Author: Akin Naphtal

As part of its financial reform efforts, the Indonesian government is set to launch a cryptocurrency exchange in 2023, Bloomberg reports. This announcement follows the ratification of the Financial Sector Development and Reinforcement bill (P2SK) by the House of Representatives, which seeks to establish itself as the primary legal reference in the financial service sector. It is worth noting that while cryptocurrency is not considered legal tender in Indonesia, it can be traded in the commodity futures market for investment purposes. Data from Bappebti reveals that the value of cryptocurrency transactions in Indonesia fell by half in 2022, from IDR…

The London School of Economics and Political Science (LSE) has launched a £50 million global initiative, the 100x Impact Accelerator, aimed at shaping a new generation of “social unicorns.” The program is dedicated to nurturing high-potential social enterprises and enabling them to achieve positive impact on a massive scale. The goal of the 100x Impact Accelerator is to identify the key ingredients that enable impact-driven organizations to think bigger and achieve more. It utilizes the successful business accelerator model from the private sector and aims to demonstrate how impact-driven organizations can break the cycle of grant-seeking and weak governance, which…

A global payment solutions business, along with a number of interested parties, has announced its plan to acquire a prominent British fintech company Railsr. Based in the UK, the startup specialises in so-called embedded finance solutions such as banking services and has been under pressure amid a tough funding environment. The company reportedly laid off 16% of its staff last November despite closing a $46 million Series C funding a month earlier at a significantly reduced valuation, per reports.In all, Railsr has raised over $100 million in equity funding from investors including Visa.Sources said that existing shareholders at Railsr are…

Telecommunications giants, MTN Group is in the early stages of deliberations to divest some of its smaller operations in West Africa as its focuses on core markets, Bloomberg reported citing people familiar with the matter said. The Africa’s biggest mobile phone company is currently reviewing its portfolio in the region to identify which assets might be sold off. However, the company’s assets in Nigeria and Ghana, its largest markets in West Africa, are not included in this review, the sources confirmed. READ ALSO:eSIM Market Value to Grow from $4.7 Billion in 2023 to $16.3 Billion by 2027, says Report Elon…

A new study by Juniper Research, reports that the embedded SIM market is expected to increase from about $4.7 billion in the year 2023 to $16.3 billion by 2027, representing 249% growth during the period.The total number of smartphones that use eSIM will jump from about 986 million in 2023 to 3.5 billion by 2027, Juniper reports.The analyst firm say that eSIM-enabled consumer devices, like Apple’s eSIM-only iPhone 14, will trigger increased operator acceptance of the technology. It also predicts that Apple “will expand deployment of eSIM-only devices to Europe during 2023, with eSIM technology key to [minimizing] the time-consuming…

Digital Realty, the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, has announced strengthening of an existing relationship with Hivelocity through this customer’s adoption of ServiceFabric™, an interconnection solution and orchestration platform designed to support the wider industry’s shift to a hybrid, data-centric architecture. Digital Realty’s relationship with Hivelocity has now grown to 10 sites worldwide, enabling the business to deploy its services in multiple markets and place infrastructure next to major peering points in Atlanta, Miami, Los Angeles, Seattle, Frankfurt, and Madrid, among others. READ ALSO: Google Plans to Charge 16% VAT on Taxable…

Elon Musk has broken the Guinness World Record for the greatest loss of personal fortune in history.According to Forbes, he has lost almost $182 billion (£153 billion; €173 billion) since November 2021; however, some sources contend that it may have been closer to $200 billion.Musk’s cumulative losses greatly exceed the previous record of $58.6 billion, established by Japanese tech investor Masayoshi Son in 2000, despite it being nearly impossible to determine the actual amount.Forbes reports that Musk’s net worth decreased significantly as a result of Tesla’s stock’s dismal performance, from $320 billion at its peak in 2021 to $138 billion…

“Banking as a service, and embedded finance, taken together — they just represent where the world is going.” As Sherri Haymond, executive vice president, Global Digital Partnerships at Mastercard, told PYMNTS’ Karen Webster, BaaS is slated to become big business — at scale — in a short timeframe. To put some dollar signs on it: As estimated by Finastra, BaaS will represent a $7 trillion opportunity by 2030.  READ ALSO: Former ICASA Exec Joins MultiChoice Africa Report Shows Fintech is the Most Vibrant Sector in Kenya Google Plans to Charge 16% VAT on Taxable Goods and Services In Kenya Haymond…

IBM Australia and the Digital Transformation Agency (DTA) have agreed on a five-year, $725 million, whole-of-government agreement, which is an extension of the initial agreement established in 2018. The agreement is intended to facilitate government organisations with more straightforward and economical access to IBM’s offerings, which comprise of hardware, software, cloud solutions, and other professional technology services. Government organisations can ask for cost estimates for IBM goods and services through the government hardware, software, cloud, and online stores along with gaining access to IBM’s sustainability software suite, as part of a pilot program. READ ALSO: Google Plans to Charge 16%…

Samsung Electronics has announced that the company has reached a significant milestone in its journey to advance the Sustainable Development Goals (SDGs), or the Global Goals, with a contribution of more than $10 million to the United Nations Development Programme (UNDP). The funds were generated through the Samsung Global Goals app and will help UNDP promote resilience and accelerate progress around the world. Established by the United Nations in 2015, the Global Goals provide a shared blueprint of ambitious milestones for a more equitable, just and sustainable world by 2030. The 17 Global Goals promote collaboration and collective action to…