You are here: Home
Holyoke - Catherine M. Sypek, a resident of Westfield, has earned the Professional Plan Consultant designation in the area of retirement plan consulting. Sypek is a top performing financial services representative for the Holyoke-based Dowd Financial Services. Recent regulatory changes to the retirement plan industry has not only sparked an urgency to ensure adequate resources for retirement plan professionals, it also has beneficiaries of those plans worried about the security of their financial futures. Sypek is known for setting her clients at ease, and has now been recognized with a professional designation for her superior knowledge and service.
Radware, a Mahwah-based provider of application delivery and security solutions, said Thursday it has won a multimillion-dollar contract from a national financial services company.
The unnamed company, based on the West Coast, will use Radwares DefensePro, a real-time, behavioral-based attack mitigation device designed to fend off cyber-crime such as denial of service attacks and data breaches. DefensePro will be implemented at multiple US data centers, along with Radwares AlteonNG decryption and load balancing software.
Financial institutions are on the front-lines of cyber-attacks, and detecting and mitigating these attacks with a high degree of quality and in real time is critical, Carl Herberger, vice president of security solutions for Radware, said in a prepared statement. Realizing this, attackers are beginning to encrypt their attacks with SSL (secure sockets layer encryption protocol) to complicate a banks protection capabilities. Considering this, the investment of deploying DefensePro with SSL protections in several of their data centers will help secure their networks, applications, and most of all, customer data.
ALSO ON NJBIZ:
Overall gaming revenue in Atlantic City down in September
Government to NJ hospitals: Be ready to safely handle an Ebola patient
Newarks progress and potential are key themes at business partnership event
BEIJING (Reuters) - Chinese e-commerce firm Alibaba Group Holding Ltd said on Thursday it has changed the name of its Alipay financial services affiliate to Ant Financial Services Group as it steps up its push into the financial services industry.
Alibaba has been aggressively offering new financial services around Alipay, including a money market fund for consumers, a mobile payment app and even a new private bank that was approved by the Chinese government in September.
Due to Alibabas dominant market position in e-commerce, Alipay has emerged as the online payment processing leader in China. It clears 80 million transactions per day, including 45 million transactions through its Alipay Wallet mobile app, the company said on Thursday.
The rebranding of the Alipay unit, whose legal name is Zhejiang Ant Small and Micro Financial Services Group Co, is part of a strategy by Alibaba and its affiliated companies to accelerate development of financial business. The name Ant was chosen to symbolize the potential strength of a number of smaller brands working together, executives said.
At a day-long presentation in Beijing, Ant Financial executives outlined a vision of turning its mobile payment app into a full-fledged, data-driven commercial platform. They have their sights set on a service where businesses can deliver personally tailored smartphone ads and promotions based on Alipay data gleaned from an individual consumers shopping habits.
China has never been lacking banks; it has 200 of them, said Ant Financial Chief Executive Lucy Peng. But we have an opportunity to use Internet methods, Internet technology, Internet thinking to disrupt traditional finance.
Alibaba controversially spun out Alipay in 2011, but its executives including executive chairman Jack Ma maintain control of the payment processor, considered by some analysts as one of the most valuable assets in the Alibaba universe due to its unique position in Chinese commerce.
The new Ant Financial umbrella will oversee six financial services entities that are affiliated with Alibaba, but were not part of the company that listed on the New York Stock Exchange last month in Alibabas $25 billion initial public offering.
The six entities include: Alipay; Alipay Wallet; Yue Bao, a money market fund with 570 billion yuan ($93 billion) under management; Zhao Cai Bao, a third-party financial services platform; micro-loan provider Ant Micro; and MYBank, a private bank.
MYBank received approval from Chinese banking authorities in September, part of a pilot program launched earlier this year and the first tentative step by the country to open its closely guarded banking sector to private investors.
Alibaba stated in its IPO prospectus that given regulator approval, the Alipay affiliate could issue 33 percent of its shares to Alibaba in the future. Ant Financial executives on Thursday confirmed the terms, but said there were no new changes to the plans.
In response to a question, Peng said there are no current plans for Ant Financial to hold an initial public offering of its own.
(Reporting by Gerry Shih; Editing by Kenneth Maxwell)
The Rowan University Foundation Board has elected Joseph Bottazzi as chair and added three new members with expertise in healthcare, medicine and business to reflect the expanding profile of the University.
A seasoned business executive and Rowan alumnus, Bottazzi will build on the great progress made under the leadership of former Board Chair Paul Tully.
Bottazzi, executive vice president of business development at Edelman Financial Services, LLC, is a River Edge resident who has served on the board since 2009.
Bottazzi earned a degree in marketing from Rowan in 1980 and his MBA. in finance from Fordham University.
Joining Bottazzi are three prominent business leaders Dorothy Stubblebine of West Deptford, James George of Woodbury and Elizabeth Faircloth of Bordentownwho were confirmed by Rowan Universitys Board of Trustees in September for three-year terms.
Stubblebine, president of DJS Associates since 2000, has worked as a strategic human resources consultant for senior management for more than 25 years. A 1980 Rowan graduate with a degree in business administration, she is also a member of the Rohrer College of Business Advisory Board and has served in various capacities for the Rowan University Alumni Association since 1997.
George is the strategic advisor to the president of TeamHealth and serves as chair of the Physician Leadership Council. Once a practicing emergency physician, he is also an attorney and is certified as a Diplomat of the American Board of Law and Medicine and as a Fellow of the American College of Legal Medicine. He earned an AB from Columbia University, an MD from University of Louisville School of Medicine and a JD from University of Louisville School of Law.
Faircloth, a 2000 Rowan graduate with a degree in psychology, is co-founder and advisor of the DeRosa Group as well as the vice president of Augur Inc., an organizational and strategic management consultancy firm in southern New Jersey. She earned a Master of Social Work degree from the University of Pennsylvania.
The Rowan University Foundation oversees and coordinates all fundraising activities and is responsible for the management and investment of all charitable contributions to the University.