The Leaner, Meaner Chevron Is Ready to Fight
Leaders need to be more decisive, take accountability for failures and have uncomfortable conversations about poor performance, Wirth and his lieutenants said during a virtual companywide meeting. A change in attitude could keep Chevron from falling behind its competitors, they said, according to people who attended the meeting.
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7 minutes ago
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SimCorp names Peter Sanderson as Chief Executive Officer
Sanderson has proven track record of driving growth and deep industry knowledge Sanderson has held key leadership roles at GAM Investments, BlackRock Investment Management COPENHAGEN, Denmark and LONDON and NEW YORK, Aug. 4, 2025 /PRNewswire/ -- SimCorp, a global leader in financial technology and a subsidiary of Deutsche Börse AG, today announced that Peter Sanderson will be named the company's Chief Executive Officer, effective immediately. Sanderson brings extensive and diverse expertise to SimCorp, refined over a distinguished career spanning key leadership roles in the financial industry. As Group Chief Executive Officer for GAM Investments from 2019 to 2024, he gained firsthand insights into SimCorp's software as a direct client, enhancing his understanding of the platform's strategic value. Prior to that, his decade-long tenure at BlackRock Investment Management saw him excel in senior positions, including Managing Director of Multi-Asset Investment Solutions, Financial Markets Advisory, and as a member of the European Executive Committee, where he shaped critical initiatives across diverse financial sectors. His earlier experience at Mondrian Investment Partners and KPMG further reinforced his comprehensive industry acumen. Sanderson's depth of knowledge and leadership capabilities position him uniquely to guide SimCorp toward its ambitious goals. "I am very excited to join SimCorp at this crucial juncture in the company's growth," said Sanderson. "During periods of unprecedented market turbulence, we are uniquely positioned to help our clients adapt and grow while they continue to evolve their business. I am also impressed by the unique, values-based culture that SimCorp has established and look forward to working with this world-class team on achieving our growth ambitions." "We are very pleased to welcome Peter to SimCorp, and we are confident he will help propel our ambitious objectives," said SimCorp Chair Christian Kromann. "Clients are turning to SimCorp more than ever before, knowing our platform gives them the competitive advantage of seeing a real-time view of their entire portfolio. With Peter's experience, deep knowledge of our industry and track record for growth, we know that he is the right next leader for SimCorp." Sanderson will replace Georg Hetrodt as CEO, who retires after 27 years with the company at year-end. Hetrodt's retirement has been planned and anticipated by the organization. "On behalf of the Board, leadership and employees of SimCorp, I would like to take this opportunity to thank Georg Hetrodt for his many years of exceptional service. We wish him the very best in his next chapter," said Kromann. About SimCorp SimCorp is a provider of industry-leading integrated investment management solutions for the global buy side. Founded in 1971, with more than 3,500 employees across five continents, SimCorp is a truly global technology leader that empowers more than half of the world's top 100 financial companies through its integrated platform, services, and partner ecosystem. SimCorp is a subsidiary of Deutsche Börse Group. As of 2024, SimCorp includes Axioma, the leading provider of risk and management and portfolio optimization solutions for the global buy side. For more information, see Media Contact: Sean B. Pasternak, Global Communications, SimCorp, +1-647-975-7326, SOURCE SimCorp Canada Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Entrepreneur
8 minutes ago
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SiMa.ai Secures USD 85 Mn to Advance Physical AI Platform
Funding led by Maverick Capital with StepStone Group joining will drive global expansion and innovation for edge-based AI applications You're reading Entrepreneur India, an international franchise of Entrepreneur Media. has secured USD 85 million in a funding round led by Maverick Capital, with StepStone Group joining as a new investor. The round was oversubscribed and included participation from existing backers. With this latest infusion, the company's total funding has reached USD 355 million. The capital will be used to expand global presence and to accelerate the growth of its Physical AI platform. Plans include increasing investment in software innovation, enhancing go-to-market activities, strengthening customer support, and advancing its automotive development plans. "This new funding further validates our leadership in the Physical AI space and the growing demand for solutions that deliver top-tier performance per watt with exceptional ease of use," said Krishna Rangasayee, Founder and CEO of "With the support of both new and existing investors, we are moving quickly to extend our lead and meet demand across robotics, automotive, industrial automation, aerospace and defense, smart vision, and healthcare." Founded in 2018 by Rangasayee, is headquartered in San Jose, California. The company specialises in Physical AI computing, creating platforms that enable intelligent applications to operate efficiently at the edge. Its flagship Modalix platform offers high performance while maintaining strong energy efficiency, designed to make advanced AI capabilities accessible in industries such as robotics, automotive, aerospace, and industrial automation. offers a full-stack Physical AI solution through its ONE platform. This integrates purpose-built silicon with a software-first approach to simplify deployment and maximise performance. The platform includes Modalix, a second-generation multimodal MLSoC now available to customers, and Palette, a software suite that features both a software development kit and Edgematic, a no-code visual development tool. The system supports major machine learning frameworks, including vision models, transformers, and generative AI, within a single architecture. Andrew Homan, Managing Partner at Maverick Capital, said, " is redefining possibilities at the edge by combining advanced silicon with a software-centric approach to Physical AI. Their ability to deliver powerful, low-energy solutions with simple deployment positions them to lead in a rapidly growing market." John Avirett, Partner at StepStone Group, added, "As generative AI changes the data center, we see significant opportunity in AI at the edge. integrated solution, technical expertise, and customer adoption make it a leader in this space." With AI applications increasingly moving to the edge, aims to address the need for high performance, energy efficiency, and ease of use in real-world environments.
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9 minutes ago
- Forbes
Stablecoins – The Internet's Upgrade To Money?
Imagine if PayPal, Swift, and your banking app went on a wellness weekend in Silicon Valley and returned Monday as leaner, faster versions of themselves. That's the premise behind stablecoins - crypto's sensible sibling. They are digital tokens pegged to real-world currencies, such as the US dollar. One stablecoin, one dollar, it's as simple as that. Or at least that is the idea. Backed 1:1 by short-dated US Treasuries or bank deposits, stablecoins like USDC (Circle) and USDT (Tether) now represent a parallel financial infrastructure: programmable, blockchain-native money that moves 24/7, costs pennies (sometimes fractions of pennies) to transmit, and settles in seconds across borders. Unlike their volatile crypto cousins, stablecoins don't swing with Elon's tweets. They are built for stability and, increasingly, for scale. In short, stablecoins might just be the internet's long-overdue upgrade to money. The Market Defined - a $3 Trillion Disruption in Motion If traditional FX is a battered old dial-up modem, stablecoins are fibre-optic. The current foreign exchange system is built upon decades-old 'correspondent banking' rails. That means sending USD to Nairobi from Berlin still involves a long conga line of intermediaries, opaque fees, and 2–5 business days of holding your breath. Now imagine a contractor in Lagos receiving USD in minutes, not days, with 90% lower fees. That's the promise - and increasingly, the reality - of stablecoin payments. According to Visa and Artemis, over $35 trillion in stablecoins were transferred in the last 12 months, more than Visa and Mastercard combined. Adoption spans over 190 countries, with more than 30 million active wallets and $214 billion in supply. And yet, this is still small fry compared to the $1.1 trillion traded daily in traditional FX markets. The runway is long. The Emerging Stablecoin Stack At the heart of this emerging ecosystem are three core players: Stablecoins are now less about crypto speculation and more about enabling global payments, liquidity management, and even treasury operations. (Yes, SpaceX reportedly uses stablecoins to manage treasury exposure in places like Argentina and Nigeria.) Why Now? Three tailwinds are converging: As Jeremy Allaire of Circle put it: 'This is one of the biggest TAMs (Total Addressable Markets) of all industries out there.' Stablecoin Benefits - Not Just a Cheaper Payment Let's be clear: stablecoins aren't just shaving a few basis points off remittance fees. They're overhauling the plumbing of money movement, and if carried out properly, should ensure: Even governments are starting to warm up. The US Secretary of the Treasury recently noted stablecoins could 'reinforce the dollar's role as the world's reserve currency'. Now there's a geopolitical incentive too. The Use Cases - From Contractors to Capital Markets Today, stablecoins are fuelling cross-border B2B and remittances (especially in high-friction corridors like LatAm, Africa, Southeast Asia), Vendor payments and global payroll (freelancers, contractors, AI microtasks), DeFi and tokenised assets, Treasury operations and liquidity management, retail and micropayments (Stripe now lets you 'Pay with Crypto,' settling in fiat), etc. Platforms like Koywe and BVNK are abstracting away the blockchain complexity, offering embedded wallets and FX capabilities to fintechs, banks, and corporates alike. The Programmable Edge - Money with a Brain Stablecoins aren't just faster dollars. They're programmable money. Developers can build logic into transactions, such as pay-on-delivery, split payments, escrow with triggers, etc. Imagine Stripe automatically issuing a virtual card with preset limits for a one-time transaction. Or a DAO releasing funds when a smart contract verifies an invoice, this is where stablecoins become 'room-temperature superconductors for financial services,' to borrow Stripe's analogy. Fiat vs. Stablecoin - The Convergence is Underway Here's the kicker – the more people spend stablecoins, the less they need to convert back to fiat. This threatens the incumbents, not because stablecoins are replacing dollars or banks, but because they may become the rails on which banks ride. Think of stablecoins as TCP/IP for money, invisible but essential. Fiat isn't disappearing. But control over the user interface, the relationship, the rail – that's the next frontier. But… There are still Challenges Of course, no revolution is without its wrinkles. The regulation is still evolving. US and EU frameworks are being formed, but cross-border clarity remains a work in progress. Redemption risk: Some 'stable' coins aren't so stable (read: algorithmic failures). The user experience is improving. Right now, wallets, gas fees, cross-chain issues are still too clunky for grandma. There's friction with the Central Bank. Will CBDC (Central Bank Digital Currency) replace stablecoins? Maybe. But don't expect it to be programmable, anonymous, or innovation friendly. CBDC is great tools for surveillance, monetary policy, and state control but it won't be winning developer hearts any time soon. The Road Ahead – What Matters and Who Wins? Here's what we're betting on: The winners will straddle both worlds. Not crypto-native or TradFi alone, but companies that can operate across both and move fast. Banks and fintechs will converge. Banks are already exploring the issuance of stablecoins and fintechs are acquiring bank charters. Platforms matter. Ethereum and Solana are dominating, but keep an eye on Bitcoin Lightning, Stellar, and Tron in emerging markets. Yield matters. Those who capture the interest from reserves will be the ones to define business models. Ultimately, stablecoins aren't a threat to the financial system. They represent an evolution - an upgrade. The question isn't if they'll go mainstream, but how fast, who wins, and what rails the money flows on. If you're still thinking of stablecoins as a crypto gimmick, you're already late for the next phase of finance.
