Negative Performance Resurfaces In Domestic Bourse

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Negative Performance Resurfaces In Domestic Bourse

The Nigerian All-Share Index closed in the red, falling by 0.42% to close at 48,964.83 points. The performance was due to selling pressures in bellwether stocks such as NESTLE (-10.00%) and GTCO (-1.11%).

Consequently, the YTD return decreased to 14.63% as market capitalisation declined by ₦111.62 billion to close at ₦26.42 trillion.

The sectoral performance significantly weakened as four of the five indices under coverage declined while the Industrial closed flat. The Consumer Goods index, the biggest loser, declined by 3.22% on  NESTLE (-10.00%). The Insurance, Banking and Oil & Gas indices followed suit, falling by 0.58%, 0.15% and 0.03% on AIICO (-5.45%), GTCO (-1.11%) and OANDO (-0.21%) respectively.

Investors’ sentiment strengthened but negative as the market breadth increased to 0.86x from 0.35x. This was illustrated by the advance of 12 stocks, led by JAIZBANK (+9.21%) and IKEJAHOTEL (+8.77%) and the decline of 14 stocks, led by NESTLE (-10.00%) and AFRIPRUD(-8.26%). Activity level strengthened as the total volume and value improved by 117.37% and 88.03% as investors exchanged about 220.78mn units of shares worth over ₦2.25bn.

We expect positive sentiment to return in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.

Fixed Income

There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage closed flat while the FGN-APR-2023 and FGN-JUL-2030 yields advanced by 149bps and 6bps. The yields on the FGN-MAR-2024 and FGN-JAN-2026 remained unchanged at 12.13% and 13.20% respectively.

The Treasury bill yield for the 91-day compressed by 538bps to close at 6.07% while the 182 and 364-day paper yields advanced by 161bps and 228bps to close at 7.12% and 9.03% respectively.

 We expect market activity to be influenced by the liquidity levels in the financial system.

MARKET SNAPSHOT

  • Negative Performance Resurfaces in the Local Bourse, NGX ASI Sheds 42bps
  • Mixed Sentiment across the Bond Yield Curve
  • Negative Performance in Global Stocks
  • Commodities Market Closes in the Red

EFG Hermes Successfully Concludes Advisory To Second Issuance

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EFG Hermes Successfully Concludes Advisory To Second Issuance

EFG Hermes, the leading investment bank franchise in Frontier Emerging Markets (FEM), and EFG Hermes Holding’s wholly-owned subsidiary, EFG Hermes Corp-Solutions, announced today the successful conclusion of the latter’s second issuance of a securitization bond worth EGP 2.0 billion. The bond is backed by a receivables portfolio of c. EGP 2.9 billion, representing 24 lease contracts.

The securitization bond comprises of three tranches, where tranche A is valued at EGP 260 million, with a tenor of 13 months, and a credit rating of AA+ from Middle East Ratings and Investor Services (MERIS). Tranche B is valued at EGP 890 million, with a tenor of 36 months, and a credit rating of AA from MERIS. The final tranche, tranche C, is valued at EGP 850 million, with a tenor of 72 months, and a credit rating of A- from MERIS.

Commenting on the issuance, Moustafa Gad, Co-Head of Investment Banking at EFG Hermes said, “Following the success of the first issuance in Corp-Solutions’ securitization program, we’re proud to have successfully concluded this second issuance, providing EFG Hermes Corp-Solutions with substantial new funding to expand their operations. The completion of this second transaction among many others reflects the DCM team’s commitment to support the growth of businesses during today’s challenging financial landscape, fostering job creation and economic development. With our all-embracing product offering in the DCM space and our strong team of top professionals in the field, our objective is to provide world-class corporate financing solutions and alternatives to serve our clients’ needs and adapt to the evolving market dynamics.”

“This securitization transaction is another milestone met in accelerating our operational growth and solidifying our position in the Egyptian market, and we’re proud to have secured such high ratings despite being late comers to the market, a testament of our strong financial position and solid business strategy.” said CEO of EFG Hermes Corp-Solutions, Talal El Ayat. “Diversifying our funding sources helps us achieve our goals in expanding our operational footprint and growing our client base through providing a wide variety of novel financial solutions, as we continue our commitment to support private sector growth.”

EFG Hermes Corp-Solutions enjoys a healthy and diverse client mix of 20% SMEs and 80% mid-cap to large corporations covering a myriad of sectors such as real estate development, logistics and maritime, printing and packaging, education, healthcare, trading and distribution, among others. This year, the company aims to focus on adding on more SMEs to its roster of clients and leveraging synergies across EFG Hermes Holding’s verticals and subsidiaries to further expand the business.

By the end of July 2022, EFG Hermes Corp-Solutions’ leasing and factoring businesses ranked second YTD in the Egyptian market. The leasing business booked a 12.52% market share with a total value of contracts amounting to EGP 5.8 billion, while the factoring business recorded a market share of 13.99% with a total value of bookings amounting to EGP 2.4 billion – according to the latest FRA report.

The issuance follows the Firm’s conclusion of a series of securitization transactions in 2022 including advisory on Pioneers Properties for Urban Development second securitization issuance, Bedaya Mortgage Finance’s first securitization issuance, a securitization issuance for MNHD, the sixth issuance for Premium International for Credit Services, and valU’s second securitization issuance. This is the second issuance for Corp-Solutions following on the heels of its first successful securitization issuance of EGP 750 million.

Orange Launches First Orange 5G Lab In Jordan

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Orange Launches First Orange 5G Lab In Jordan

As the Kingdom braces for the introduction of 5G technology, Orange  Jordan inaugurated the first Orange 5G Lab at Orange Digital Village in Abdali to explore the new cases of this technology and provide relevant training.

The Orange 5G Lab inauguration was attended by the Senior Director of Policies and Information at the Ministry of Digital Economy and Entrepreneurship, AbdelKader Al Batayneh, deputizing for the Minister, Vice Chairman of the Telecommunications Regulatory Commission (TRC) Board of Commissioners, Dr. Nael Adwan, Executive Vice President Marketing, Design and Open Innovation at Orange, Karine Dussert-Sarthe, and CEO of Orange Jordan, Thierry Marigny, as well as several company executives.

This Orange 5G Lab is the first of its kind in Jordan. So far, 16 Orange 5G Lab have been launched, 13 in Europe, 2 in Africa and recently in Jordan, and Orange will continue to launch more to unlock the unprecedented potential of cutting-edge technology.

During the launch, the CEO of Orange Jordan, Thierry Marigny, asserted that the Orange 5G Lab comes as part of the responsible digital leader’s role in digital transformation by exploring and testing new use cases, pointing out that the program is also an extension of the company’s continuous efforts to support digital education across Jordan to enable youth with the required digital skills and enhance progress in all sectors, therefore contributing to digital economy growth.

“The lab comes as we prepare to launch 5G, supported by the global group’s expertise in launching the technology in many countries. We seek to develop the digital ecosystem and promote innovation for the future by anticipating new opportunities enabled by 5G ahead of its launch,” he added.

Executive Vice President Marketing, Design and Open Innovation at Orange, Karine Dussert-Sarthe, said: “We are happy to support the opening of Orange 5G Lab in Jordan, leveraging our international Orange 5G Lab program which supports digital transformation and helps businesses and innovators unlock value from 5G in 16 locations around the world.”

“We are pleased with the success of hundreds of companies testing and prototyping innovative solutions with us”, she added.

The Orange 5G Lab will provide an open space for co-innovation and development to enable all companies and innovative startups to explore and test new case uses through 5G networks and equipment, including augmented reality gaming, virtual reality tourism, and remote medical consultations, as well as benefit from Orange’s experience in this technology.

Mukuru And WeThinkCode Partner To Host SheHacks

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Mukuru And WeThinkCode Partner To Host SheHacks

Mukuru , a leading next-generation financial services platform in Southern Africa, and WeThinkCode, an academy that delivers a world-class coding curriculum for dynamic youth while addressing the industry skills shortage, hosted a women-only hackathon at the end of Women’s Month aimed at providing an opportunity for young women to showcase their talent, further their studies and boost their careers in the IT sector.

The hackathon was attended by WeThinkCode female students and Mukuru Education Fund female bursary recipients. Teams were tasked with developing a financial education or management tool – to provide Mukuru’s customer base with better financial management and education tools. A massive success, organisers were wowed by the energy, enthusiasm and talent on display, signalling a strong future for women in tech in Africa.

Mukuru CSI manager, Deidré Vrede, says the event was designed to provide the opportunity for winning students to bolster their studies and win internships or job shadowing opportunities at Mukuru (https://bit.ly/3rbUQnC), but more importantly create excitement and a platform for young, female students to shine. “As a fintech business, we encourage students, especially young women, to pursue careers in tech, as currently, only 19% of the industry’s workforce are women. Judging by the innovation, skills and creativity on display, the future of women in IT is bright.

“We felt it was an exciting opportunity to add fuel to our passion for developing young female coders and give them a hand in creating and brainstorming something that will play a crucial role in financial education on the continent,” she says.

WeThinkCode CEO Nyari Sumashonga says that African women have the potential to be at the leading edge of technology if they are given the opportunity. “WeThinkCode is an academy that enables youth to become world-class developers who can thrive in any environment.”

“Our alumni go on to develop solutions for business and society at large, and so it made sense to partner with Mukuru, a leading African technology platform driving cutting-edge fintech to improve the lives of Africans. This resonates with our purpose. The young women were superb, and I have no doubt they will grow into role models for future generations of female developers,” she says.

Vrede agrees. “Congratulations, not just to the winning teams, but to every young woman who participated in the hackathon. You reminded us that the future is bright for women in tech. Keep on shining!”

The winners and runners-up were:

  • In first place: Galaletsang Letlape, Katlego Rathelele and Nkhensani Mutileni
  • In second place: Atlegang Tabane, Lethabo Mokgokoloshi, Selaelo Lemekoana, Lindiwe Tshabalala, Amaze Mkhonto and Gugulethu Mngomezulu
  • In third place: Princess Sitole, Pretty Mangwadi, Nomfundo Hope Ngubane, Hleketani Mavanyisi, Paidamoyo Mapfuwa and Lerato Ngcama

Africa Co-Guarantee Platform Partners Reaffirm Commitment To Catalyzing Trade and Investment

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Africa Co-Guarantee Platform Partners Reaffirm Commitment To Catalyzing Trade and Investment

Amid rising urgency for instruments to de-risk investment across Africa, the Africa Co-Guarantee Platform’s (https://bit.ly/3BViQAd) (CGP) six partners have affirmed commitments to better leverage guarantee and insurance products, resulting in more trade and investment across Africa. 

The partners pledged to extend direct transaction support for specific projects, including infrastructure development and optimizing balance sheets by sharing risk. They will develop new and hybrid products to address issues such as intra-regional trade, the current food and fertilizer crises, and enhanced coverage for infrastructure investments, public-private partnerships, and fragile/transition states and situations. The CGP will also work with stakeholders to build capacity in the use of risk mitigation instruments that strengthen project preparation and bankability.

The partners are the African Development Bank (https://bit.ly/3LV8XYa), African Trade Insurance Agency (ATI) (www.ATI-aca.org), African Union Development Agency (AUDA-NEPAD) (www.NEPAD.org), GuarantCo (www.GuarantCo.com) (part of PIDG, the Private Infrastructure Development Group), the Islamic Corporation for the Insurance of Investment and Export Credit Insurance (ICIEC) (https://ICIEC.IsDB.org) , and Afreximbank (www.Afreximbank.com), which hosted the steering committee meeting.

In his opening remarks, Afreximbank’s Director of Guarantees and Specialized Finance Kofi Asumadu-Addo, said: “This is a critical moment and the CGP is needed more than ever. The COVID-19 pandemic, the Ukraine crises and the consequent macroeconomic challenges facing the continent, require urgent action on our part as risk mitigation providers. Collectively, we have the capacity among the Platform partners to respond adequately and appropriately to help de-risk and attract investments into and across Africa. We need to bring this to bear in order to reduce the trade and investment financing gap. Afreximbank supports the CGP – but we want to see more concrete results.”

Max Ndiaye, Acting Director of Syndications, Co-Financing and Client Solutions at the African Development Bank, said: “This platform was launched in 2018 by President Adesina and the senior leadership of the other partners to help overcome the clear risk mitigation gap in Africa, which stands in the way of closing more trade and investment deals. The urgency has only become greater since then. We need a transaction-focused platform that really delivers for our stakeholders.”

ATI’s Chief Underwriting Officer, Benjamin Mugisha, said the platform would leverage each member’s strengths to provide proactive solutions to address Africa’s needs. “The Co-Guarantee Platform has a unique opportunity to synergize its members’ shared vision and mandate and has committed to proactively do this going forward. The platform will leverage each members strengths to providing proactive solutions to address the needs of the continent.”

Ibrah Wahabou, AUDA-NEPAD’s Head of Infrastructure and Connectivity, said: “The Co-Guarantee Platform is Africa’s bold response by Africa-based DFIs and the African Union Development Agency to deal with the exaggerated, unjustified perception of Africa as a risky place for investors. Together, through the CGP, we are changing the narrative based on concrete deals.”

GuarantCo Associate Director Ben Storrs said: “We look forward to supporting the development of the Co-Guarantee Platform and institutional partnerships to address Africa’s infrastructure challenges at a greater scale. Collectively, we hope to continue building local capacity to enable greater use of innovative credit mitigation solutions to unlock critical infrastructure financing.”

Bessem Soua, ICIEC’s Division Manager for Sub-Saharan Africa and Europe, said: “The Co-Guarantee Platform is a unique opportunity for multilateral partners to work together on scaling up risk mitigation capacity to de-risk investments and trade in Africa. Priorities and concrete steps have been agreed among the partners to take the platform to the next level and ensure a collective and coordinated response to the continent’s needs.”

The Partners also launched the CGP’s web presence (https://bit.ly/3y1sFLP) to provide  information about the platform and its partner institutions. The site also contains an email address to submit transactions and queries.

Tainan City Bureau of Tourism prepares for the recovery of Tourism in Tainan – Tainan’s Ba Jia Jiang appears in Thailand, hoping to see tourists “Someday or One Day”

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TAINAN, TAIWAN – Media OutReach – 30 September 2022 – The TripBarometer Global Report indicated that 57% of travelers pay more attention to the local history and culture and 42% of Asian travelers prefer countries rich in culture and humanities, which would refer to cities like Kyoto, Chiang Mai, and Tainan.

AAX Gives Keynote Speech on Financial Inclusion at Token2049

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AAX to Title Sponsor at Asia’s premier crypto conference. – AAX to launch a new subdivision, AAX Trends, to drive mass adoption of digital assets.

SINGAPORE – Media OutReach – 30 September 2022 – AAX, a top-tier digital assets exchange, today unveiled its exhibition plans at Token2049 in Singapore, where Ben Caselin, VP of Global Marketing and Head of Research and Strategy, will give a keynote address on the socio-economic opportunities that digital assets present for emerging markets. He will also be participating in a panel on the subject of institutional onboarding which presents an opportunity to reflect on the growth in the digital asset space and redirect attention to the core principles that underlie bitcoin and digital assets. AAX’s exhibition booth will provide participants with greater detail and an opportunity to explore the impact and mass adoption of digital assets in emerging markets, taking the conversation beyond trading and investing to connecting with the real needs of everyday people. At the booth, visitors will also be able to learn more about AAX’s efforts around making digital assets more accessible, both at the level of infrastructure as well as product, such as the soon-to-be-launched AAX Lite app, a simpler iteration of the AAX app but with an emphasis on savings, rather than trading.

As a Token2049 Title Partner, AAX aims to support the token economy in Singapore and across the region, demonstrating the significant potential that the conference and digital assets have to help transform industries and communities in Asia and around the world. Over the two-day conference, Mr. Caselin will participate in discussions on some of the most urgent topics for digital assets, including decentralized finance, the future of crypto, and most critically, the potential of digital assets to empower people in their everyday lives.

He will explore the role that blockchain and Bitcoin can play in expanding opportunity and financial security, specifically for 6.5 billion people living in emerging markets. Too often these populations are dismissed as peripheral to global politics or finance but when it comes to the expanding use of digital assets, these markets are set to become primary sites of adoption. Mr. Caselin said:

“We are delighted to be sponsoring Asia’s premier digital asset conference, which allows us to connect with the broader community and engage in important conversations that will catalyze growth and development of financial infrastructures and opportunities in both developed markets and the emerging or high-potential economies.”

“Emerging markets have been experiencing substantial challenges that limit individuals from meaningful inclusion in the global financial system for decades. We believe digital assets will change that,” he elaborated.

At the conference, AAX will also announce the launch of AAX Trends, a subdivision of the exchange focused on driving mass adoption of Bitcoin, digital assets, and Web3 technologies through education and partnerships. The new division of the exchange strives to develop a fresh perspective, especially regarding emerging markets that have high potential with respect to the impact digital assets can have on people’s everyday lives.

“Our participation in Token2049 is instrumental to AAX’s development as we expand our services and offerings to enable digital assets in emerging markets,” said Mr. Caselin. “We anticipate that the use of digital assets will continue to expand in these economies as it fulfills a digital transaction gap, which could empower 6.5 billion people across the globe, supporting individuals, families, and their community businesses in bringing financial change at scale.”

As an exchange that believes digital assets are for everyone, AAX aspires to supporting people everywhere in accessing a digital alternative to the banking system that is easier to use, more secure, and more innovative, thereby powering a fairer and more inclusive financial system for everyone.

Hashtag: #AAX

About AAX

AAX is a top-tier digital assets exchange that caters to a global audience, with a vision of bringing the benefits of digital assets to everyone. Through an accessible range of products and by contributing to the conversation about digital assets and culture, we aim to empower the estimated 96% of people worldwide who do not yet own Bitcoin and other digital assets to build better and more inclusive economies.

Favored by more than three million users in over 160 countries, AAX is the first exchange to use the Satoshi Standard (SATS) to drive the adoption of Bitcoin. We are also the first to be powered by a world-class matching engine, offering high-yield savings packages, 200+ spot pairs, deeply liquid futures markets, regular discounts on major tokens, and a range of on-and off-ramp products.

Welcome to visit AAX official website for more information：
For the latest news, you can follow AAX social media platforms to learn more：





Freelancer wins US$6.7m task order with NASA and the National Institutes of Health in gene editing

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Freelancer.com wins the biggest task order yet with US$6 million in prizes to deliver transformative somatic cell genome editing delivery technologies.

SYDNEY, AUSTRALIA – News Direct – 29 September 2022 – Freelancer Limited (ASX: FLN, OTCQX: FLNCF), the world’s largest freelancing and crowdsourcing marketplace by number of users and jobs posted, today announced it has won a US$6.7 million task order for NASA and the National Institutes of Health (NIH) Office of the Director (OD) Division of Program Coordination, Planning, and Strategic Initiatives (DPCPSI) Office of Strategic Coordination (OSC).

NIH seeks two, three-phased contests to encourage technology development in two areas of strategic significance as part of Phase II of the NIH Somatic Cell Genome Editing (SCGE) program:

  1. A highly efficient (e.g. 50%+ editing efficiency) non-viral delivery system capable of crossing the blood brain barrier to deliver genome editing machinery to a majority of target cell types in the central nervous system.
  2. A programmable (e.g. 3+ configurations) delivery system to deliver genome editing machinery that can target specific tissues or cell types.

Somatic cell genome editing holds great promise in treating various diseases. However, current techniques in genome editing approaches, such as those based on CRISPR-Cas9, pose many challenges that need to be overcome before they can be widely used in the clinic. For example, the delivery of genome editors to clinically relevant cells and tissues and achievement of editing efficiency that is adequate for addressing human diseases.

These contests will be administered under the America COMPETES Act and will be launched on Freelancer.com with a total prize purse of US$6,000,000 (GMV).

This is the biggest task order to date under NASA’s NOIS2 and to be selected is testimony to the company’s track record of delivery to date under the program. It is expected that FLN will generate approximately US$700,000 in net revenue contribution for this task order.

The issuer is solely responsible for the content of this announcement.

About the NIH SCGE Program

The NIH Common Fund’s Somatic Cell Genome Editing (SCGE) program is working to improve the efficacy and specificity of gene editing approaches to help reduce the burden of common and rare diseases caused by genetic changes. SCGE is developing quality tools to perform and assess effective and safe genome editing in non-reproductive (“somatic”) cells of the body. These research tools will be made widely available to the research community to reduce the time and cost required to develop new therapies.

About Freelancer

Twelve-time Webby award-winning Freelancer.com is the world’s largest freelancing and crowdsourcing marketplace by total number of users and projects posted. More than 60 million registered users have posted over 20 million projects and contests to date in over 2,000 areas as diverse as website development, logo design, marketing, copywriting, astrophysics, aerospace engineering and manufacturing. Freelancer owns Escrow.com, the leading provider of secure online payments and online transaction management for consumers and businesses on the Internet with over US$6 billion in transactions secured. Freelancer also owns Freightlancer & Loadshift, enterprise freight marketplaces with over 550 million kilometres of freight posted since inception. Freelancer Limited is listed on the Australian Securities Exchange under the ticker ASX:FLN and is quoted on OTCQX Best Market under the ticker FLNCF.

IFTA Fintech Achievement Awards 2021/2022 winners announced recognizing outstanding fintech enterprises, professionals and organisations

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Former Cyberport Chairman George Lam and former Under Secretary for Innovation and Technology David Chung crowned prestigious Iconic Stars

HONG KONG SAR – Media OutReach – 29 September 2022 – Organized by the Institute of Financial Technologists of Asia (IFTA), the IFTA FinTech Achievement Awards 2021/2022 Presentation Ceremony was held today (29 September 2022) at Hyatt Regency Tsim Sha Tsui. Under Secretary for Financial Services and the Treasury Mr Joseph Chan, JP attended as the Guest of Honour of the Ceremony. Chair, United Nations Economic and Social Commission for Asia and the Pacific Sustainable Business Network & Former Chairman, Hong Kong Cyberport Dr George Lam and Under Secretary for Innovation and Technology Dr David Chung received the prestigious Iconic Star awards.

In its fourth edition, the IFTA FinTech Achievement Awards (the Awards) of this year was themed “Two Worlds, One Goal: The Virtualisation of Reality” to recognise the important nuances of parallel worlds both physical and virtual, as well as, the role that corporations and individuals play in their development within the economy. This year, the Awards were restructured with 2 additional sub-categories. Metaverse, NFT and Decentralised Finance (DeFi), is added as sub-categories to Corporate Achievements awards.

A new Team of the Year sub-category is added to the award category Outstanding Financial Technologists of the Year to recognise the outstanding financial technologist team(s) who delivered extraordinary FinTech solutions.

Last but not least, a brand-new award category, the Honorary FinTech Education & Talent Development Awards is also added to recognise organisations that have made remarkable contributions in schooling FinTech talents.

This year, 37 nominees/nominated teams were shortlisted into 13 award categories, of which, the newly added “Metaverse, NFT, And DeFi (Decentralised Finance)” category received the most entries.

Specially introduced in this edition, the prestigious “Iconic Star” award honours invaluable contribution of long serving fintech industry leaders. The winners are Dr George Lam, BBS, JP, Chair, United Nations Economic and Social Commission for Asia and the Pacific Sustainable Business Network & Former Chairman, Hong Kong Cyberport, and Dr David Chung Wai-keung, Former Under Secretary for Innovation and Technology.

During his time as the former Chairman of the Cyberport, Dr George Lam had brought his rich industry experience to lead the Cyberport’s vision to train technology talents, encourage entrepreneurships, nurture start-ups. Whilest Dr David Chung has spared no effort in strengthening the industry-academia-research collaboration during his tenure as the Under Secretary for Innovation and Technology, HKSAR, proming the development of innovative technology as well as high-end manufacturing industries. Both of them contributed to create a vibrant innovation and technolgy ecosystem in Hong Kong for the benefit of the local community.

Chair, United Nations Economic and Social Commission for Asia and the Pacific Sustainable Business Network & Former Chairman of Hong Kong Cyberport, Dr George Lam, BBS, JP mentioned in his speech, “With government policy, incentives and keen efforts of everybody. We have seen the arrival of eight virtual banks, four virtual insurance companies, and a number of e-wallet companies and more coming. Going forward, I see fintech is becoming even more important as we make early improvements in regulator tech, wealth tech, in ESG, Green finance, digital asset, carbon trading, all of which are necessary for Hong Kong to transform ourselves from international financial center to a global capital center.”

Former Under Secretary for Innovation and Technology Dr David Chung Wai-keung says, “It’s really been a wonderful journey in the past 20 years of public administration. I would say thank you to all of you for giving me such a great opportunity to work in Hong Kong, such a wonderful place. Today we have laid down the foundation and all of you contributed to the success of the Fintech industry in Hong Kong. Whatever my role would be in the near future, I will continue to dedicate myself to the fintech development of Hong Kong and the region, create more impactful projects for talent development, and also create more opportunities for Hong Kong.”

Officiating guest of the Ceremony, Under Secretary for Financial Services and the Treasury, Hong Kong SAR Government Mr Joseph Chan, JP mentions, “As you may be aware and as I introduced this last year in the IFTA’s FinTech Achievement Awards presentation ceremony, the Government launched a Proof-of-Concept Subsidy Scheme in 2021 to support fintech development in Hong Kong. We provided financial incentives to financial institutions to partner with fintech companies to put forth and test innovative and practical products and services. The response was very positive, and we had received 160 applications, with over 90 projects approved last year, benefitting over 70 fintech companies and financial institutions. Many of the subsidized projects were related to WealthTech, RegTech and InsurTech; some emerging aspects such as payment systems, ESG; as well as cross-boundary data analysis and overseas remittances, etc, were also covered. As a result, we will be launching another round of the scheme in October this year, which would be even more attractive as the coverage is expanded to provide funding not just to fintech companies partnering with financial institutions, but also research institutions. The subsidy for each approved project has also been increased to $150,000 to as high as $400,000.”

“As IFTA, we have continued to adapt and keep up with professional talent training programmes and activities, to promote the importance and uphold the standard of Fintech, also providing Fintech professionals and building up our own Fintech community.” IFTA Founder and Chairman Mr Paul Pong said. “This year, IFTA is delighted to announce our collaboration with The London Institute of Banking & Finance (LIBF) to roll out the Certified FinTech Practitioner Programme. It is a ground-breaking new programme developed jointly by The London Institute of Banking & Finance and LendIt Fintech. Also, it is an interactive course which will provide expert knowledge of the evolution and impact of fintech, keep up professional training for the future FinTech practitioners and solve the problem of talent shortage.”

At the FinTech Achievement Awards 2021/2022 Presentation Ceremony today, 22 corporate achievement awards and 15 individual and team awards were presented.

As an organization representing fintech professionals in Hong Kong, IFTA is committed to following the government policy of promoting the collaboration among the government, industry, academic and research sectors in the innovation and technology industry.

Winners of Corporate Achievements in FinTech (for corporates, NGOs, and start-ups)

Award Categories

Awardees Companies

Award Level

Regulatory Tech

Aereve Company Limited

Diamond

Eureka FinTech Limited

Platinum

Insurance Tech

AIA International Limited – 3D Protection Index

Gold

AIA International Limited – SMP iSay

Gold

Blockchain, Cryptocurrency and CEP (Cryptoasset Exchange Providers)

Ricacorp Properties Limited

Platinum

IX Fintech Group Limited – DAEM Technology Limited

Gold

Banking Tech

Hang Seng Bank Limited

Gold

TransUnion Limited

Gold

Innocorn Technology Limited

Silver

WealthTech

AutoML Capital Limited

Gold

Linnovate Partners

Gold

Metaverse, NFT, And DeFi (Decentralised Finance)

Custonomy Company Limited

Platinum

Evident

Platinum

FORMS Syntron Information (HK) Limited

Platinum

Tam Jai International Company Limited

Platinum

IX Fintech Group Limited – DAEM Technology Limited

Gold

Global Pets World Limited

Silver

Talent Development

AIA International Limited

Diamond


Outstanding Financial Technologists of the Year (for individuals and teams)

Award Categories

Awarding Individuals or Teams

Award Level

Leader of the Year

Miss Marie Claire Lim Moore

TransUnion Limited

Excellence

Mr. Jerry Ying

TransUnion Limited

Merit

Team of the Year

Merkle Tree Innovation Foundation

Excellence

Digital Experience Practice

FORMS Syntron Information (HK) Limited

Excellence

Tam Jai International Charitable NFTs Collections, Souper Hero

Tam Jai International Company Limited

Excellence

TransUnion Limited

Merit

Architecture and Development Practice

FORMS Syntron Information (HK) Limited

Merit

Rising Star of the Year

Mr. Lester Wong

FORMS Syntron Information (HK) Limited

Excellence

Mr. Relax Chan

TransUnion Limited

Merit

Miss Camilla Wong

Nominated by FORMS Syntron Information (HK) Limited

Merit

Star in the Making

Miss YEUNG KAR YAN, Karen

COLLAB HONG KONG Limited

Excellence

Mr. Mathias Awuni

Coucou Connect

Merit

Mr. MA Hejian

Quant Break

Merit


The Prestige Award (recommended by the organiser and/or jury panel)

Honorary FinTech Education & Talent Development Awards

Awardees Companies or Organisations

Award Level

Blockchain Solutions Limited

Diamond

CUHK Engineering FinTech Applied Research Academy (CEFAR Academy)

Diamond

Hong Kong Metropolitan University

Diamond

Master of Science in Finance (FinTech and Financial Analytics), Hong Kong Baptist University

Diamond

Iconic Star

Dr David Chung Wai-keung

Former Under Secretary for Innovation and Technology.

Dr George Lam, BBS, JP

Chair, United Nations Economic and Social Commission for Asia and the Pacific Sustainable Business Network & Former Chairman, Hong Kong Cyberport

Click here to download high-res pictures of the event:

  1. Speech by Under Secretary for Financial Services and the Treasury, Hong Kong SAR Government Mr Joseph Chan, JP
  2. The two IFTA founders and officiating guests congratulated the two winners of the “Iconic Star” award. (From left to right: IFTA Co-founder and Vice-Chairman Mr Wilson Kwok, Under Secretary for Financial Services and the Treasury, Hong Kong SAR Government Mr Joseph Chan, JP, Chair of United Nations Economic and Social Commission for Asia and the Pacific Sustainable Business Network & Former Chairman of Hong Kong Cyberport, Dr George Lam, JP, BBS, Former Under Secretary for Innovation and Technology Dr David Chung Wai-keung, Head Juror of IFTA FinTech Achievement Awards, Dr Charleston Sin, IFTA Founder and Chairman Mr Paul Pong).

Hashtag: #IFTA

About IFTA

The Institute of Financial Technologists of Asia Limited (IFTA) is an NPO established in Hong Kong in September 2017; to uphold the professional standard of Financial Technologists in Asia and create an ecosystem for global fintech talents to be connected.

IFTA entered a collaboration agreement with The London Institute of Banking & Finance (LIBF), to roll out the Certified Fintech Parctitioner, CFP program in Asia. Besides delivering certification, IFTA also organises events including boot camps, seminars, and an annual award to accelerate Fintech education and industry engagement among government, regulators, universities, enterprises, and start-ups.

Upskilling Young People To Be Entrepreneurial In Age Of Technology Is Critical

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Upskilling Young People To Be Entrepreneurial In Age Of Technology Is Critical

Africa’s young people are undoubtedly one of the continent’s greatest resources. As other regions battle with ageing populations and declining birth rates, Sub-Saharan Africa can lay claim to a median age of 19.7 with around 70% of the population under the age of 30. Those young people are increasingly well-educated and connected. 

 

But all that potential means nothing if they aren’t getting the opportunities needed to fulfil it. And in many countries, it’s clear that they aren’t. In South Africa, the continent’s most advanced economy, the unemployment rate sits at  63.9% for those aged 15-24 and 42.1% for those aged 25-34 years. In Nigeria, meanwhile, the rate among people aged 15-34 is around 42.5%. And in Kenya, lobby group The Youth Congress claims that seven out of every 10 unemployed people are aged 35 and under.

 

While there are a number of interventions that could, and should, be made to help reverse those figures, perhaps the most important is to ensure that young people have the skills they need to be entrepreneurial. Indeed, research has shown that innovators can create significant wealth and have considerable developmental influences on society.

 

It’s even more critical at a time when technology is accelerating so fast that jobs can quickly become redundant.

Upskilling Young People To Be Entrepreneurial In Age Of Technology Is Critical

“Fostering entrepreneurship among young people not only enables them to create their own opportunities and employment for other young people,” says Didi Onwu, Managing Editor at The Anzisha Prize, an organisation born out of a partnership between African Leadership Academy and Mastercard Foundation that seeks to increase the number of job generative entrepreneurs fundamentally and significantly in Africa. “It can also help them recognise and pursue employment opportunities that they might not have been able to otherwise.”

 

Yes, entrepreneurship  really is a skill

 

Before digging into exactly what kind of skills can help foster entrepreneurship among a whole continent’s worth of young people, it’s worth pointing out that there’s a pervasive myth that needs to be busted. Over the years, glowing profiles of entrepreneurs (particularly in the tech space) have convinced many that entrepreneurs are born rather than made.

 

But, as Onwu points out, that’s simply not true.

 

“The idea of the brilliant innovator turned billionaire makes for a good story,” she says. “But dig a bit further and you’ll see that most successful entrepreneurs were given the tools they needed to succeed from a very young age.”

 

Microsoft founder Bill Gates, for example, was given extensive time with his high school’s computer at a time when having one was still a rarity. His mother also sat on the board of a non-profit with then IBM chairman John Opel, and helped the then fledgling company score a contract with the computing giant which ultimately proved crucial to its future success.

 

“While we can’t give every prospective young African entrepreneur a family connection, we can help them develop critical entrepreneurial skills that will serve them well in the future,” says Onwu.

 

The right skills matter most

 

While there are obviously a number of hard skills, such as those that concern technological proficiency, which are important to being an entrepreneur, the really valuable ones are a little more intangible. And equipping young people with those skills requires more than a straightforward curriculum.

 

Take network building, for example. While you could teach the basics in a course, establishing real networks takes time and consistent effort. The same is true for pitching to investors for funding. Other skills, such as mastering the fear of failure, can only be learned through practice.

 

“It’s something that we thought hard about when we redesigned the fellowship programme from the ground up a few years ago,” says Onwu. “We wanted to ensure that our fellows were holistically building a broad range of entrepreneurial skills throughout their fellowships and beyond.”

 

Fellows are, for example, given access to communities of fellow entrepreneurs, introduced to a wide network of stakeholders and business experts, and provided with the opportunity to shadow successful entrepreneurs in their sector. It’s an approach which makes a great deal of sense when you consider that research has shown that exposure to innovation has a significant positive impact not just on the kind of innovation that young people produce, but also on their overall ability to be innovators.

 

Upskilling, now and forever

 

It should be absolutely clear that Africa needs its young people to be equipped with entrepreneurial skills if they are to meet their full potential in an age of accelerated technology. And, as Onwu points out, efforts to ensure that this is the case need to be made at every level of society.

 

“While we’re incredibly proud of the work we do at the Anzisha Prize, along with our partners, no single organisation can provide all of Africa’s young people with the skills they need to thrive as entrepreneurs,” she says. “It needs buy-in from governments, NGOs, the private sector, and a variety of other stakeholders.”

 

Moreover, these efforts cannot simply be short-term and instead need to be sustained over a prolonged period.

 

“The factors that make upskilling Africa’s young people to be entrepreneurial so important now aren’t going away anytime soon,” she concludes. “It’s therefore critical that all efforts are made to ensure that any initiatives aimed at building entrepreneurship are sustainable and capable of adapting to a constantly shifting business and technology environment.”

 

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