NONPROFIT MANAGEMENT,NONPROFIT TECHNOLOGY,FINANCIAL MANAGEMENT
FinOps Foundation | September 12, 2022
The FinOps Foundation, a part of The Linux Foundation's non-profit technology consortium focused on advancing the people and practice of cloud financial management, announced today that insurance giant, AIA Group, is joining as a Premier Member company.
As part of AIA's Premier Membership, Keith Austin, Associate Director of Cloud Services, leading the Cloud Centre of Excellence at AIA, will join the FinOps Governing Board as a voting member to help craft Foundation strategy and direction. The Governing Board sets the strategy of the program, including where to invest resources and funds in support of the Technical Advisory Council's work.
For more than a century, AIA has strived to make a significant, positive impact for customers and communities across Asia. As the largest independent publicly listed pan-Asian life insurance group—with a presence in 18 markets across Asia—how it evolves impacts millions of people every day.
Amid the growth of cloud computing, AIA's transition to the cloud has been enormous, increasing cloud adoption to 78%, ahead of the global average in the financial services and insurance industry. FinOps teams and practices enable companies to gain greater control over their cloud spend forecasting and migration planning. FinOps is now practiced in every major industry and AIA will lead the early growth of FinOps in the Asia-Pacific region, which is following North America and Europe in FinOps adoption, research shows.
"The common thread that unites our Technology, Digital, Analytics (TDA) team is that everybody is an expert in their respective fields. We bring together the best providers and hire top talent, and we empower our teams to build frictionless, world-class systems and products. This will now include the FinOps Foundation, By leveraging the power of TDA to transform into a customer-centric, world-class digitally-enabled insurer, we enhance our resilience and abilities to capture the growth opportunities. This also deepens our purpose to help millions of people in Asia to live healthier, longer, better lives."
-Marcel Malan, AIA Group's Head of Group IT Operations.
AIA's cloud first strategy is a fundamental pillar for AIA to be able to scale and modernize with the needs of customers, agencies and distributors, and it leads its peers in Asia in doing so.
"AIA's rapid cloud adoption takes courage, leadership and a committed team and partnership, We welcome AIA as a Premier Member. Its commitment to evolve to the cloud computing world is an example of how all companies, whether deeply established or brand new, can and must take advantage of technological advances to better meet their customer needs and stay ahead of competitors. AIA's membership in the FinOps Foundation will be a huge asset to the larger FinOps community as we develop and instill best practices across industries and continents."
-J.R. Storment, Executive Director of the FinOps Foundation.
The FinOps Foundation has continued its rapid expansion. It now serves over 7,500 community members from more than 2,500 organizations. End user members gain exposure in the FinOps community, have easy access to training and enhanced recruitment opportunities - accelerating the adoption, and are coached on the development of their FinOps practices.
The latest FinOps Foundation research indicates that large companies will continue to adopt FinOps, due to the complexity of their cloud environments, reporting requirements and the sheer number of disparate teams requiring collaboration. Also, the research found that financial services and IT industries practice FinOps most, followed by other industries.
About the FinOps Foundation:
The FinOps Foundation (F2) is a non-profit trade association made up of FinOps practitioners around the world including Atlassian, Autodesk, Gannett, HERE Technologies, Just Eat, Nationwide and Spotify. Grounded in real world stories, expertise, and inspiration for and by FinOps practitioners, the FinOps Foundation is focused on codifying and promoting cloud financial management best practices and standards to help community members and their teams become better at cloud financial management.
About AIA Group:
AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$340 billion as of 31 December 2021.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 39 million individual policies and over 16 million participating members of group insurance schemes.
FreeWill | August 24, 2022
FreeWill, a social-good enterprise at the nexus of philanthropy and estate planning, today announced that its Crypto for Charity platform will eliminate transaction fees for real-time donations of cryptocurrency to support nonprofit causes, lowering fees on donations made through Crypto for Charity's website, www.cryptoforcharity.io from 3.95% to zero, effective immediately.
"We're incredibly excited to announce that we've become the first to zero among our competitive set as it pertains to transaction fees when donating crypto. One of our foremost commitments is listening to our customers and acting on feedback, and what we've heard from crypto owners is that donating crypto should be free. Having raised more than $6 billion in philanthropic gifts with free tools in estate planning and real-time giving, we're proud to offer a non-fee platform for cryptocurrency. Now, donating crypto via our platform is more cost-effective than making a donation with a credit card. Democratizing access to estate planning and philanthropy are core to the FreeWill brand and we're proud to continue to be leaders here mere months after jumping into the crypto space."
-Patrick Schmitt, co-CEO of FreeWill.
Crypto for Charity is an online platform developed by FreeWill, which empowers both donors and nonprofits to do the most good for the people and causes they love. In the same way FreeWill allows anyone to donate stocks in real-time or to leave a bequest to their favorite charity while creating a will, Crypto for Charity empowers donors to easily donate appreciated crypto, as well as NFT drop proceeds, in a tax-advantaged manner through easy-to-use tools.
This includes the ability to integrate donations directly from smart contracts for NFT drops, as well as Cause Funds that enable donors to give to multiple organizations at once that are united around similar causes – all within a single transaction, and all zero-fee.
Crypto for Charity, through which crypto owners can donate to more than 55,000 American nonprofits, launched in December 2021 to help make it easier for nonprofits to accept crypto donations, given that more than 90% of nonprofits lacked a crypto solution at a time of increasing interest. Since the launch, high demand has led FreeWill to invest significantly in hosting hundreds of crypto donation sites for its nonprofit partners.
In addition to the Crypto for Charity platform, FreeWill also offers nonprofits a Bequest Tool for legacy giving, a Qualified Charitable Distributions (QCD) Tool to fundraise in real-time from IRAs, and a Stock Gifts Tool for appreciated stock holdings.
FreeWill is a social-good enterprise offering online tools that empower Americans to address commonly faced estate planning needs and make charitable donations in tax-advantaged ways, all for free. FreeWill also features a charitable giving platform that makes it easier for nonprofit fundraising teams to unlock transformational non-cash gifts. Through its partnerships with 1,000+ nonprofits who understand that major gifts often are part of estate plans, the company is also able to provide a comprehensive suite of estate planning and related tools to consumers free of cost. To date, FreeWill has generated more than 6 billion in planned and real-time gifts for more than 10,000 nonprofits while helping more than 600,000 consumers create wills and plan their estates.
Wells Fargo | September 21, 2022
Wells Fargo is donating $300,000 from the Wells Fargo Foundation to support three organizations providing urgent relief in Puerto Rico following Hurricane Fiona. The funding to the Hispanic Federation, SBP, and World Central Kitchen will focus on necessities like meals and supplies as well as resources for rebuilding efforts.
“We understand the urgency when natural disasters hit – especially in Puerto Rico, where communities are still recovering from Hurricane Maria, At times like this, our company supports the resilience of Puerto Rico and is quickly deploying resources to help meet the many needs unfolding in the aftermath of this storm.”
-Otis Rolley, president of the Wells Fargo Foundation and head of Philanthropy and Community Impact.
The donation will support on-the-ground activities in Puerto Rico through $100,000 grants to:
Hispanic Federation, an advocacy organization engaged in rebuilding Puerto Rico through housing and community development, small business support, health services, and emergency assistance, among other initiatives. Hispanic Federation will focus on emergency access to food, water and supplies.
SBP (formerly St. Bernard Project), a long-term home rebuilding and disaster response organization with existing operations in Puerto Rico. SBP will assess damage, distribute supplies, help people navigate federal assistance and rebuild homes for impacted families.
World Central Kitchen, which provides meals in response to humanitarian, climate, and community crises. World Central Kitchen is serving freshly prepared meals to the most impacted with the help of local community members.
In addition, the company provides annual funding to the American Red Cross to help communities prepare for disasters big and small. This ongoing support to the Red Cross’ Annual Disaster Giving Program will help the Red Cross provide food, emergency shelter, relief supplies, and comfort to those affected.
About Wells Fargo:
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.
NONPROFIT MANAGEMENT,NONPROFIT TECHNOLOGY
GiveCard | August 25, 2022
GiveCard, a nonprofit organization that uses financial technology to power direct giving to the most vulnerable communities, has partnered with Highnote, the world’s most modern card issuance platform, to launch a new prepaid debit card program. This enables shelters, non-profits, and governments to scale cash transfer programs and quickly serve the needs of their target community.
About 45% of the 1.8 million registered non-profits in the US have budgets set aside for providing assistance to low-income and vulnerable individuals. In the past, this budget was allocated mostly to providing services. However, recent research suggests that direct monetary assistance contributes to greater positive outcomes including reduced poverty and increased school attendance. While many organizations are moving away from the service-based model, they struggle with how to effectively provide direct monetary assistance to the individuals they serve in an increasingly cashless world. Setting up and navigating debit card infrastructure is typically a year-long process for non-profits who do it themselves. In addition to being time-consuming and expensive, it distracts the organization from its core mission.
GiveCard offers debit cards for distribution to any organization that directly interacts with and provides services to low-income and vulnerable individuals. Their vision is to serve these communities by offering a direct cash transfer program within a day. That way, more governments can adopt programs such as guaranteed income and allow individuals to progress towards independence and permanent housing. In addition, more low-income and vulnerable individuals can develop trust in digital cash options, ending their reliance on predatory lending systems.
“Highnote is the innovator we’ve been looking for, Their developer-friendly APIs represent a departure from legacy providers which often have bulky, complex processes and lack the ability to customize and scale at the velocity GiveCard’s customers need. With Highnote as a partner, we are well-positioned to execute on our vision and enable all non-profit and government programs to implement direct cash transfer programs effectively.”
-Lurein Perera, GiveCard’s founder.
Highnote’s advanced issuer-processor Application Programming Interfaces (APIs) allow GiveCard to collect top-level aggregated transaction data (such as spend category) that helps inform policy conversations to better serve experimental pilot programs such as guaranteed income or direct cash transfers. Currently, the only way to understand spending habits after cash or check disbursements are made, is through time-consuming surveys that track a very small subset of participants, thus resulting in low government adoption.
“This partnership ushers in a new wave of direct giving in a world that has become increasingly cashless, We believe financial technology can unleash tremendous power to create a greater good for our society. We’ve built Highnote to be an all-in-one card issuer-processer and program manager so innovative enterprises like GiveCard can execute on their mission and make the world a better place.“
-John Macllwaine, Co-Founder and CEO at Highnote.
GiveCard Mastercard Prepaid Card is issued by Sutton Bank, member FDIC, pursuant to a license by Mastercard International. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
GiveCard is a nonprofit organization providing specialized debit cards, digital donation systems, and makes financial planning accessible and easier to use by people experiencing homelessness. Givecard recently launched a platform that makes card issuing accessible to nonprofits and governments seeking to give money directly to vulnerable populations, allowing companies to order, fund and reload cards through a simple dashboard, set spending restrictions if needed, and gain insights from transaction data.
Highnote is the world’s most modern card issuer-processor and program manager, purpose-built to realize customer loyalty and engagement through embedded card experiences. Its fully integrated tech stack provides every service needed for innovative companies to launch new ways to use card payments. Utilizing the developer-friendly Highnote platform, product and engineering teams at digital enterprises of all sizes can easily and efficiently embed virtual and physical payment cards (commercial and consumer prepaid, debit, credit, and charge), ledger, and wallet capabilities into their existing products, creating compelling value for users while growing revenue and building a unique and differentiated brand. The company has raised more than $100 million from leading investors and strategic partners and is headquartered in San Francisco, California.