OCBC CEO Helen Wong to Step Down With Tan to Be New Chief
Tan Teck Long, currently global wholesale banking head, will succeed her on Jan. 1, 2026, the bank said in a statement.
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Yahoo
8 minutes ago
- Yahoo
Carlyle picks insiders for newly minted role of co-presidents after reshuffle
(Reuters) -Alternative asset manager Carlyle said on Monday it has rejigged its senior leadership ranks and named three of its veterans for its newly created role of co-presidents. Chief Financial Officer John Redett, credit head Mark Jenkins and client business head Jeff Nedelman will become the company's co-presidents, effective January 1, 2026. "These individuals, all Carlyle veterans, are proven leaders whose deep expertise and extensive experience will drive our next phase of growth," CEO Harvey Schwartz said in a statement. Since Schwartz took the helm in 2023, Carlyle has undergone a multi-year transformation to boost growth by rejigging leadership and realigning its compensation model, while expanding beyond its private equity roots. The company said the leadership appointments would bolster its ability to operate at scale in a competitive environment. In the newly created roles, the trio will closely work with Schwartz to further Carlyle's growth ambitions, the firm said. In addition to their new roles, Jenkins will lead the credit and insurance business, while Nedelman will continue to head the client business. Redett will lead Carlyle's private equity business as well as oversee the corporate private equity and real assets businesses. Justin Plouffe, who is the current deputy chief investment officer for Carlyle's credit business, will succeed Redett as the finance boss of Carlyle next year, the company said. Michael Wand, who oversees the firm's private equity business in Europe, will become the head of EMEA investments and work in tandem with the company's co-presidents. Admiral James Stavridis, the former Supreme Allied Commander at NATO and Carlyle's vice chair of global affairs, will become the company's vice chairman. With $453 billion of assets under management, Carlyle deploys private capital across private equity, credit and its AlpInvest business. Carlyle is set to report its quarterly results next week. Its stock has jumped nearly 26% this year.
Forbes
9 minutes ago
- Forbes
Why The Push For Open-Loop Payments In Transit Could Backfire
Miroslav Katsarov is the CEO of Modeshift, a technology company bringing intelligent transportation to small- and mid-size transit agencies. Open-loop payments have emerged as a high-profile trend in the modernization of public transit. This approach allows riders to purchase fares using their existing credit or debit cards and mobile wallets, eliminating the need for separate transit cards or apps. The result is a streamlined fare collection process, alongside a more convenient and user-friendly experience. While the technology's appeal may seem attractive to policymakers and the public, it's essential to recognize its shortcomings in certain areas. Fare collection involves more than just choosing a payment method. Careful consideration is required regarding how a system integrates with existing infrastructure, its ability to accommodate various payment types and how it handles data and revenue. Attempting to oversimplify a complex system can lead to costly and inflexible outcomes. True innovation in fare collection occurs when creating responsive, adaptable systems that meet user needs, rather than enforcing adoption based on new trends and technology. Why Open-Loop Is Not A One-Size-Fits-All Solution Open-loop payment systems offer several key benefits to transit agencies. They can help lower costs associated with issuing and managing transit cards and tickets. Fewer components in the payment system mean less maintenance is required, leading to additional cost savings and increased operational efficiency. Riders benefit from purchasing fares through various payment platforms, smart devices and bank-issued cards. Passing through gates is faster; they simply have to tap a card or scan a mobile phone at the terminal. There's no need to purchase tickets or carry change. However, neglecting to consider factors such as flexible fare structures and user base could lead to open-loop payment projects being unsuccessful. In Budapest, Hungary, over 70% of riders use monthly passes that open-loop does not support, and were pressured to adopt open-loop payments, despite it not being practical. The city faced numerous challenges in implementing open-loop, with the majority of riders still preferring to use cash or a digital wallet. This highlights a critical point: Transit technology that ignores existing user behavior is destined to fail, regardless of how modern or sleek it may be. When Pressure Overrides Product Strategy Open-loop payments are important, but pushing them as a replacement for other fare media is shortsighted. They can serve as an enhancement to existing fare collection systems, offering additional payment options. Agencies are being politically or publicly pressured into adopting open-loop without considering their rider base, operations or revenue structure. The smarter path forward is a flexible, account-based system that supports both open- and closed-loop payments to meet the needs of riders while future-proofing infrastructure. There's a common myth regarding agencies being a merchant of record (MoR). The reality is that it's no different from the transactions they already handle. When an agency takes on the role of MoR, it becomes recognizable to the cardholder as the merchant that has sold them goods or services. This decreases requests for chargebacks. A direct relationship with the payment processor also means agencies can negotiate better deals. Another issue arises when agencies attempt to offer discretionary discounts to eligible riders, like seniors. Bank cards can be used to apply discretionary discounts, but it adds another level of complexity. Since discretionary discounts imply a closed-loop process, agencies could have riders undergo a registration process. This way, the system will know who to assign these discounts to. The other option is to introduce white-label EMV cards that mimic the functions of a bank card, although this can be very costly. The bottom line is that leaders need to advocate for what works, not just what markets well. Digital Equity And Behavioral Reality A sizable portion of transit riders are unbanked (4%) or underbanked (9%). While many are open to switching to prepaid cards or smartphones, forcing open-loop systems without alternatives risks leaving behind the most vulnerable populations. Not every rider prefers to tap a card, and they won't be inclined to regardless of what technology is introduced. Frequent riders gravitate toward fare products that offer value and predictability, like discounted monthly or daily passes. Furthermore, when presented with other options, such as QR codes and mobile ticketing, many would prefer those over a bank card. Open-loop systems lack support for more flexible fare structures unless layered with complex eligibility processes or closed-loop add-ons. Technology must be built with inclusivity in mind from day one. Tech leaders should be wise to focus on developing solutions that prioritize this, collaborating with cities and transit authorities to establish responsive, future-proof technology. Adoption happens when tools reflect how users already think and behave. Complex tech must serve simple, human needs. The Case For Flexible, Account-Based Systems For transit agencies, the best approach would be to have an account-based ticketing system capable of facilitating both open-loop and closed-loop processes. ABT systems allow for EMV card payments, QR codes, mobile tickets and closed-loop cards. In this instance, tokens become the core mechanism, which enables true backend flexibility. Such systems are built for flexibility due to their ability to adapt to a range of front-end formats while standardizing the backend. Account-based systems ensure that unbanked users, mobile-limited users or digitally hesitant customers are not excluded from using transit services. Improved sustainability, reduced cash handling and enhanced UX are also among the benefits of using an ABT system. In Conclusion Open-loop payments have value, but only when they're used in the right context. Transit technology succeeds when it's built around how people live and work, solving basic mobility issues as opposed to quickly deploying new tech and tools. Public leaders and transit authorities need to ask the hard questions before buying into trends. This means taking into account the existing rider base and who might be excluded from using the technology. A payment system based on open-loop could prevent certain people from using transport services. What public transit needs are flexible, scalable and inclusive systems, capable of аdapting to future challenges as well as shifts in population's behavior. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Forbes
10 minutes ago
- Forbes
Rewiring Finance: Why Tokenization Is An Infrastructure Story, Not A Digital Assets One
Eric Piscini, Chief Executive Officer of Hashgraph. 'Tokenization' might be the buzzword of the industry, and while it's easy to get swept up thinking it's the next big thing in digital assets, like the metaverse or memecoins, it's really not about hype. It's about replacing outdated financial systems and processes with programmable, 24/7 infrastructure, where speed, compliance and transparency are built in from the start. I believe the future of finance won't be built by banks but by those who are building the rails and the blockchain infrastructure itself. Think of it not only as a technical overhaul but also as an operational one, transforming how assets are issued, transferred and settled. The smart institutions aren't asking whether it will work. They're mapping out how far they can go with it. Why All The Fuss? What may start with a narrow use case, like accelerating real-time payments and settlements, often evolves into a broader rethinking of market infrastructure that can quietly transform the way the world does business. What's promising is that regulators aren't just watching—they're actively responding. In the U.K., UAE and Singapore, frameworks are emerging that actively support the future of digital finance. From the U.K.'s sandbox initiatives to Singapore's detailed token classification and licensing regimes, these governments are building rulebooks around the reality that tokenization is here to stay. And major financial players are moving in. BlackRock is tokenizing money market funds. Citi is piloting custody and settlement. Franklin Templeton has been issuing shares on-chain since 2021. J.P. Morgan is piloting a USD deposit token (JPMD) to support on-chain payments and native cash settlement for institutional clients. These aren't crypto startups; they're established financial institutions rebuilding their own systems from the inside out. Think of it less like launching a new app and more like Wall Street quietly swapping out dial-up for fiber internet. The Numbers Say It All Tokenized RWAs have just surpassed $24 billion. This isn't a trend line; it's a launch curve. The steady rise in the first half of 2025 signals velocity, not just growth. And with Standard Chartered projecting $30.1 trillion in tokenized assets by 2034, a figure notably on par with the current U.S. GDP, we're not looking at a niche upgrade. We're witnessing a full-scale reallocation of the financial system's plumbing. Visibility, Speed And A Seat At The Table Legacy systems created silos. Private markets often operated with limited transparency and slow reporting. That kind of opacity rewarded insiders and excluded broader participation. Tokenization flips that model. Imagine running a business where every stakeholder sees a different version of the ledger—that's what private markets used to be. With tokenization, everyone sees the same data at the same time, like moving from fragmented spreadsheets to a single live dashboard. That shift eliminates inefficiencies, improves accountability and builds the kind of shared visibility that real trust is built on. In fact, Coinbase and Kraken are actively exploring the tokenization of traditional equities, with the goal of enabling 24/7 stock trading on-chain. This could extend market access, improve settlement efficiency and increase competitive pressure on traditional exchanges such as the NYSE. Settlement can now happen in minutes, not days. Compliance and documentation can be handled by smart contracts instead of paper and PDFs. Fractional ownership opens up access to asset classes that used to be out of reach for most investors. Tokenization doesn't just modernize systems; it reshapes who gets to participate. There's Friction, But Also A Clearer Path Forward Yes, there are still hurdles as regulation lags behind the tech. But global regulators are slowly catching up. The EU's MiCA framework is now live. The UAE has established a dedicated Virtual Asset Authority. The U.K. is planning a Crypto Roadmap by 2026. In the U.S., if the CLARITY Act is passed, it would provide a much clearer regulatory framework for digital assets, particularly by distinguishing between "digital commodities" and "securities." This would offer companies a more defined path to engage with digital assets in a compliant manner, replacing the uncertainty that has historically hindered the growth of tokenization. On the enterprise side, many are wary of diving deep into Web3 due to a need for privacy, particularly in highly regulated industries. That's where hybrid infrastructure comes in: models that blend public transparency with private transaction control. Enterprises can scale into public systems while keeping sensitive data shielded. It's not a binary choice between 'status quo' and public networks with utility tokens; it's now a spectrum. Still, forward-looking companies aren't waiting. They're engaging regulators, aligning with emerging standards and investing in interoperability now. This isn't defensive. It's a long-term advantage. Looking Ahead Tokenized real-world assets aren't here to replace traditional instruments. They're here to expand the menu. Lower entry points, broader access and new formats will complement existing portfolios, not compete with them. This is evolution, not upheaval. But make no mistake: Tokenization is changing how ownership is defined, how capital flows and how trust is embedded in systems. So the real question isn't when this will happen. It's whether your organization is building for it now. Because the rails are being rebuilt. And those building them will shape what comes next! Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
