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Global Payroll Solutions Platform iiPay Opens Asia Pac Hub in Singapore

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iiPay, a market-leader in providing global payroll solutions to multi-national corporations, released details of the new office opening earlier this year in Singapore.  Singapore serves as the hub for the Asia Pacific operations and represents an exciting juncture of continued growth and investment in supporting global clients through service excellence and market leading technical innovation. iiPay continues to grow and partner with its existing clients while adding new clients at a rapid pace.  This focus on client service excellence and innovation has resulted in an average revenue growth rate exceeding fifty percent for the last three years. The Singapore office launch follows the previously announced launch of its Budapest Hungary hub earlier this year.

According to Absolute Reports, a research report company, the global Payroll and HR Software market is anticipated to rise at a considerable rate, during the forecast period, between 2020 and 2026. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon. Clients in the fast-growing Asia Pacific region need increased payroll visibility and global reporting combined with compliance and accurate payroll delivery.

“iiPay’s investment in the Asia Pac region represents a commitment to serve clients in an exciting growth market with tremendous opportunities to reduce complexities, ensure compliance, and provide a standardized approach to global payroll,” stated Curtis Holmes, Chief Operating Officer, iiPay. “Our clients expect operational excellence in their currencies, local language, and time zone while respecting cultural norms.  We expect to be our clients trusted payroll partner around the globe as they expand their business.”

iiPay provides a truly global payroll solution, with a single technology platform to underpin day-to-day service delivery and enable effective compliance management, payment disbursements, data analytics and a single, standardized, Employee Self-Service experience across the globe.

This News has been Published in Partnership with PR Newswire

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New Data From Adjust Shows Record In-App Revenue Months For Fintech, E-commerce and Gaming in 2021

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New Data From Adjust Shows Record In-App Revenue Months For Fintech, E-commerce and Gaming in 2021

Adjust’s Mobile App Trends Report shows iOS 14.5+ industry-wide opt-in rates hit 25%, and 30% for gaming

Adjust, a global mobile marketing analytics platform, today released its annual Mobile app trends report, showing that mobile app growth continued to accelerate globally in 2021. After a year of industry changes and pandemic shake-ups, the app ecosystem saw growth in installs and sessions industrywide, with the fintech, e-commerce and gaming verticals emerging as standouts and seeing their highest in-app revenue months on record in 2021, according to Adjust data.

The rollout of Apple’s iOS 14.5 and AppTrackingTransparency (ATT) framework in April 2021 pushed the mobile marketing industry to reassess the way it handles user privacy and tracking. Although early predictions hypothesized industry-wide opt-in rates as low as 5%, Adjust data shows that this figure is actually approximately 25% (having grown from 16% in May 2021), and gaming has hit 30%.

The global report — based on Adjust’s top 2,000 apps and its total dataset of apps tracked — analyzes long-term trends in installs, sessions, time spent in-app, retention, re-attribution rates, and more across the globe. These insights enable developers and marketers to better understand their audience and the state of the app economy.

“Despite the challenges of the past year, the mobile app ecosystem has continued to thrive, demonstrating how robust and adaptable the app marketing industry is,” said Simon “Bobby” Dussart, CEO of Adjust. “In order to meet users where they are, it’s imperative for marketers and UA teams to lean into data-driven strategies to improve retention, and continue to find, attribute, and measure new and existing audiences.”

Additional key takeaways from the report include:

  • Fintech app installs and sessions are increasing globally by 34% and 53% YoY, respectively.
    • Stock trading and crypto apps made up 7% and 2% of all fintech app installs, respectively, but accounted for 17% and 6% of sessions. Crypto apps also had the longest average session length in 2021 at over 15 minutes.
    • Regionally, North America came out on top for installs with a 69% YoY increase in 2021, followed by LATAM (62%), APAC (29%), and EMEA (16%).
    • In-app revenue for fintech apps steadily and consistently trended upward from January 2020 through December 2021, with March 2021 the highest performing month.
  • Mobile e-commerce is stronger than ever with e-commerce app installs growing by 12% YoY in 2021, and November ranking as the top performing month at 20% above the yearly average.
    • The two most notable markets for growth were EMEA and LATAM, which saw 18% and 14% YoY growth, respectively.
    • May 2021 was the biggest year ever tracked by Adjust for e-commerce in-app revenue, which posted a 46% YoY increase in 2021 globally.
    • Marketplace apps saw significantly better retention rates than the rest of the e-commerce vertical, with Day 1 at 27% and Day 30 at 10%, versus 19% and 7% in 2020.
  • Hyper-casual is here to stay, making up the highest share of gaming installs (27%), while action games account for the largest proportion of sessions (30%).
    • Global gaming installs in 2021 increased by 32% YoY, maintaining pandemic-fueled growth from 2020, with H2 outperforming H1 by a further 12%.
    • The growth in installs was consistent across multiple key regions in 2021. LATAM and EMEA saw the highest results, followed by APAC and North America.
    • January 2021 accounted for the highest global in-app revenue month ever recorded by Adjust.
    • Session lengths, sessions per user per day, and time spent in-app all increased in 2021.

Dussart noted that while 2022 will continue to pose challenges, it will be a year of opportunity, with the need and want for apps more pronounced than ever. “Apps not only provide outstanding, globally leading entertainment formats and convenient ways to complete tasks and enhance our daily lives; they solve problems and empower users in markets all around the world,” he said.

For additional findings, download the full report here.

About Adjust

Adjust is the mobile marketing analytics platform trusted by growth-driven marketers around the world, with solutions for measuring and optimizing campaigns and protecting user data. Adjust powers thousands of apps with built-in intelligence and automation, backed by responsive global customer support.

In 2021, Adjust was acquired by AppLovin (Nasdaq: APP), a leading marketing platform providing developers with a powerful, integrated set of solutions to grow their mobile apps.

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Digital wallet Startup Eco partners with climate action organization, KlimaDAO, to make money Smart & Clean

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Digital wallet Startup Eco partners with climate action organization, KlimaDAO, to make money Smart & Clean

Digital wallet provider, Eco, has partnered with climate action organization, KlimaDAO, in order to become a climate-positive company. Through the partnership, Eco will also be sharing its community-building technologies and programs, as well as a grant of its open rewards currency, Eco Points, to help KlimaDAO continue to grow its global community of climate activists.

Eco has made a “Smart Money” promise to consumers to correct the misalignment with their current financial services, which offer near zero interest and impose high fees, by building its tools on better infrastructure, operating with a business model fully aligned with their interests, and delivering a top-tier product. Eco does this through its digital wallet that offers up to 5 percent APY on deposits, 5 percent cash back on in-app purchases, and rewards for all saving and spending through the app in the form of Eco Points, Eco’s open rewards currency.

KlimaDAO, for its part, is inventing the future of clean money to correct society’s misalignment with our economy’s environmental costs. It’s realizing this vision by creating a carbon-backed cryptocurrency and increasing the value of carbon—the higher the price of emitting carbon, the more businesses are incentivized to produce low-carbon technologies and engage with carbon-removal projects. To date, KlimaDAO has stored over 15 million tonnes of carbon avoided or removed from the atmosphere in its treasury via tokenized carbon credits and is offering new decentralized products to democratize climate action.

Both Eco and KlimaDAO believe that we can all win together—individuals, communities, corporations, and the environment. To that end, KlimaDAO is helping Eco immediately become a climate-positive company, by Eco offsetting triple its corporate carbon footprint through 2022, as well as offsetting every employee’s work-related footprint. Eco has also committed to deploying Klima Infinity, KlimaDAO’s innovative new incentive program for helping organizations make and keep their pledges to become and remain climate positive in the years to come.

In turn, Eco will donate a grant of Eco Points to KlimaDAO to reward its community members for actions that support its mission of climate financial activism such as onboarding new members, answering their questions, or performing environmental good deeds. Eco is also sharing community-building technologies and engagement programs that have helped keep its community of global members deeply engaged in its mission to reinvent and realign the financial system.

“KlimaDAO and Eco are fundamentally aligned around what money can be—not only a means for enabling your daily life, but also a tool for creating the world you want to live in,” says Eco CEO, Andy Bromberg. “We’re proud to join KlimaDAO in taking a stand together for climate action and open systems—both components of the world we jointly believe in. This is the start of Smart, Clean Money.”

“KlimaDAO is thrilled to partner with Eco to leverage the power of blockchain technology in shaping a more sustainable future. Eco’s mission to democratize finance strongly aligns with our own mission of allowing anyone to engage with carbon markets and is a testament to the transformative potential of decentralized systems”, says Dionysus, KlimaDAO pseudonymous core contributor.

Through this collaboration, Eco and KlimaDAO are taking a step toward a future where money is both smart and clean—and in which everything else is dirty money.

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Design Your IFRS 17 Roadmap Today with This Guide

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IFRS 17 contains the International Accounting Standards Board’s guidelines on recognizing, measuring, presenting, and disclosing insuring contracts. It is a set of principles that insurers should follow in order to faithfully represent their contracts and reflect their real-time financial position, financial performance, and cash flow to regulators. The standard is set to come into effect by January 1, 2023. A good question that insurers should ask themselves is if they’re ready to comply with IFRS 17 and what the organization’s overall plan will be for its implementation.

Are you getting the jitters on behalf of your own insurance organization? If so, that’s perfectly understandable given how complex and exhaustive the IFRS 17 rollout will be. But you and your colleagues will have a much easier time if you have a roadmap in place for adopting the IFRS 17 standard. With that in mind, here’s a list of five key steps that you can take. Include these in your roadmap to ensure smooth sailing in your IFRS 17 compliance journey.

Assess the Potential Impact of IFRS 17 on Your Insurance Organization

The first step is to determine what your insurance organization can stand to achieve in your IFRS 17 implementation. In truth, you can go beyond compliance for its own sake. For example, there’s a lot of potential to strengthen your foundations for regulatory reporting not only for IFRS 17, but for related standards like the US Generally Accepted Accounting Principles’ (GAAP) Long Duration Targeted Improvements, or LDTI.

Make sure to sit down with other stakeholders from your actuarial, accounting, IT, and risk teams to set your expectations for the IFRS 17 rollout. Next, draft a set of organization-wide objectives pertaining to IFRS 17 and pinpoint which policies and processes will be affected once you start your compliance journey. Knowing how your process of managing insurance contracts will change, as well as what difficulties to anticipate, will give your organization focus during your IFRS 17 adoption.

Conduct a Gap Analysis Before Rolling Out New IFRS 17 Technologies and Protocols

Second, you must be able to survey how technologically and operationally prepared your firm is to adopt IFRS 17. You will need to document the gaps and make a comprehensive list of business requirements for IFRS 17 compliance. For example, should a  new regulatory reporting software need to be onboarded, it’s important that all these issues are on paper.

Remember, too, that gaps may exist among your staff—both with regard to their knowledge of IFRS 17, and how separate teams should work together to hit the same compliance targets. In this vein, the first thing you can do is conduct user training for all new technologies and protocols that you’ll be onboarding. Then, have your firm’s actuarial and accounting teams touch base with each other, delineate their roles for IFRS 17 compliance, and prepare to work using a consolidated system. The fewer silos these teams encounter while they’re making their calculations, the smoother things will be for everyone.

Review Your Book Before Choosing the Right IFRS 17 Measurement Method

The third step is to review your book of business and find the right way to reclassify your contracts in accordance with IFRS 17. Get up to date with the information in your book and assess how you will go about your contract classification.

The provisions in IFRS 17 introduce three measurement methods: the general measurement or building book approach, the premium allocation approach, and the variable fee approach. Do the groundwork for your IFRS 17 compliance efforts by revisiting your contracts and deciding on the model that best applies to you.

Upgrade Your Insurance Data Management Solution for Easier Compliance to IFRS 17

A large part of the challenge of adhering to IFRS 17 is fulfilling the exhaustive data requirements needed for the correct measurement, presentation, and disclosure of your insurance contracts. You may already have an inkling that you’ll have huge volumes of contract-related data to account for when you start your IFRS 17 adoption. It will really be in your best interest to invest in a dedicated compliance solution that will afford you better data architecture, aggregation, and analysis for your compliance.

A dedicated solution will improve your calculation capabilities at the granular level, thus allowing you to come up with accurate projections for your cash flow and to adjust to risk in real-time.

Update Your Models and Your Accounting Ledger to Reflect the Changes from IFRS 17

Eventually, it will be time to utilize your new actuarial models to arrive at IFRS 17-ready measurements. This will be your cue to reexamine your cash flow models and see if they’re aligned with the IFRS 17 grouping requirements for contracts, or if they need updating.

You will also need to do the tedious but necessary work of updating your accounting ledger and making sure it’s properly integrated with your new IFRS 17 system and new actuarial models. It’s only after this is done that you’ll come up with the actual cash flows, expected future cash flows, and risk adjustment information that are needed for your IFRS 17 compliance.

There are a lot of big changes that your insurance organization will have to reckon with come the deadline for IFRS 17 implementation. But perhaps change shouldn’t be seen as a bad thing. IFRS 17 will shift your organization’s accounting approach to something less “black box” and more transparent. Following the standard may also help you develop a more risk-sensitive temperament when managing your insurance contracts—which is something you’ll need in these volatile times.

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