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VERSABANK REPORTS RESULTS FOR FIRST QUARTER FISCAL 2024: CONTINUED ROBUST GROWTH IN POINT-OF-SALE RECEIVABLE PURCHASE PROGRAM DRIVES 41% YEAR-OVER-YEAR INCREASE IN EPS TO ANOTHER NEW RECORD[1]

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All amounts are unaudited and in Canadian dollars and are based on financial statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Our first quarter 2024 (“Q1 2024”) unaudited Interim Consolidated Financial Statements for the period ended January 31, 2024 and Management’s Discussion and Analysis (“MD&A”), are available online at www.versabank.com/investor-relations, SEDAR at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. Supplementary Financial Information will also be available on our website at www.versabank.com/investor-relations.

LONDON, ON, March 6, 2024 /CNW/ – VersaBank (“VersaBank” or the “Bank”) (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today reported its results for the first quarter of fiscal 2024 ended January 31, 2024. All figures are in Canadian dollars unless otherwise stated.

Consolidated and Segmented Financial Summary

(unaudited)

As at or for the three months ended

January 31

October 31

January 31

(thousands of Canadian dollars except per share amounts)

2024

2023

Change

2023

Change

Financial results

Total revenue

$        28,851

$        29,173

(1 %)

$        25,918

11 %

Cost of funds*

3.99 %

3.86 %

3 %

2.95 %

35 %

Net interest margin*

2.48 %

2.54 %

(2 %)

2.83 %

(12 %)

Net interest margin on loans*

2.63 %

2.69 %

(2 %)

3.03 %

(13 %)

Return on average common equity*

13.41 %

13.58 %

(1 %)

10.79 %

24 %

Net income 

12,699

12,479

2 %

9,417

35 %

Net income per common share basic and diluted

0.48

0.47

2 %

0.34

41 %

Balance sheet and capital ratios

Total assets

$   4,309,635

$   4,201,610

3 %

$   3,531,690

22 %

Book value per common share*

14.46

14.00

3 %

12.77

13 %

Common Equity Tier 1 (CET1) capital ratio

11.39 %

11.33 %

1 %

11.19 %

2 %

Total capital ratio 

15.19 %

15.38 %

(1 %)

15.34 %

(1 %)

Leverage ratio

8.44 %

8.30 %

2 %

9.21 %

(8 %)

* See definitions under ‘Non-GAAP and Other Financial Measures’ in the Q1 2024 Management’s Discussion and Analysis.

(1) In the first quarter of 2017 the Bank recognized an $8.8 million deferred tax asset derived from the tax loss carryforwards assumed pursuant to the amalgamation of VersaBank with PWC Capital Inc.  Quarterly net income for January 31, 2017, excluding the $8.8 million deferred tax asset was $3.1 million, or $0.12/share.

(thousands of Canadian dollars)

for the three months ended

January 31, 2024

October 31, 2023

January 31, 2023

Digital

DRTC

Eliminations/

Consolidated

Digital

DRTC

Eliminations/

Consolidated

Digital

DRTC

Eliminations/

Consolidated

Banking

Adjustments

Banking

Adjustments

Banking

Adjustments

Net interest income

$         26,568

$              –

$                  –

$        26,568

$      26,239

$              –

$                  –

$        26,239

$      24,274

$              –

$                  –

$        24,274

Non-interest income

120

2,500

(337)

2,283

315

3,699

(1,080)

2,934

2

1,833

(191)

1,644

Total revenue

26,688

2,500

(337)

28,851

26,554

3,699

(1,080)

29,173

24,276

1,833

(191)

25,918

Provision for (recovery of) credit losses

(127)

–

–

(127)

(184)

–

–

(184)

385

–

–

385

26,815

2,500

(337)

28,978

26,738

3,699

(1,080)

29,357

23,891

1,833

(191)

25,533

Non-interest expenses:

Salaries and benefits

5,371

1,167

–

6,538

5,878

1,411

–

7,289

6,684

1,573

–

8,257

General and administrative

4,276

394

(337)

4,333

4,889

354

(1,080)

4,163

2,862

455

(191)

3,126

Premises and equipment

768

385

–

1,153

617

372

–

989

623

329

–

952

10,415

1,946

(337)

12,024

11,384

2,137

(1,080)

12,441

10,169

2,357

(191)

12,335

Income (loss) before income taxes

16,400

554

–

16,954

15,354

1,562

–

16,916

13,722

(524)

–

13,198

Income tax provision

4,136

119

–

4,255

4,088

349

–

4,437

3,789

(8)

–

3,781

Net income (loss)

$         12,264

$         435

$                  –

$        12,699

$      11,266

$      1,213

$                  –

$        12,479

$        9,933

$        (516)

$                  –

$          9,417

Total assets

$    4,299,625

$    26,645

$       (16,635)

$   4,309,635

$ 4,190,876

$    26,443

$       (15,709)

$   4,201,610

$ 3,522,279

$    23,797

$       (14,386)

$   3,531,690

Total liabilities

$    3,914,863

$    28,625

$       (22,887)

$   3,920,601

$ 3,818,412

$    28,788

$       (22,748)

$   3,824,452

$ 3,174,197

$    27,751

$       (21,435)

$   3,180,513

MANAGEMENT COMMENTARY

“The first quarter of fiscal 2024 was highlighted by continued robust growth in our Point-of-Sale Receivable Purchase Program portfolio, which expanded 28% year-over-year and 7% sequentially, and, in turn, drove total assets to another record high of $4.3 billion,” said David Taylor, President and Chief Executive Officer, VersaBank.  “The Bank continued to benefit from the significant operating leverage in our unique and efficient business-to-business digital banking model, with an 11% year-over-year increase in revenue generating a 35% year-over-year increase in net income to another quarterly record1.”

“As per our stated objective to maximize long-term profitability and return on common equity, during the first quarter the Bank began its planned strategic transition from higher yielding, higher risk-weighted loans to lower yielding, lower risk-weighted (CMHC) loans in its non-core CRE portfolio as we pursue new CRE opportunities. While this had a slight dampening effect on first quarter results, we expect that this strategic adjustment will enhance ROE and contribute to stronger growth in subsequent quarters throughout the year.”

“2024 is unfolding slightly ahead of expectations for our Point-of-Sale Receivable Purchase Program, providing continued confidence in our ability to surpass our next total asset milestone of $5 billion during the 2024 fiscal year.  Notably, this is before any potential contribution from the broad launch of the RPP in the US should we receive favourable regulatory approval for our proposed US bank acquisition.  As our loan book continues to grow, we will increasingly benefit from the operating leverage in our unique and efficient, business-to-business digital banking model, driving further outsized increases in profitability and return on common equity.”

HIGHLIGHTS FOR THE FIRST QUARTER OF FISCAL 2024

Consolidated

Total assets increased 22% year-over-year and 3% sequentially to a record $4.3 billion, with the increase driven primarily by 7% growth in Digital Banking Operations’ Point of Sale Receivable Purchase Program (POS/RPP) portfolio. The quarter-over-quarter increase was dampened by a transitory contraction in the non-core Commercial Real Estate (CRE) portfolio under the Bank’s strategy to transition a portion of its CRE portfolio to higher return, lower risk lending opportunities;Consolidated total revenue increased 11% year-over-year and decreased 1% sequentially to $28.9 million. The year-over-year and sequential trends reflect higher net interest from income from the Digital Banking Operations due primarily to continued strong loan growth, with the sequential trend reflecting lower contribution from DRT Cyber Inc. (“DRTC”) due to lower seasonal sales volume;Consolidated net income increased 35% year-over-year and 2% sequentially to $12.7 million. The year-over-year and quarter-over-quarter increases were primarily due to higher revenue, which was driven primarily by strong loan growth (23%) from the Digital Banking Operations, as well as a higher contribution from DRTC and lower non-interest expenses. The sequential increase was dampened slightly by the transitory contraction in the non-core CRE portfolio under the Bank’s strategy to transition a portion of its CRE portfolio to higher return, lower risk lending opportunities;Consolidated earnings per share increased 41% year-over-year and 2% sequentially to $0.48, with the year-over-year increase benefitting from the impact of a lower number of common shares outstanding from the purchase and cancellation of common shares under the Bank’s Normal Course Issuer Bid (“NCIB”) over the course of fiscal 2023;Return on common equity increased to 13.41% from 10.79% year-over-year and decreased 1% from 13.58% sequentially; and,The Bank continues to advance the process seeking approval of its proposed acquisition of OCC-chartered US bank, Stearns Bank Holdingford N.A., and expects a decision from US regulators during the second calendar quarter of 2024. If favourable, the Bank will proceed toward completion of the acquisition as soon as possible, subject to Canadian regulatory (OSFI) approval.

Digital Banking Operations

Loans increased 23% year-over-year and 3% sequentially to a record $3.98 billion, driven primarily by continued robust growth in the Bank’s POS/RPP portfolio, which increased 28% year-over-year and 7% sequentially. The sequential increase was dampened slightly by a transitory contraction in the non-core Commercial Real Estate (CRE) portfolio under the Bank’s strategy to transition a portion of its CRE portfolio to higher return, lower risk lending opportunities;Total revenue increased 10% year-over-year and increased 1% sequentially to $26.7 million, driven primarily by higher net interest income attributable substantially to loan growth;Net interest margin on loans decreased 40 bps, or 13%, year-over-year and 6 bps, or 2%, sequentially at 2.63%. The decreases were due primarily to the strong growth of the POS Financing portfolio (which is composed of lower-risk weighted, lower yielding but higher Return on Common Equity (“ROCE”) assets than the CRE portfolio, the impact of the planned transition of some higher yielding, higher risk-weighted CRE loans to lower yielding, lower risk-weighted CRE loans as part of the Bank’s strategy to capitalize on opportunities for lower-risk loans with a higher return on capital deployed, as well as higher rates on term deposits experienced during the quarter. This was offset partially by higher yields earned on the Bank’s lending assets;Net interest margin decreased 35 bps, or 12%, year-over-year and decreased 6 bps, or 2%, sequentially to 2.48%;Provision for credit losses as a percentage of average loans remained negligible at -0.01%, compared with a 12-quarter average of 0.00%, which remains among the lowest of the publicly traded Canadian Schedule I (federally licensed) Banks; and,Efficiency ratio (excluding DRTC) improved both year-over-year and sequentially to 40% from 42% and 45%, respectively.

DRTC’s Cybersecurity Services Operations (Digital Boundary Group)

Revenue for the Cybersecurity Services component of DRTC (Digital Boundary Group, or DBG) increased 24% year-over-year to $2.9 million, driven by higher service engagements, while gross profit increased 31% to $2.1 million due to improved operational efficiency.  Sequentially, revenue and gross profit for DBG decreased 17% and 18%, respectively, due primarily to seasonally lower service engagements. DBG’s gross profit amounts are included in DRTC’s consolidated revenue which is reflected in non-interest income in VersaBank’s consolidated statements of income and comprehensive income.  DBG remained profitable on a standalone basis within DRTC.

FINANCIAL SUMMARY  

(unaudited)

For the three months ended

January 31

October 31

January 31

(thousands of Canadian dollars except per share amounts)

2024

2023

2023

Results of operations

Interest income

$        69,292

$        66,089

$        49,561

Net interest income

26,568

26,239

24,274

Non-interest income

2,283

2,934

1,644

Total revenue 

28,851

29,173

25,918

Provision (recovery) for credit losses

(127)

(184)

385

Non-interest expenses

12,024

12,441

12,335

Digital Banking

10,415

11,384

10,169

DRTC

1,946

2,137

2,357

Net income 

12,699

12,479

9,417

Income per common share: 

Basic

$            0.48

$            0.47

$            0.34

Diluted

$            0.48

$            0.47

$            0.34

Dividends paid on preferred shares

$             247

$             247

$             247

Dividends paid on common shares

$             650

$             650

$             663

Yield*

6.47 %

6.40 %

5.78 %

Cost of funds*

3.99 %

3.86 %

2.95 %

Net interest margin*

2.48 %

2.54 %

2.83 %

Net interest margin on loans*

2.63 %

2.69 %

3.03 %

Return on average common equity*

13.41 %

13.58 %

10.79 %

Book value per common share*

$          14.46

$          14.00

$          12.77

Efficiency ratio*

42 %

43 %

48 %

Efficiency ratio – Digital banking*

40 %

45 %

42 %

Return on average total assets*

1.16 %

1.19 %

1.07 %

Provision (recovery) for credit losses as a % of average loans*

(0.01 %)

(0.02 %)

0.05 %

As at

Balance Sheet Summary

Cash

$      127,509

$      132,242

$      201,372

Securities

133,005

167,940

49,847

Loans, net of allowance for credit losses

3,984,281

3,850,404

3,235,083

Average loans

3,917,343

3,756,038

3,113,881

Total assets

4,309,635

4,201,610

3,531,690

Deposits

3,638,656

3,533,366

2,925,452

Subordinated notes payable

103,355

106,850

102,765

Shareholders’ equity

389,034

377,158

351,177

Capital ratios**

Risk-weighted assets

$   3,194,696

$   3,095,092

$   2,917,048

Common Equity Tier 1 capital

363,798

350,812

326,411

Total regulatory capital

485,309

476,005

447,472

Common Equity Tier 1 (CET1) capital ratio

11.39 %

11.33 %

11.19 %

Tier 1 capital ratio

11.81 %

11.78 %

11.66 %

Total capital ratio 

15.19 %

15.38 %

15.34 %

Leverage ratio

8.44 %

8.30 %

9.21 %

* See definition under ‘Non-GAAP and Other Financial Measures’ in the Q1 2024 Management’s Discussion

  and Analysis.  

** Capital management and leverage measures are in accordance with OSFI’s Capital Adequacy Requirements

   and Basel III Accord.

This news release is intended to be read in conjunction with the Bank’s Consolidated Financial Statements  and Management’s Discussion & Analysis (MD&A) for the three months ended January 31, 2024, which will be filed on SEDAR (www.sedarplus.ca) and will be available at www.versabank.com.

About VersaBank

VersaBank is a Canadian Schedule I chartered (federally licensed) bank with a difference. VersaBank became the world’s first fully digital financial institution when it adopted its highly efficient business-to-business model in 1993 using its proprietary state-of-the-art financial technology to profitably address underserved segments of the Canadian banking market in the pursuit of superior net interest margins while mitigating risk. VersaBank obtains all of its deposits and provides the majority of its loans and leases electronically, with innovative deposit and lending solutions for financial intermediaries that allow them to excel in their core businesses. In addition, leveraging its internally developed IT security software and capabilities, VersaBank established wholly owned, Washington, DC-based subsidiary, DRT Cyber Inc. to pursue significant large-market opportunities in cyber security and develop innovative solutions to address the rapidly growing volume of cyber threats challenging financial institutions, corporations of all sizes and government entities on a daily basis.

VersaBank’s Common Shares trade on the Toronto Stock Exchange (“TSX”) and Nasdaq under the symbol VBNK. Its Series 1 Preferred Shares trade on the TSX under the symbol VBNK.PR.A.

Forward-Looking Statements 

VersaBank’s public communications often include written or oral forward-looking statements. Statements of this type are included in this document and may be included in other filings and with Canadian securities regulators or the US Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the “safe harbor” provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. The statements in this management’s discussion and analysis that relate to the future are forward-looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, many of which are out of VersaBank’s control. Risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, the strength of the Canadian and US economy in general and the strength of the local economies within Canada and the US in which VersaBank conducts operations; the effects of changes in monetary and fiscal policy, including changes in interest rate policies of the Bank of Canada and the US Federal Reserve; global commodity prices; the effects of competition in the markets in which VersaBank operates; inflation; capital market fluctuations; the timely development and introduction of new products in receptive markets; the impact of changes in the laws and regulations pertaining to financial services; changes in tax laws; technological changes; unexpected judicial or regulatory proceedings; unexpected changes in consumer spending and savings habits; the impact of wars or conflicts and the impact of both on global supply chains and markets; the impact of outbreaks of disease or illness that affect local, national or international economies; the possible effects on our business of terrorist activities; natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply; and VersaBank’s anticipation of and success in managing the risks implicated by the foregoing. For a detailed discussion of certain key factors that may affect VersaBank’s future results, please see VersaBank’s annual MD&A for the year ended October 31, 2023.

The foregoing list of important factors is not exhaustive. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The forward-looking information contained in the management’s discussion and analysis is presented to assist VersaBank shareholders and others in understanding VersaBank’s financial position and may not be appropriate for any other purposes. Except as required by securities law, VersaBank does not undertake to update any forward-looking statement that is contained in this management’s discussion and analysis or made from time to time by VersaBank or on its behalf.

Conference Call

VersaBank will be hosting a conference call and webcast today, Wednesday, March 6, 2024, at 9:00 a.m. (ET) to discuss its first quarter results, featuring a presentation by David Taylor, President & CEO, and other VersaBank executives, followed by a question and answer period.

Dial-in Details

Toll-free dial-in number:                                    1 (888) 664-6392 (Canada/US)
Local dial-in number:                                        (416) 764-8659

Please call between 8:45 a.m. and 8:55 a.m. (ET).

To join the conference call by telephone without operator assistance, you may register and enter your phone number in advance at https://emportal.ink/48fCFAo to receive an instant automated call back.

Webcast Access:  For those preferring to listen to the conference call via the Internet, a webcast of Mr. Taylor’s presentation will be available via the internet, accessible here https://app.webinar.net/YPAdVJ2VnBl or from the Bank’s web site.

Instant Replay

Toll-free dial-in number:                                     1 (888) 390-0541 (Canada/US)
Local dial-in number:                                          (416) 764-8677
Passcode:                                                          659787#
Expiry Date:                                                       April 6th, 2024, at 11:59 p.m. (ET)

The archived webcast presentation will also be available via the Internet for 90 days following the live event at https://app.webinar.net/YPAdVJ2VnBl and on the Bank’s website.

Visit our website at:  www.versabank.com

Follow VersaBank on Facebook, Instagram, LinkedIn and X (formerly Twitter)

View original content to download multimedia:https://www.prnewswire.com/news-releases/versabank-reports-results-for-first-quarter-fiscal-2024-continued-robust-growth-in-point-of-sale-receivable-purchase-program-drives-41-year-over-year-increase-in-eps-to-another-new-record1-302080767.html

SOURCE VersaBank

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Technology

Nanyang Polytechnic introduces Singapore’s First Common Programme in Business, IT and Engineering

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May 21, 2025

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  First-of-its-kind in Singapore, it allows learners articulation into diplomas in three Schools. 
 Programme is one of five new NYP options for the 2025 Early Admissions Exercise.

SINGAPORE, May 21, 2025 /PRNewswire/ — For the first time, learners can opt for and enrol in the new Common Business & Technology Programme (CBTP) offered by Nanyang Polytechnic (NYP). Approved by the Ministry of Education, the new programme will be offered for the first time at the upcoming Early Admissions Exercise (EAE) next month.

The CBTP has innovatively structured the first semester so that entrants can articulate to diplomas in three separate NYP Schools: Business Management, IT and Engineering (or BITE).  Learners will take interdisciplinary modules like Applied Business Fundamentals & Communication, Programming, and UX Design in Web Development in the first semester. After a taster of all three disciplines, they can make informed choices and select their preferred diploma in the three Schools to pursue.

“We believe in empowering learners with the choice to shape their own polytechnic journey,” said Mr Russell Chan, Principal and CEO of NYP. “We call it our ‘programme with bite!’ Why? It’s powerful: it gives learners room to explore their interests in three distinctively different disciplines, discover their strengths, and make confident choices about their future.”

“We’re proud to be the first polytechnic in Singapore to offer this cross-school programme, and we’re excited to see how it opens new doors for a new generation of learners.”

Navigating post-secondary education can be challenging for learners who are still unsure about their pathways. This is perhaps why Common Entry Programmes (CEPs) have gained popularity since their introduction in 2017. Today, 30 per cent of the cohort enrolling into Polytechnics choose CEPs to start their polytechnic life. These Programmes allow learners to spend one or two semesters learning fundamental modules before deciding on their specialised diplomas.  

However, all previous CEPs in local polytechnics have been School-based. This means that learners would go on to specialise in their chosen academic School’s disciplines. For example, a learner who enrols in NYP’s Common Engineering Programme would then choose among the School of Engineering’s diplomas, such as Aerospace Engineering, AI & Data Engineering, or Sustainability in Engineering with Business.

NYP’s new Programme becomes the 26th Common Entry Programme to be offered across the five polytechnics in Singapore. It is one of five new options that NYP is offering for learners starting polytechnic next year in AY2026. Applications for all these courses will be open at the upcoming EAE.

The other new courses are:

1.    Diploma in Biomedical Science with Analytics

With data being critical in the decision-making process, particularly for the healthcare sector where time is of essence, the demand for professionals who can bridge science and analytics is ever increasing. The new Diploma in Biomedical Science with Analytics combines biomedical fundamentals with applied data skills, enabling learners to analyse complex biological datasets to support research, diagnostics, and innovation in healthcare.

Beyond equipping learners with skills in diagnostic and clinical research, graduates will also be equipped with practical skills in AI and data analytics, bioinformatics and biomedical research to put them at the forefront of the biomedical industry.

Through partnerships with leading healthcare institutions and research facilities in Singapore, learners will gain hands-on experience working with real-world biological datasets and analytical tools.

2.    Diploma in Cloud Engineering

The cloud engineering industry is estimated to grow more than 14 per cent annually, and be worth US$1,066 billion globally by 2031[1]. With cloud platforms now underpinning everything from e-commerce to entertainment, the demand for cloud engineers continues to surge.

NYP’s new Diploma in Cloud Engineering is the only polytechnic course in Singapore that integrates both hardware and software knowledge and skills, preparing tomorrow’s cloud engineers with the skills to design, build and manage the infrastructure that powers digital transformation across various industries.

Learners will gain hands-on experience through projects and internships with industry leaders in cloud technology like GovTech and Singtel-Nxera, and be equipped with industry-recognised certifications from AI Singapore.

3.    Diploma in Media & Communication Management

In a media landscape driven by digital platforms and rapid content cycles, communicators must be strategic, agile, and tech-savvy. The Diploma in Media & Communication Management will train learners at thinking holistically about strategic communication, craft compelling messages, manage brand narratives, and execute integrated campaigns across multiple channels.

Learners will gain practical experience not just in the aspect of media and communications like content creation, public relations, and communications strategy, but also business management fundamentals, preparing them for dynamic roles in branding, media, corporate communications and beyond. They will be able to put these skills into practice through internships and projects with the likes of Mediacorp, SGAG, and Mothership.

4.    Diploma in Business Management: New Specialisations in AI, Psychology

A McKinsey report in 2025[2] found that while nearly all companies invest in AI, only one per cent consider themselves mature in AI integration – not due to a lack of technology or talent, but a shortfall in strategic leadership and human-centred thinking.

To equip our learners with future-ready skills needed to thrive in the everchanging landscape, NYP’s Diploma in Business Management will offer two new specialisations from academic year 2026 (commencing Apr 2026) – AI & Business Digitalisation and Business Psychology.

The only business diploma in Singapore that allows learners to start specialising from year two, the diploma also boasts the largest number of specialisations – seven – among local polytechnics. Beyond the two new specialisations, learners can choose from existing specialisations like International Business, Human Capital Management, E-Commerce & Retail, Supply Chain & Logistics Management, and Marketing.

More information on all five new course offerings is found in the Annexes.

Enrolment into these new programmes starts in June 2025, through the EAE. For more information, visit NYP’s EAE Festival on campus on 30 and 31 May 2025, or www.nyp.edu.sg/eae. 

FACT SHEETS

ANNEX A

All of NYP’s new diploma offerings are taught under its unique Professional Competency Model – as its name suggests, it is about ensuring that graduates emerge with skills that address real world needs alongside theoretical knowledge.

This integrated approach means that subjects are not taught in isolation but are combined in practical, real-world scenarios. For instance, when learners work on assignments and projects, they simultaneously apply technical knowledge, data analysis skills, and business communication as they develop solutions and present recommendations.

Through partnerships with industry leaders, learners will undergo curriculum that is co-developed and co-taught by experts in their field. They will also receive industry-recognised co-certificates that put them a step ahead of their peers.

Common Business & Technology Programme (CBTP)

School of Business Management, School of Engineering, School of Information Technology

This new cross-disciplinary common entry programme helps address a common challenge faced by post-secondary learners who are uncertain about their preferred diploma. Many O-Level graduates, while possessing strong academic foundations, often find it challenging to choose between business, engineering, or technology pathways. The CBTP provides these learners with the unique opportunity to experience all three disciplines firsthand, allowing them to make more informed decisions about their academic and career trajectories based on actual experience rather than preconceptions.

Learners who enrol in the CBTP will learn the fundamentals for all three disciplines in their first semester, before selecting one discipline to pursue. Those who choose the business discipline will pursue a Diploma in Business Management, while learners with interest in engineering or technology will be posted to the Common Engineering Programme or the Common ICT Programme respectively. This group of learners will undergo another semester in the common entry programme and take on more domain-specific modules, before deciding on their preferred Engineering or IT diploma to pursue from Year 2.

As part of the programme, learners will also go through a series of education and career guidance (ECG) activities, including school immersion activities, career profiling, and mentorship, to guide them in making confident and informed choices about their learning path.

ANNEX B

Diploma in Biomedical Science with Analytics (DBMSA)

School of Applied Science

With hands-on experience in analysing datasets and leveraging analytical tools, DBMSA learners are skilled in handling both laboratory and analytical work. The programme’s industry-aligned curriculum ensures graduates are ready to contribute in clinical research organisations, pharmaceutical companies, or healthcare technology firms. They will be equipped to support data-driven decision-making in healthcare, contribute to biomedical lab research, and drive innovation in diagnostic technologies.

Graduates of the Diploma programme can sit for the International Medical Laboratory Technician MLT(ASCPi) certification examinations offered by the American Society for Clinical Pathology (ASCP). This internationally recognised qualification is highly valued, being a benchmark of excellence for laboratory professionals across more than 30 nations. Having this certification enhances one’s prospects for both job opportunities and career growth within the healthcare sector.

ANNEX C

Diploma in Cloud Engineering (DCE)

School of Engineering

Cloud engineers are the brains that power the tech behind the likes of Netflix and Spotify. Additionally, businesses and government agencies are also moving operations and data to the cloud for scalability, flexibility, and cost-efficiency, bringing about an increasing need for skilled and versatile individuals.

DCE prepares learners for more than just data centre management. In addition to key domain skillsets in cloud engineering such as cloud architecture, automation and cybersecurity, it also equips them with significant transferrable skills in innovation, sustainability, digitalisation and AI, which aligns with broader digital sustainability efforts in Singapore.

As Singapore continues its Smart Nation journey, DCE graduates will be well-positioned to support various sectors in their cloud adoption and digital transformation efforts, contributing effectively to Singapore’s growing digital economy.

ANNEX D

Diploma in Media & Communication Management (DMCM)

School of Business Management

DMCM equips learners with competencies in the likes of business communication and innovation, business intelligence and data science, digital media communication, on top of hard skills in media design and production. Learners graduate as all-rounders in media, communications and business – opening doors for hybrid roles and multiple pathways for further studies.

Through partnerships with prominent media organisations, the public sector, and businesses, learners can hone their ability to produce compelling content that educates, amuses, and motivates audiences. They also gain hands-on experience through industry-based projects, learn from seasoned professionals during guest sessions, and build valuable connections whilst staying current with emerging media trends.

For example, year one learners can enhance their presentation abilities through workshops with SPH Radio, with the opportunity to work alongside evening radio presenters.

ANNEX E

Diploma in Business Management (DBM)

School of Business Management

The dual specialisation structure in a business management diploma addresses a growing industry need for hybrid talent – professionals who are agile, adaptable, and able to work across disciplines. As the business landscape evolves, graduates will need more than technical knowledge. They will need the ability to think creatively, analyse trends, and understand people.

The new AI & Business Digitalisation specialisation offers learners hands-on learning opportunities with low-code digital tools, empowering them to create business apps and digital solutions with ease. By demystifying technologies like predictive analytics and automation, learners gain the confidence to apply digital strategies in real-world settings – with no technical background required.

In the new Business Psychology specialisation, learners explore areas such as consumer behaviour, user experience (UX), and organisational psychology – skills that are increasingly vital for companies seeking to enhance customer experience and manage workplace change.

[1] Source: Verified Market Research, “Cloud Engineering Market Size And Forecast,”

https://www.verifiedmarketresearch.com/product/cloud-engineering-market/               

[2] Source: McKinsey, “Superagency in the workplace: Empowering people to unlock AI’s full potential,”
https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/superagency-in-the-workplace-empowering-people-to-unlock-ais-full-potential-at-work

 

View original content:https://www.prnewswire.com/apac/news-releases/nanyang-polytechnic-introduces-singapores-first-common-programme-in-business-it-and-engineering-302460133.html

SOURCE Nanyang Polytechnic

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MiTAC Computing Powers Next-Gen AI and Cloud Servers at COMPUTEX 2025

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May 21, 2025

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TAIPEI, May 21, 2025 /PRNewswire/ — MiTAC Computing Technology Corporation, a leading server platform designer, manufacturer, and a subsidiary of MiTAC Holdings Corporation (TSE:3706), displays its server-to-data center integration solutions at COMPUTEX 2025 (Booth M1110). In collaboration with Solidigm, a pioneer in enterprise data storage, MiTAC Computing highlights a new level of storage performance tailored for AI, high-performance computing, and enterprise data center environments.

Scaling AI with MiTAC TN85-B8261 and Solidigm D5-P5336 122TB QLC SSD

The MiTAC TN85-B8261 is a 2U dual-socket GPU server built for AI inference workloads, supporting up to four dual-slot GPUs, 24 DDR5-6400 RDIMMs with memory up to 6TB, and 8 NVMe U.2 drives for high-speed performance and serviceability.

With the integration of the Solidigm™ D5-P5336 122TB QLC SSD, the industry’s highest capacity PCIe SSD, TN85-B8261 delivers exceptional read-optimized performance, and significantly improves power and space efficiency, enabling data centers to reduce storage rack space and consume less storage power compared to hybrid HDD and TLC storage arrays. The efficiency gain allows more compute capacity for GPU servers, which is critical for AI data center builds.

Cloud-Optimized Performance with MiTAC R1520G6 and Solidigm D7-PS1010

The MiTAC R1520G6 is a 1U dual-socket server powered by Intel® Xeon® 6700P processors, built for cloud-native and memory-intensive workloads. With support for 10 NVMe U.2 drive bays, it delivers high storage density in a compact footprint.

Paired with the Solidigm™ D7-PS1010—a 15.36TB PCIe 5.0 SSD—the system offers high throughput, low latency, and dependable endurance. Its U.2 15mm form factor and 176L TLC 3D NAND make it ideal for real-time analytics, AI inference, and scalable cloud infrastructure.

Fueling AI-Ready Infrastructure

Whether integrating Intel® Xeon® or AMD EPYC™ processors with advanced accelerators, MiTAC Computing’s server platforms are built to support high-density compute workloads. Solidigm’s enterprise SSDs further elevate system performance by enabling efficient GPU utilization, accelerating AI inference, and supporting high-speed data ingestion—all while maintaining industry-leading performance-per-watt metrics.

Through this strategic collaboration, MiTAC Computing and Solidigm continue to deliver innovative, scalable infrastructure solutions for next-generation AI, high-performance and cloud computing applications.

Visit  MiTAC Computing at COMPUTEX 2025 – Booth M1110
Explore our new launches: https://www.mitaccomputing.com/en/campaign/computex2025

About MiTAC Computing Technology Corporation

MiTAC Computing Technology Corp., a subsidiary of MiTAC Holdings, delivers comprehensive, energy-efficient server solutions backed by industry expertise dating back to the 1990s. Specializing in AI, HPC, cloud, and edge computing, MiTAC Computing employs rigorous methods to ensure uncompromising quality not just at the barebone level but more importantly, at the system and rack levels—where true performance and integration matter most. This commitment to quality at every level sets MiTAC Computing apart from others in the industry. The company provides tailored platforms for hyperscale data centers, HPC, and AI applications, guaranteeing optimal performance and scalability.

With a global presence and end-to-end capabilities—from R&D and manufacturing to global support—MiTAC Computing offers flexible, high-quality solutions designed to meet unique business needs. Leveraging the latest advancements in AI and liquid cooling, along with the recent integration of Intel DSG and TYAN server products, MiTAC Computing stands out for its innovation, efficiency, and reliability, empowering businesses to tackle future challenges.

Visit our corporate website: https://www.mitaccomputing.com/

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SOURCE MiTAC Computing Technology Corp.

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Binance Pay integrates with Pix, enabling instant crypto-powered payments in Brazilian Reais across Brazil

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38 minutes ago

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May 21, 2025

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Functionality already familiar to 174 million Brazilians increases usability and can boost the adoption of cryptocurrencies in the country, says Regional VP Guilherme Nazar

SÃO PAULO, May 21, 2025 /PRNewswire/ — Binance, the world’s largest cryptocurrency platform by trading volume and number of users, has integrated its payment solution, Binance Pay, with Brazil’s Pix system to enable instant payments in the local currency using cryptocurrencies and transfers to any individual or merchant across Latin America’s largest country.

With the integration, Binance users in Brazil can now make instant transfers and payments directly from their accounts on the Binance exchange to any bank account or pay merchants accepting Pix. The value of the digital asset is instantly converted to Brazilian reais with transactions completed in seconds. Supporting over 100 cryptocurrencies, this launch marks the integration of Binance Pay with Brazil’s widely used national Pix payment network — bringing crypto into everyday life and making it easier for users to spend digital assets in real-world transactions.

Richard Teng, CEO of Binance, says: “Integrating Pix, a remarkable development by the government of Brazil, with Binance Pay marks a revolutionary step forward, combining the speed and accessibility of Brazil’s instant payment system with the global reach and innovation of Binance. This synergy empowers users with seamless, real-time transactions, enhancing the crypto experience and driving financial inclusion to new heights.”

Guilherme Nazar, Binance’s regional vice president for Latin America, adds: “This is a significant milestone because it is the first time Binance Pay is integrated into a national payment system in the world. It allows our users in Brazil to use their cryptocurrencies for payments at any commercial establishment and to anyone in the country, quickly, safely and easily, using a system they are already familiar with. This launch makes cryptocurrencies more accessible and usable in everyday life, and reflects Binance’s commitment to customizing its global products to meet the demands of our local users.”

Pix, an instant payment service launched by the Central Bank of Brazil, has been gaining the preference of Brazilians since its launch in 2020. Currently, more than 174 million people and many institutions use the service in the country and carry out around 6 billion transactions per month, according to data from the authority.

According to the survey “Brazilians and their Relationship with Money“, released by the Central Bank, Pix is already used by 76.4% of the Brazilian population, surpassing the use of cash (68.9%) and debit cards (69.1%).

“Payments are one of the most obvious uses of cryptocurrencies. The integration of Binance Pay with Pix makes cryptocurrency payments more intuitive and familiar to Brazilians who are already accustomed to the Central Bank’s tool, and consequently boosts the growth of digital asset adoption in the country”, adds Nazar.

Brazil is the 6th-largest market in cryptocurrency adoption in the world, with around 17.5% of the population already owning some type of digital asset, according to data from the Triple-A consultancy. A recent survey conducted by Instituto Locomotiva for Binance showed that 42% of Brazilian investors already have exposure to digital assets, a percentage equal to that of those who own investment funds and stocks.

To learn how to use Pix with Binance Pay, click here.

About Binance Pay

Binance Pay is a seamless, borderless, and secure cryptocurrency payment feature on the Binance app, allowing users and merchants to pay, send and receive crypto worldwide without incurring gas fees. With support for over 300 cryptocurrencies, it caters to more than 40 million active users and 32,000 merchants. Trusted by over 270 million people across 100+ countries, Binance stands as the world’s largest cryptocurrency exchange by trading volume and registered users.

SOURCE Binance

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