse repurchase agreements, and net segregated fund assets, amounts receivable from clients, brokers and financial institutions included in other assets.

Strong capital base

Desjardins Group maintains very good capitalization levels in compliance with Basel III rules. Its Tier 1A and total capital ratios were 17.7% and 17.8%, respectively, as at June 30, 2019, compared to 17.3% and 17.6%, respectively, as at December 31, 2018.

Results for the first six months of 2019

At the end of the first six months of the year, surplus earnings before member dividends was $1,093 million (2018: $1,178 million), down 7.2%. Adjusted surplus earnings(1) for the specific item during the creation of Aviso Wealth, i.e. the gain related to the transaction involving Qtrade Canada Inc. and the interest in Northwest & Ethical Investments L.P. recognized in 2018, were up $44 million or 4.2%. In addition to the reasons given for the second-quarter results, this increase was offset by lower gains on the disposal of investments than in 2018 in the insurance segments and by the profit related to the restructuring of Interac Corp. recognized in the first quarter of 2018.

Segment results for the second quarter of 2019

Personal and Business Services

For the second quarter of fiscal 2019, the Personal and Business Services segment reported surplus earnings before member dividends of $461 million (Q2 2018: $299 million). This increase was largely due to solid results posted by the caisse network, especially related to the growth in net interest income, a decline in credit loss provisioning, and growth in payment and financing activities.

For the first six months of 2019, surplus earnings were $796 million (2018: $574 million).

Wealth Management and Life and Health Insurance

Net surplus earnings generated by the Wealth Management and Life and Health Insurance segment were $183 million at the end of the quarter (Q2 2018: $331 million). Results for the second quarter of 2018 benefited from the gain related to the transaction involving Qtrade Canada Inc. and the interest in Northwest & Ethical Investments L.P. Adjusted surplus earnings([4]) were down $19 million or 9.4%. This decline was primarily due to less favourable interest margins.

For the first six months of 2019, adjusted surplus earnings(1) were $322 million (2018: $408 million). In addition to the reasons given for the second-quarter results, this decline was primarily due to lower gains on the sale of securities and real estate investments than in 2018.

Property and Casualty Insurance

The Property and Casualty Insurance segment recorded net surplus earnings of $123 million in the second quarter of 2019 (Q2 2018: $52 million). This $71 million increase in surplus earnings was the result of higher net premiums, a smaller impact by catastrophe and major event claims and a lower claims experience for the current year in property and business insurance.

For the first six months of 2019, surplus earnings were $42 million (2018: $78 million). This decrease was primarily due to an unfavourable claims experience and lower gains on investments than in the same period of 2018.

Privacy breach

On June 20, 2019, Desjardins Group announced that some personal information of 2.9 million members had been shared with individuals outside the organization. This situation was caused by an ill-intentioned employee who has since been fired. Desjardins Group was not the victim of a cyberattack and its computer systems were in no way breached. In light of the situation, additional measures were put in place to protect the personal and financial information of all members and clients. Desjardins Group sent a letter to all members affected by the incident. It offers affected members, at its own cost, a credit monitoring plan and identity theft insurance with Equifax for five years.

In addition, on July 15, 2019, Desjardins Group announced to all its members that they are now automatically protected against identity theft. This protection is available not only to personal members, but also to business members, who are currently not served by any similar industry protection. This protection includes the following:

  • Protection of assets and transactions: The assets and transactions of Desjardins members are protected. Should unauthorized transactions be made in members’ accounts, they will be reimbursed.
  • Individual support in the identity recovery process: In the event of identity theft, Desjardins will offer its members individual support. It will be there for members throughout the identity recovery process.
  • Reimbursement of $50,000: Desjardins members may be reimbursed up to $50,000 for certain expenses related to identity theft, such as notary and legal fees and other expenses.

The expenses related to costs incurred and the establishment of a provision with respect to the implementation of these protections for our members, totalling $70 million, have been recognized in profit or loss in the second quarter of 2019. Desjardins Group could periodically reassess this provision based on the circumstances.

Following the announcement on June 20, 2019, the credit ratings assigned by the ratings agencies Standard & Poor’s, DBRS, Moody’s and Fitch to Desjardins Group’s senior securities were affirmed and remained unchanged.

_______________________________

(1) See “Basis of presentation of financial information”.

Key financial data

FINANCIAL POSITION AND INDICATORS

(in millions of dollars and as a percentage)

As at June 30, 2019(1)

As at December 31, 2018

Balance Sheet

Assets

$

310,906

$

295,465

Residential mortgage loans

$

123,457

$

120,113

Consumer, credit card and other personal loans

$

26,577

$

26,210

Business and government loans(2)

$

47,499

$

45,066

Total gross loans(2)

$

197,533

$

191,389

Equity

$

26,530

$

25,649

Indicators

Assets under administration

$

411,515

$

373,558

Assets under management(3)

$

63,740

$

57,448

Tier 1A capital ratio

17.7%

17.3%

Tier 1 capital ratio

17.7%

17.3%

Total capital ratio

17.8%

17.6%

Leverage ratio

8.4%

8.3%

Liquidity coverage ratio(4)

122.4%

122.1%

Gross credit-impaired loans/gross loans and acceptances ratio(5)

0.56%

0.54%

(1)

The information presented as at June 30, 2019 takes into account IFRS 16, “Leases”, adopted on January 1, 2019. The comparative data have not been restated. For more information, see Note 2, “Basis of presentation and significant accounting policies”, to the Interim Combined Financial Statements.

(2)

Includes acceptances.

(3)

Assets under management may also be administered by Desjardins Group. When this is the case, they are included in assets under administration.

(4)

The ratio result is presented based on the average of daily data for the quarter.

(5)

See “Basis of presentation of financial information.”

COMBINED INCOME

For the three-month periods

For the six-month periods

ended

ended

(in millions of dollars and as a percentage)

June 30,

2019(1)

March 31,

2019(1)

June 30,

2018

June 30,

2019(1)

June 30,

2018

Operating income(2)

$

4,227

$

4,312

$

4,156

$

8,539

$

8,188

Surplus earnings before member dividends

$

692

$

401

$

677

$

1,093

$

1,178

Adjusted surplus earnings before member dividends(2)

$

692

$

401

$

548

$

1,093

$

1,049

Return on equity(2)

10.6%

6.5%

11.0%

8.6%

9.7%

Adjusted return on equity(2)

10.6%

6.6%

8.9%

8.6%

8.6%

Credit loss provisioning rate(2)

(0.02)%

0.23%

0.18%

0.10%

0.22%

(1)

The information presented for the three-month and six-month periods ended June 30, 2019 and the three-month period ended March 31, 2019 takes into account IFRS 16, “Leases”, adopted on January 1, 2019. The comparative data have not been restated. For more information, see Note 2, “Basis of presentation and significant accounting policies”, to the Interim Combined Financial Statements.

(2)

See “Basis of presentation of financial information”.

CONTRIBUTION TO COMBINED SURPLUS EARNINGS BY BUSINESS SEGMENT

For the three-month periods

For the six-month periods

ended

ended

(in millions of dollars)

June 30,

2019(1)

March 31,

2019(1)

June 30,

2018

June 30,

2019(1)

June 30,

2018

Personal and Business Services

$

461

$

335

$

299

$

796

$

574

Wealth Management and Life and Health Insurance

183

139

331

322

537

Property and Casualty Insurance

123

(81)

52

42

78

Other

(75)

8

(5)

(67)

(11)

Desjardins Group

$

692

$

401

$

677

$

1,093

$

1,178

(1)

The information presented for the three-month and six-month periods ended June 30, 2019 and the three-month period ended March 31, 2019 takes into account IFRS 16, “Leases”, adopted on January 1, 2019. The comparative data have not been restated. For more information, see Note 2, “Basis of presentation and significant accounting policies”, to the Interim Combined Financial Statements.

CREDIT RATINGS OF SECURITIES ISSUED AND OUTSTANDING

DBRS

STANDARD & 
POOR’S

MOODY’S

FITCH

Fédération des caisses Desjardins du Québec

Short-term

R-1 (high)

A-1

P-1

F1+

Existing senior medium and long-term(1)

AA

A+

Aa2

AA-

Senior medium and long-term(2)

AA (low)

A-

A2

AA-

Desjardins Capital Inc. 

Senior medium and long-term

A (high)

A

A2

A+

(1)

Includes the senior medium and long-term debt issued before March 31, 2019, as well as that which was issued from this date and has been excluded from the recapitalization regime applicable to Desjardins Group.

(2)

Includes the senior medium and long-term debt issued from March 31, 2019, which may be converted under the terms and conditions of the recapitalization (bail-in) regime applicable to Desjardins Group.

More detailed financial information can be found in Desjardins Group’s interim Management’s Discussion and Analysis (MD&A), which is available on the SEDAR website, under the Desjardins Capital Inc. profile.

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Fintech

Sina Amini and ‘Team Transformers’ Announced as Top Winners of Maybank GO Ahead. Challenge (MGAC) 2019

Vlad Poptamas

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The Champion Team of the Maybank GO Ahead. Challenge 2019, Team Transformers celebrating their win with Maybank’s Daniel Wong Liang Yee, Group Chief Compliance Officer, Nora Abd Manaf, Group Chief Human Capital Officer and Mohd Suhail Amar Suresh, Group Chief Technology Officer
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After an intense 10-day competition, the Top Winners of the Maybank GO Ahead. Challenge (MGAC) 2019 were revealed at The Party in Kuala Lumpur. In its 8th instalment this year, MGAC, Maybank’s award-winning, multi-disciplinary talent acquisition and recruitment programme remains an innovative recruitment platform to spot, build and nurture diverse, global talent.

Sina Amini from Iran came out the Global Champion of MGAC 2019 and was awarded an opportunity to pursue a two-week internship at any Maybank office around the world. Meanwhile, ‘Team Transformers’ comprising Finalists from MalaysiaCambodiathe Philippines and Thailand emerged as the Global Champion, and walked away with an all-expenses paid trip to attend the Future Festival Chicago – an innovation conference that gathers all of Chicago’s top innovators. ‘Team Dark Knight’, with Finalists from Malaysiathe PhilippinesIndonesiaIran, and Cambodia was the first runner-up and won an all-expenses paid trip to the Web Summit in Lisbon, Portugal where Fortune 500 companies, ground-breaking start-ups and world class speakers will gather later this year. The second runner-up went to team ‘The Guardians of the Galaxy’ comprising finalists from Hong KongSingapore, and the Philippines who will be attending the Singapore Fintech Festival.

“MGAC has taught me that you can do whatever you want if you put your mind to it and you’ve got to be open to taking on new challenges. The simulations we experienced have taught us to be resilient even when things are not in your control but having the Maybank team and our assessors guide us definitely helped us to keep moving forward and grow as individuals and a team,” said  Lee Dai Wei, Team Leader of Team Transformers.

The ultimate reward for the shortlisted Finalists is a conditional offer to join Maybank in its entry-level pipeline programme, Global Maybank Apprentice Programme (GMAP), a two-year rotational management trainee programme to take on international assignments at any of the 18 Maybank offices globally.

“MGAC has definitely taught me a lot at every level – from the campus levels to the global finals which felt like 60 years packed into 10 days. The experience and steep learning curve that I’ve been on in the past 10 days was a real eye opener and such an incredible experience. I owe it to Malaysia because it was the first country that I came to after leaving IranMalaysia has always been the country I’ve come back to as it’s helped me grow so much in the past years – and that’s very crucial for me. I’m excited to continue learning and ready to start my journey with Maybank Malaysia,” said Sina Amini, Global Champion of MGAC 2019.

With an all-new approach to progressive hiring, MGAC 2019 is redefined through the gamification of the programme to enhance the participants’ user experience. Themed Challenge of Choice, the MGAC 2019 participants were also given free rein to sculpt their own experience in this competition – from choosing their teammates to the challenges they uptake – which added greater depth to the competition. A key differentiator introduced was the Resurgence Mode, which offered the participants who did not make it past Campus and National Levels a second chance to be apart of Global Finals via nomination from other finalists. Aimed at providing participants with a first-hand encounter with growing and sustaining a business in challenging environments, the Global Finals provided finalists the opportunity to manage the full business cycle of companies from various industries.

MGAC 2019 has seen an astounding 300% increase in participation from the previous year, clearly reflecting the popularity of the competition and its new approach amongst the new generation of hires. This year, Maybank received over 35,000 applications from more than 105 nationalities.

 

SOURCE Maybank

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Business Wire7 hours ago

GRANITE CONSTRUCTION SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Granite Construction Incorporated – GVA

Business Wire10 hours ago

GEICO’s Schneider Elected Assistant Vice President ​

Business Wire11 hours ago

DealerSocket CEO Sejal Pietrzak Ranks Number Seven on Top SaaS CEOs List

IT Industry20 hours ago

UPDATE – ChinaCache Announces Changes to the Composition of the Company’s Board of Directors

Business Wire20 hours ago

Mill Point Capital Completes Carve-Out of Pioneer Transformers

Business Wire21 hours ago

CVS SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against CVS Health Corporation – CVS

Business Wire21 hours ago

JOHNSON & JOHNSON INVESTIGATION UPDATE by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Continues to Investigate the Officers and Directors of Johnson & Johnson – JNJ

Business Wire21 hours ago

CAPITAL ONE INVESTIGATION INITIATED by Former Louisiana Attorney General:  Kahn Swick & Foti, LLC Investigates the Officers and Directors of Capital One Financial Corporation – COF

Business Wire21 hours ago

ANHEUSER-BUSCH 96 HOUR DEADLINE ALERT: Approximately 96 Hours Remain; Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors of Deadline in Class Action Lawsuit Against Anheuser-Busch InBev SA/NV – BUD

Business Wire21 hours ago

EROS INTERNATIONAL 96 HOUR DEADLINE ALERT: Approximately 96 Hours Remain; Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors With Losses in Excess of $100,000 of Deadline in Class Action Lawsuit Against Eros International

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