Latest news with #Polgar
India Today
15 hours ago
- Sport
- India Today
Divya Deshmukh's Chess World Cup triumph fuelled by mental toughness: Susan Polgar
Legendary Grandmaster Susan Polgar has hailed Divya Deshmukh's remarkable Women's World Cup triumph as a victory fuelled by "mental toughness" and an unshakable will to win, after the 19-year-old etched yet another historic chapter in Indian a thrilling all-Indian final held in Batumi, Georgia, Divya stunned the vastly more experienced Koneru Humpy in the tiebreaks on Monday. Entering the tournament as a dark horse, the teenager from Maharashtra not only secured the prestigious World Cup but also qualified for the 2026 Candidates Tournament and became India's 88th of all, congratulations to Divya for this historic feat. Well done," Polgar told PTI Videos in an interview. "Even though she may not have been the pre-tournament favourite, or the strongest on paper, she had what others lacked - the will to win and mental toughness." The 56-year-old Hungarian-American, who was the women's world champion from 1996 to 1999, praised Divya's resilience throughout the competition. "There were games where she was in trouble, and some where she couldn't convert. But none of it mattered. She kept fighting, without fear. Her strong nerves carried her through the finish line."Divya's feat places her among the elite in Indian chess, becoming only the fourth Indian woman Grandmaster after Humpy, Harika Dronavalli, and R. Vaishali, and the 44th female GM in the who herself became the top-rated female player in the world at just 15, believes Indian chess is in the midst of a golden era, propelled by a wave of fearless young talent and bolstered by the guidance of icons like Viswanathan Anand."This is the Golden Age of Chess in India," she said. "What is even more special is that these talents are all homegrown. They respect and support each other. With sustained support from the government - national to local - and sponsors, India will remain at the top for years to come."Citing the example of teen sensation D. Gukesh, who became a Grandmaster at the age of 12, Polgar noted that success in chess often comes down to intangible qualities."When Gukesh became a GM, he wasn't the highest rated among Indian prospects," she recalled. "But I immediately picked him to go furthest. Some thought I was crazy. But as someone who's worked with over 50 Grandmasters, including players rated above 2700, I recognised his special traits.""Same with Divya. She may not be India's highest rated female player, but she has those same intangibles - fearlessness and an immense will to win. That often compensates for any technical deficiencies, which they can address with more training and experience."advertisementPolgar urged both Gukesh and Divya to stay grounded and keep working diligently, warning that future challenges will be fiercer now that they've reached the summit."Don't stop. It's like a moving train - ride the momentum and don't slow down. There'll always be players who are hungrier. If you ease up, it gets much harder," she cautioned. "Divya is no longer an up-and-comer. She's a World Cup champion now. The target is on her back. Others will be gunning for her. She must train - and train harder."Polgar also had warm words for Koneru Humpy, who has been at the forefront of Indian women's chess for decades."Humpy is a phenomenal player. I have great respect for her. She's been near the top for many years. Age and motherhood make things more challenging, but she navigated many tough matches in this tournament. Monday was Divya's day - that's sport. But Humpy will have her moments again, and I wish her all the best."- Ends
Yahoo
6 days ago
- Business
- Yahoo
CFG Merchant Solutions CFO on risk and regulation in alternative finance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. Richard Polgar has spent more than a decade in the revenue-based finance space, rising from analyst to CFO at CFG Merchant Solutions and its sister company, CapFlow Funding, an invoice factoring provider. He joined CapFlow in 2012 as a financial analyst and became controller two years later. When Capflow expanded beyond invoice factoring offerings in 2021, it split into two brands. It launched CFGMS to offer merchant cash advances (now colloquially referred to as revenue-based finance) and kept the invoice factoring products on the Capflow side of the business. Polgar became CFO of both companies shortly after the creation of CFGMS in 2021, tasked with guiding the firm from a small startup into a multi-divisional, nationally recognized player in alternative finance. In an interview with Polgar talked about his role and how it relates to compliance oversight, a growing priority as new laws reshape how firms in revenue-based finance operate across state lines. Recent regulations in California, New York and Texas have introduced standardized disclosure rules, requiring funders to update documentation, automate reporting and tailor systems to meet varying state requirements. Richard Polgar CFO, CFG Merchant Solutions and Capflow Funding Group First CFO Position: 2021 Notable previous positions: Financial controller, CFG Merchant Solutions and Capflow Funding Group Assistant controller, CapFlow Funding Group This interview has been edited for brevity and clarity. RICHARD POLGAR: You're right to say it's a very niche industry. But, from a finance perspective, revenue-based finance is extremely transaction-heavy. We collect a ton of data, and how we leverage that data is incredibly important. It might sound cliché, but cash flow is king in our sector. Being able to predict and project expected cash flows gives you real-time portfolio monitoring, such as looking at collection curves, capital deployment versus receipts, these sort of things. It also helps with managing risk. There are two kinds of risk: systematic and unsystematic. You must manage the risks you can control, because you'll always face macroeconomic challenges — COVID-19, high interest rates, inflation, supply chain issues and potential policy changes. And as you mentioned, regulation plays a big part in this industry. It's important to stay compliant, to do business ethically and to educate people about what our product actually is. There's definitely a need for access to this kind of capital — especially for small businesses. The key is staying ahead of regulation and ensuring the product remains viable and beneficial to your customers over the long term. Yes. My main focus is corporate finance strategy, and that includes ensuring we have liquidity to support growth. The most important thing with lender relationships is finding partners who understand your business. Then, one can work [with us] toward the most effective capital solution — lowest cost of funds, most flexible terms and so on. The type of capital you can access also changes over time. Most companies start with participations, forward-flow or family-and-friends money, then move to more traditional institutional capital sources. Eventually, the goal is securitization, which some of the biggest players in our space have achieved. That kind of institutional investor interest is great for the entire industry. The best way to stay informed is to be part of an industry trade organization. We're part of the Revenue Based Finance Coalition. We also stay connected to the law firms tracking federal or state-level regulatory developments. And we have a chief compliance officer — that's essentially his main responsibility. We need someone dedicated to compliance in our industry, especially as regulations evolve. It's also about making sure your legal documents are up to date and that your systems can provide the required disclosures and documents for each state. The product must be compliant on a state-by-state basis. Texas is a great recent example. Everyone is working through that now, if they don't already have a solution in place. But the goal is to stay compliant so you can continue to fund businesses across all 50 states. This is another unique part of our industry that impacts me as a CFO. Even a recession isn't necessarily bad for us and this industry, as long as our funding sources remain intact. You're correct in saying that during downturns, higher quality customers who might not have considered revenue-based financing before may now become customers, as traditional lenders pull back. We saw that after the Great Recession. We saw it again during and after COVID. Small businesses needed access to capital, and this industry was there for them. We've already been through a few macro cycles. That kind of seasoned data is valuable, especially in a young industry like revenue-based financing. Generally, economic downturns are not good news in my opinion, but there's always opportunity in a crisis, and that's especially true for revenue-based financing. It depends on the situation. In an inflationary environment, for instance, if businesses don't raise prices, their cash flow may suffer, and they might not qualify for small business funding. But our industry is protected in the sense that we base our advances on cash flow. In tougher times, you could apply larger discounts to that cash flow. So, I'd say there are pros and cons either way. To all my CFO peers, I'd say if you have the budget, invest in tech across the business, and especially in a transaction-heavy industry like ours, where you deal with daily and weekly payments instead of monthly interest payments. Within finance, our goal is to automate as many tedious manual processes as possible. That frees up the team to spend less time creating analysis and more time understanding the underlying data and pulling insights from it. I mostly focus on applying that mindset in our core accounting functions, such as monthly closes, payment applications, ERP integrations, and funding approvals. If we can automate those processes, it'll be a big benefit for us. Data analytics is another large focus area for my team, in areas like real-time dashboards, business intelligence tools, and our data pipeline. We've used technology to help make those datasets more accessible in recent years. AI is fascinating to me, but we are still in the early stages of using AI in our industry and in our own company, and we're not trying to be first movers. But once proven strategies emerge, we'll explore how to leverage those tools effectively. I started with CFGMS in 2015, but before that I was part of our sister company, CapFlow, which I joined in 2012. I initially joined as an analyst and moved up the ranks — assistant controller, and then CFO since 2021. What's kept me around is the constant change and challenge. Over the years, my role has evolved, which is important in any career. I've had the chance to learn new things and get involved in different areas. In the last 13 years, the company itself has evolved. We went from a small startup in a WeWork space to becoming one of the main funders in our space. We're not the largest, like some others, but we've grown into an industry leader. And then, the people — I really enjoy working with our leadership team and my finance team. Many of them have been around for years, and we as a firm pride ourselves on our low turnover. My own team includes people who've been with me for six, seven and some even for twelve years. It's the culture, the people, and being constantly challenged — that's what's kept me here. I've grown to learn the importance of this as I have grown as a CFO. For all of us, even if we want to stay at our company for our entire careers, things can happen. Life events, health issues, those sorts of things. And, as CFOs, we need to be ready for those unexpected challenges. Documentation is crucial. But beyond that, I believe a strong finance team needs people around you who understand what you do and can step in. Cross-training is a must and something we've focused on a lot. I believe we've done a good job with that across most business functions. But for smaller companies like us, it's a real challenge. We're not a Fortune 500 company, so we have to work even harder to reduce whatever risk we can. We've done well on my team, but I believe executive succession planning is something every company, regardless of size, needs to develop a strategy around. Recommended Reading Did a Long Island alternative financing brokerage perfect workplace culture? Sign in to access your portfolio
Business Wire
16-07-2025
- Entertainment
- Business Wire
World Chess Hall of Fame & Galleries to Open Interactive Exhibition Celebrating Chess Variants Through Time and Culture
SAINT LOUIS--(BUSINESS WIRE)--The World Chess Hall of Fame & Galleries (WCHOF), the leading chess cultural center in the country, is proud to announce its latest exhibition, ' Chess Variants: Transforming Tradition,' an immersive, hands-on exploration of the global game's evolution and the creative reimaginings that continue to shape it today. The exhibition will be on display from Aug. 7, 2025 through Apr. 19, 2026. On view at the World Chess Hall of Fame & Galleries, 'Chess Variants: Transforming Tradition' offers a hands-on, immersive look at how cultures around the world have reimagined the game of chess through time. Share From ancient Persia to modern pop culture, ' Chess Variants: Transforming Tradition ' traces the history of chess and its many transformations over centuries. A vibrant timeline showcases theories on the game's origins, how it changed as it spread across Asia and Europe, the introduction of the iconic Staunton pieces, and the development of today's modern rules. The exhibition also highlights how cultures around the world adapted the game to reflect local customs, values, and innovations. 'Chess is one of the few games that has endured across continents and centuries—precisely because people continue to reinvent it,' said Shannon Bailey, Chief Curator of the WCHOF. 'Our latest exhibition is about celebrating the tradition and honoring the transformation. It's playful, surprising and educational—just like chess itself.' ' Chess Variants: Transforming Tradition ' will feature artifacts from the WCHOF's permanent collection, alongside loans from renowned collectors and historians. Contributors include Rick Knowlton (chess historian), John McCrary (chess historian), Myron Samsin (chess historian), Jon Crumiller (chess collector), Laszlo and Klara Polgar (parents of the world-renowned Polgar sisters), Grandmaster Yasser Seirawan and Jon Guillaume (New Orleans artist), each bringing a unique perspective to the exhibition. A special section is dedicated to Starchess, an inventive variant created by Laszlo Polgar, featuring rare photographs, patents, and boards on loan from the Polgar family. Exhibition highlights include: An original antique Jaques of London Staunton Set and Casket Invented in 2007 by GM Yasser Seirawan and FM Bruce Harper, Seirawan Chess is a variant that adds two new hybrid pieces—the Elephant (rook+knight) and the Hawk (bishop+knight)—which can be "dropped" onto the board after a piece moves, creating fresh tactical possibilities on a standard 8×8 board. The 2013 Sinquefield Cup Limited Edition Set and Box by The House of Staunton An Ancient Persian chess set and board A display of Asian chess variants including Janggi, Xiangqi, and Shogi A rich archive of photographs from the 1950s to the present showing variant play Pop culture chess sets inspired by Star Trek and Star Wars A display dedicated to Polgar Starchess Photos from previous iconic Chess 9LX matches A modern variant by Dr. Tim Paulden where a rubber duck blocks squares and must be moved after each turn—removing check and checkmate for a playful, tactical twist. 'It's just chess… but with a duck!' Each area introduces visitors to multiple examples of chess variants within its category, featuring rule guides, play demonstrations, and historical context. Visitors are encouraged to sit and engage directly with each type, turning the museum into a living, playable chessboard. The exhibition's flexible layout, with movable walls in the center gallery, allows for ongoing programming including variant tournaments, live lessons, and family play sessions, ensuring a dynamic, ever-changing experience. Admission is always free and open to the public. For more information about the exhibition and programming, please visit our website at The Saint Louis community is invited to the opening reception of 'Chess Variants: Transforming Tradition' on Thursday, Aug. 7, 2025, from 5 to 8 p.m. Step into a vibrant gallery filled with rare chess sets and playable variants that challenge the traditional rules—from alternate starting positions to multiplayer boards. Complimentary admission and valet. Click HERE to RSVP. About the World Chess Hall of Fame & Galleries The World Chess Hall of Fame & Galleries (WCHOF) is a 501(c)(3) nonprofit organization committed to building awareness of the cultural and artistic significance of chess. It opened on September 9, 2011, in the Central West End after moving from previous locations in New York, Washington, D.C., and Miami. Housed in a historic 15,900 square-foot residence-turned-business in Saint Louis' Central West End neighborhood, the WCHOF features World Chess Hall of Fame inductees, the United States Chess Hall of Fame inductees selected by the U.S. Chess Trust, artifacts from the permanent collection and exhibitions highlighting the great players, historic games and rich cultural history of chess. The WCHOF partners with the Saint Louis Chess Club to provide innovative programming and outreach to local, national, and international audiences. For more information, visit and on social: Facebook, Instagram, X, and YouTube channels. WCHOF does not discriminate or permit harassment or discrimination on the basis of gender, race, color, national and ethnic origin in the treatment of individuals with respect to employment, or admission or access to WCHOF facilities, programs or activities.
Indian Express
22-04-2025
- Entertainment
- Indian Express
What happened in Budapest when Susan Polgar helped Bobby Fischer finalise rules of a radical new format? Endgame was Freestyle Chess
Bobby Fischer and Susan Polgar, two of the most iconic figures of chess, might remember Budapest differently. But speaking about her just-released book, Rebel Queen, to the eldest Polgar genius recounted how Fischer brainstormed with her on his initial ideas on the revolutionary format, even as Freestyle Chess, known essentially as Fischer Random or Chess960 came into being. Susan Polgar's memoir delves into several topics, but hitherto little known was how she persuaded Fischer, back then in hiding from American agencies after the Boris Spassky rematch, to move to Budapest. Susan told 'That was quite fascinating that after his match, he was kind of in hiding in a little town just across the Hungarian-Yugoslav border. And to my biggest surprise, at one moment when I happened to be in Peru, as I later learned, one of our mutual friends reached out to my family to come to visit. And my parents and my sisters went to visit, and the meeting went well, but he was complaining about how I didn't join them.' When she got to know he was keen on meeting the pioneer, and she had returned in May 1993, Susan was thrilled that the legendary Bobby Fischer wanted to meet her. Though nobody knew where exactly he was in hiding, Susan would drive out to Yugoslavia, and the two chess whizzes would hit it off well. 'He was already fascinated by Fischer Random, and we played our very first game in Fischer Random there,' she told 'Seeing how he was living at the time in this small hotel room, I was just throwing up the idea that 'Why don't you move to Budapest, you know, you'd have a lot more things to do. Because we have plenty of nice restaurants, cinemas, spas, you know, I would be happy to help you around. Especially in the beginning, you may have other friends like Pal Benko or Lajos Portisch,' quoted Polgar as saying. She would narrate that he was intrigued byvthe idea, and asked her, 'Do you think I could?' 'And obviously implying that he was going against the U.S. government, and Interpol was perhaps looking for him.' The rematch with Spassky was not to the liking of the American establishment, though Spassky and Fischer loved dusting off their brains, and playing again. Polgar would test the waters at border control in a hilarious way. 'So when I was driving back from that first visit to Yugoslavia, meeting him, on the border, I asked the border control guy, 'What would happen if I had a gentleman by the name Robert James Fisher sitting with me in the car?' And he looked at me, not understanding the question, 'What would there be? Does he have a valid passport?' I said, 'Yes, he does.' 'Well, then what would be? He would go across the border with you. Nothing would happen,' she told She would send a message to the mutual friend, and Fischer would pack up and move to Budapest along with his bodyguard and Eugene Torre, who had been his companion for some time back in those days. 'And he stayed in Budapest for around eight years,' she recalled. In those early weeks and months, she saw him nearly every day, showed him around. She would recall to 'We had countless dinners. And along those ways, those dinners and conversations, we discussed in great detail and experimented with Fischer Random, which eventually turned out to be Chess960.' In those meetings, the freestyle format would be tweaked. 'I helped him finalise the rules, which initially were quite different from what people play today, in that first, only the eight pawns would be on the board. And then the mandatory first eight moves of the game would be to set all the pieces up one by one, not necessarily symmetrically. And only after that, the game, the moves, as we know them in traditional chess, would start. And so we played many games and debated, discussed, you know, should there be bishops on opposite colors squares starting, should castling be allowed, and long story short, after many games we concluded that maybe it would be more harmony to the game to maintain as much as possible of the rules of traditional chess.' Polgar recalled Fischer then reached out to mathematicians trying to find out how many starting positions would there be possible if the starting positions wwre restricted to having bishops on opposite color squares as starting positions, the kings in between the rooks, as well, and maintaining the rights to castle, as well as making sure the pieces are set up symmetrically as well. 'So, as we learned at the time, it turned out to be that there are still 960 different starting positions possible. And since the whole purpose of trying to create this chess variant was to eliminate the opening theories that have been developed, even by the early 90s to his opinion, far too much and taking away too much of the essence of chess, as of two intellectuals trying to outsmart each other or out-strategize each other, he was happy and content that there is no way any human can analyze all 960 starting positions, let alone remember those analyses,' she told Susan Polgar herself took deep interest in endgames, not too fussed over openings. But back then with Fischer in Budapest, Chess960 crystallised. 'And I'm personally very happy that today there are very significant efforts and tournaments being played with exactly the rules that Bobby and I settled on back in around 1993-94. I think it's a great alternative to traditional chess as we know it,' she told
