Carta Partners with Sequoia to Offer a Total Compensation Solution for VC-Backed Companies

September 27, 2023. SAN FRANCISCO, California

Partnership brings together Carta’s market-leading salary and equity data with Sequoia’s Comp Advisory and Comp OS™.

Sequoia, the pioneer in benefits and compensation, announced its partnership with Carta, a leading provider of private market salary and equity data, to provide VC-backed companies the expert guidance and robust market data needed for designing and implementing smart compensation strategy for today’s fast moving talent market.

A well-informed compensation plan is foundational for attracting, motivating, and retaining top talent while managing burn rate responsibly. By adding Carta Total Compensation (CTC) data to Sequoia Comp OS, joint customers can build a comprehensive pay program for their modern workforce. With Sequoia’s Compensation Advisory practice, joint customers have the expert guidance needed to define a competitive, fair, and scalable compensation strategy.

Joint customers of Sequoia and Carta can expect:

1. Seamless data flow: Joint customers can access their equity information and CTC benchmarking data within the Sequoia People Platform, eliminating the need to switch between software providers when strategizing a compensation plan.

2. End-to-end tech-enabled service experiences: Joint customers receive hands-on guidance from Sequoia’s Comp Advisors, providing the resources needed to create a tailored compensation strategy and a trusted partner to operationalize a compensation philosophy through a tech-enabled services platform.

3. One source of truth: Sequoia’s Compensation Advisors can now leverage Carta’s comprehensive and real-time private company data to help VC-backed companies craft a compensation strategy that positions businesses for success, regardless of the economic landscape.

4. Flexible services for every company stage: From startups making their first hires to booming enterprises looking to create competitive total rewards packages, Sequoia offers expert guidance to create a compensation program that attracts, motivates, and retains key talent.

Sequoia is committed to helping businesses grow by providing strategic compensation support in areas such as total rewards philosophy, job architecture, cash structures, equity grant guidelines, annual incentive plan and executive compensation. Paired with Sequoia Comp OS™ on the Sequoia People Platform, companies are equipped with real-time visibility and heightened control over their organization’s global people spend that aligns to their goals.

Josh Steinfeld, Carta’s Principal Product Strategist, said, “Compensating your employees fairly while managing burn responsibly is crucial, and next to impossible without the right data and expertise. By partnering with Sequoia, our customers have access to the data and expertise they need to create a compensation strategy that controls costs and maximizes retention.”

Kyle Holm, Sequoia’s VP of Compensation Advisory, added, “Establishing a thoughtful total rewards strategy is the key to gaining a true people advantage. With this packaged solution, our team has the ability to provide strategic insights and bring the data to life, so we can help VC-backed companies, across any stage or economic conditions.”

Sequoia clients can receive streamlined access to demos and more information here.

To learn more about how Sequoia and Carta can help your business, start here.

About Sequoia

Sequoia is the leader in Total People Investment. We help companies create a people advantage through improving retention, attracting top talent, and increasing people-spend ROI. With expert advisory services across compensation and benefits and a powerful platform, we connect employee total comp programs with insightful people analytics so companies can manage their global people investment in real time to better meet the needs of their evolving workforce. Visit Sequoia.com or follow us on LinkedIn to learn more.

About Carta

Carta is a platform that helps people manage equity, build businesses, and invest in the companies of tomorrow. Our mission is to unlock the power of equity ownership for more people in more places. Carta manages nearly three trillion dollars in equity globally. The company is trusted by more than 40,000 companies, over 7,000 funds and SPVs, and over two billion equity holders to manage cap tables, compensation, valuations, liquidity, and more. For more information, visit carta.com.

Media Contact:

Michele Floriani Sequoia press@sequoia.com 650-544-4919

Source Link: https://www.sequoia.com/news/carta-partners-with-sequoia-to-offer-a-total-compensation-solution-for-vc-backed-companies/

Indonesia Launches World’s First State-Backed Cryptocurrency Bourse

July 25, 2023. JAKARTA, Indonesia

On July 20, 2023, Indonesia officially launched the world’s first state-backed cryptocurrency bourse.

Written by Ayman Falak Medina

On July 20, 2023, Indonesia officially launched the world’s first state-backed cryptocurrency bourse, supervised by the Commodities Futures Trading Supervisory Agency. Local company PT Kliring Berjangka Indonesia was appointed as the futures clearing house for the settlement of crypto assets while another local company, PT Tennet Depository Indonesia, was appointed as the crypto asset storage manager.

The new bourse will list licensed cryptocurrency companies, such as Binance, Ripple, Ethereum, Tether, and Bitcoin.

Through the bourse, the Indonesian government is aiming to strengthen the regulatory environment for the country’s booming cryptocurrency sector and develop a safe and fair crypto trading ecosystem. Although the government currently prohibits the use of cryptocurrencies as a payment medium, the government does allow investments in cryptocurrency. According to the Commodities Futures Trading Supervisory Agency, Indonesia has an estimated 17 million cryptocurrency users.

Increasing cryptocurrency transaction volume

Indonesia saw crypto trading reach US$56 billion in 2021, a significant increase from the US$4.6 billion recorded in 2020. This increase was attributed to Indonesian regulators permitting cryptocurrencies to be traded as commodities in 2019 as well as the investment boom during the height of the pandemic in 2021. The crypto volume traded in 2021 reached US$19 billion and US$4.42 billion during the first half of 2023. The dampening demand in crypto was influenced by rising interest rates in recent months.

New regulatory changes to Indonesia’s cryptocurrency sector

The Commodities Futures Trading Supervisory Agency issued Regulation 8/2022 in November 2022, under which businesses need to obtain a crypto exchange provider (CEP) license. The new requirements for a CEP enterprise are as follows:

• Have a minimum paid-up capital of 100 billion rupiah (US$6.6 million);

• Maintain equity of at least 50 billion (US$3.3 million);

• Possess an online trading platform that can facilitate the trading of crypto assets linked to futures clearing institutions and future exchanges;

• The company must have an organizational structure that includes the following divisions;

• Audit;

• Legal;

• IT;

• Customer service;

• Accounting and finance; and

• Must have at least one employee who is a Certified Information Systems Security Professional;

• A CEP holder can only own up to 20 percent of another CEP’s shares;

• Foreign ownership is only allowed for one CEP or prospective CEP;

• The CEP must have at least three board of Directors, of which two-thirds must be Indonesian citizens;

• The CEP must have at least three boards of Commissioners, of which two-thirds must be Indonesian citizens; and

• The CEP must submit periodic reports, business plan reports, and business achievement reports to the Commodities Futures Trading Supervisory Agency.

Notably, the Commodities Futures Trading Supervisory Agency will not issue a license if the business does not establish a local entity in Indonesia.

Opportunities in Indonesia’s financial technology sector

Indonesia’s fintech industry is one of the most competitive and dynamic in Southeast Asia, having produced four unicorns and one decacorn so far.

The fintech industry is one of the most funded sectors in the country — along with e-commerce — and is dominated by peer-to-peer (P2P) lending (50 percent) and e-payment (23 percent) platforms. Despite having hundreds of fintech companies operating in Indonesia, foreign investors will find the industry has yet to fulfill its potential. One of the factors is that 60 percent of the country’s workforce is in the informal sector, and many micro, small, and medium-sized enterprises (MSMEs) have little access to financing from banks, as they too are mostly operating in the informal sector.

According to the e-Conomy South East Asia Report of 2022, Indonesia accounts for 40 percent of the total US$77 billion in digital transactions in Southeast Asia.

P2P lending

Many local MSMEs have business models that are not compatible with the characteristics of the banking sector’s financial products. That includes aspects such as payment terms for loan schemes, forms of collateral, and credit quality, among others.

Foreign fintech firms can plug this gap through new financing models that have the potential to serve Indonesia’s 47 million underbanked and 92 million unbanked adults. As of 2020, P2P lending reached US$7.7 billion from over 102 fintech companies officially listed by the Financial Services Authority (OJK). This covered over 26 million borrowers throughout the country.

E-wallets

Electronic money transactions rose by 173 percent in 2020 and have become indispensable to Indonesian consumers. The country is predicted to be the next battleground for digital payment apps, with Indonesia possessing many of the key characteristics critical for adopting digital payment systems.

Some 196 million people in Indonesia have access to the internet and the smartphone penetration rate is 60 percent; above the ASEAN region’s 51 percent. Moreover, the middle class now comprises 20 percent of the population, a key segment in the growth of the digital economy.

For foreign investors in the e-wallet industry, it is essential that they deliver a customer-centric experience to allow customers to pay with the local payment method of their choice, ranging from mobile banking to payments via convenience stores. This is because while Indonesia has a high smartphone penetration rate, a sizeable portion of its population is unbanked.

About Us

ASEAN Briefing is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia and maintains offices throughout ASEAN, including in Singapore, Hanoi, Ho Chi Minh City, and Da Nang in Vietnam, in addition to Jakarta, in Indonesia. We also have partner firms in Malaysia, the Philippines, and Thailand as well as our practices in China and India. Please contact us at asean@dezshira.com or visit our website at www.dezshira.com.

Source Link: https://editor.wix.com/html/editor/web/renderer/edit/73277921-95a4-431b-924e-2361893209e6?metaSiteId=214f5fcc-b98f-4f8b-b03f-59d8844a30d0

LME enriches ESG data source in collaboration with global metals community

09 Oct 2023. LONDON

The London Metal Exchange (LME) is collaborating with producers and standards bodies around the world on enriching its digital ESG data platform, LMEpassport.

LMEpassport will provide the metals community with access to comparable, verified and wide-ranging sustainability credentials and data regarding global producers.

Georgina Hallett, LME Chief Sustainability Officer, commented: “ESG data transparency and comparability are vital components in addressing industry level sustainability challenges. We’re delighted that already more than 50% of LME-listed brands are now sharing sustainability credentials on LMEpassport and we’ve recently added 12 new sets of certifications, metrics and standards against which producers are able to disclose. Galvanising our industry to advance the global sustainability agenda is a core part of the LME’s strategic focus and we look forward to further collaborating with our industry partners.”

LMEpassport now lists a total of 466 disclosures from 219 brands (compared to just 22 when launched in 2021), with 54 available certifications, standards and metrics across the ESG spectrum. Additionally, producers are now able to show a broad range of sustainability-related targets and commitments and, importantly, track their progress against them. In response to increasing engagement and data, a new side-by-side viewing functionality has been introduced on LMEpassport, enabling users to compare up to five producers’ ESG disclosures simultaneously.

The LME collaborated with the following producers and standards bodies on building out additional credentials, features and disclosures and will continue to work with them and all its listed brands on evolving ESG data transparency across the metals industry.

• Boliden

Sven Hjelmstedt, Director Sales: “The green transition begins with green metals and the LMEpassport provides us with a comprehensive picture of the sustainability performance directly linked to our LME brands. We are welcoming additional data transparency, enabling us to add commitments and targets as we aim to lead the industry’s transition. We're therefore excited to be part of this particular development.”

• China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters (CCCMC)

Sun Lihui, Director of Development Department: “We are pleased to participate in and witness the formulation and implementation of the London Metal Exchange's Responsible Sourcing Policy. We look forward to working together to promote responsible sourcing and sustainable development in the global metal industry. The Chinese Due Diligence Guidelines for Mineral Supply Chain (Second Edition), as LME-approved standard for track A, will continue to provide supply chain assessment services for metal industry enterprises, promote them to identify the supply chain risks and take appropriate mitigation measures, support them in strengthening supply chain due diligence management to meet LME’s requirements. We also encourage enterprises to actively disclose sustainable development information in environmental, social, and governance aspects through transparent communication and cooperation with industry chain partners, and are committed to establishing an inclusive, sustainable, and responsible global metal supply chain.”

• Cobalt Institute

Tom Fairlie, Senior Sustainability Manager: “Transparent communication and interpretation of Product Carbon Footprint (PCF) results is of critical importance for accurate reporting of greenhouse gas emissions. The Cobalt Institute’s PCF guidance provides all stakeholders involved in cobalt value chains with a standardised and robust approach to calculating the climate change impact of cobalt products and is aligned with current regulatory and industry initiatives.”

• Codelco

Nicole Porcile, Vice President of Corporate Affairs and Sustainability: “Codelco wants to become a pillar of sustainable development for Chile and the world. In the spirit of transparency and trust-building, we are proud to share our ESG Commitments on the LMEpassport platform. This platform provides us with an opportunity to voluntarily offer additional valuable information on a range of ESG issues, including Environmental Goals (carbon footprint, circular economy, etc.), Social Management, and other relevant topics.”

• Extractives Industry Transparency Initiative (EITI)

Mark Robinson, Executive Director: “The EITI’s inclusion in the governance pillar of the LMEpassport is an important step towards transparency in mineral supply chains. Project-level data is essential for companies reporting on the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas. National EITI multistakeholder groups can also serve as a forum where governance risks can be identified, and where civil society, government and companies can work together to address them.”

• Freeport-McMoRan

Andrea Vaccari, Director Responsible Production Frameworks & Sustainability: “We are encouraged by the uptake and continued development of LMEpassport. The expanding list of allowable disclosures and participating companies will support well-informed decision-making by downstream supply chain actors and also reinforce our industry’s commitment to responsible production.”

• Global Reporting Initiative (GRI)

Bastian Buck, Chief Standards Officer: “The inclusion of GRI Standards in the LMEpassport is a welcome development for reporters and information users alike. The GRI Standards are already widely used by companies in the sector, and the information reported allows stakeholders to comprehensively assess a company's impacts on sustainable development, including risks and opportunities related to those impacts. Robust reporting on how companies identify, cause, and manage their impacts is crucial for securing a license to operate and allows for meaningful engagement to improve performance.”

• Responsible Minerals Initiative (RMI)

Jennifer Peyser, Executive Director: “We are very pleased that facilities using the Risk Readiness Assessment (RRA) Criteria will be able to give visibility to their sustainability credentials via the LMEpassport. This aligns with the RMI vision of enabling supply chain actors to report on their performance through consistent and credible data and metrics. The upcoming Version 3.0 of the RRA takes a further step in that direction as it applies to the entire value chain and generates comparable data from mine through metal processors and manufacturers to recyclers.”

Notes to editor

• For more information about LMEpassport and the LME’s sustainability strategy, please visit the website.

Source Link: https://www.lme.com/en/News/Press-releases/2023/LME-enriches-ESG-data-source-in-collaboration-with-global-metals-community