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Afreximbank and Ecobank partner to simplify trade and compliance for African businesses

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2 weeks ago

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Afreximbank

The Ecobank Single Market Trade Hub connects registered businesses across Africa on a single platform, helping them benefit from opportunities in the unified market of 1.4 billion people created by the African Continental Free Trade Agreement (AfCFTA)

CAIRO, Egypt, December 19, 2024/APO Group/ — 

African Export-Import Bank (Afreximbank) and Ecobank Group (www.Ecobank.com) have embarked on a collaboration aimed at simplifying trade and compliance for businesses in Africa by integrating Ecobank’s Single Market Trade Hub and Afreximbank’s MANSA Digital Repository Platform.

With the collaboration, African businesses will benefit from seamless shared services across the two platforms, with users of the Single Market Trade Hub able to easily leverage MANSA’s comprehensive database for efficient know-thy-customer (KYC) and customer due diligence (CDD) checks while MANSA platform users would, in turn, be able to directly connect to the Single Market Trade Hub to explore trade opportunities to expand their businesses across Africa.

The Ecobank Single Market Trade Hub connects registered businesses across Africa on a single platform, helping them benefit from opportunities in the unified market of 1.4 billion people created by the African Continental Free Trade Agreement (AfCFTA). It serves as a one-stop repository for the AfCFTA by providing small and medium-scale enterprises (SMEs) and corporates with insights about the agreement while its online match-making feature enables importers and exporters to upload their profiles and showcase goods and services they offer, or wish to source, with the aim of finding partners within Africa. Once a match is found, connections are made via the platform and the transaction can be concluded leveraging on Ecobank’s trade and payment solutions in 35 African markets.

The MANSA Digital Repository Platform, or MANSA, is a one-stop-shop for due diligence matters on all African entities. As a centralised digital repository, MANSA seeks to eliminate information asymmetry and to increase intra-African trade and trade with the rest of the world. It drives and promotes good governance culture among African SMEs and creates visibility for their businesses while also supporting African entities to expand, diversify and add value to their export products at both the local and international levels. Entities onboarded unto MANSA are allotted an Africa Entity Identifier (AEI) code which enables them to leverage other Afreximbank products and initiatives.

MANSA is also a key digital solution at the Africa Trade Gateway (ATG) marketplace which houses a suite of digital platforms designed as a single window to enable Afreximbank better deliver on its mandate, providing critical services to support and promote intra-African trade and the implementation of the AfCFTA. The platform enables African entities to accelerate their business activities at the ATG marketplace by working with verified information on trusted counterparties.

The new collaboration is, therefore, enabling Ecobank and Afreximbank to provide a central solution to the key challenge of KYC compliance and access to business across 35 countries in Africa. The improved interoperability is expected to further streamline cross-border trade and compliance in Africa, fostering greater financial and economic integration on the continent.

Afreximbank is a pan-African multilateral financial institution established to finance and promote intra- and extra-African trade.

Ecobank Group is a leading private pan-African banking group with unrivalled African expertise.

Discover the Ecobank Single Market Trade Hub at www.TradeHub.Ecobank.com and MANSA at www.MANSAAfrica.com

Distributed by APO Group on behalf of Ecobank Transnational Incorporated.

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Business

Hong Kong’s Innovations Radiating Impact at CES 2025

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2 hours ago

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January 9, 2025

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CES
Largest-ever delegation of homegrown tech companies capturing global attention and potential business opportunities
HONG KONG SAR – Media OutReach Newswire – 8 January 2025 – Hong Kong Science and Technology Parks Corporation (HKSTP) marked significant presence at the Consumer Electronics Show (CES) 2025 in Las Vegas, where a largest-ever delegation of 51 tech companies and institute at Hong Kong Tech Pavilions is capturing the attention of industry leaders, corporate partners and venture capitalists from global markets for business leads and investment opportunities. 

 Organized in collaboration with the Hong Kong Trade Development Council (HKTDC) and supported by the Hong Kong Electronics Industries Association (HKEIA), the delegation, brought together an array of cutting-edge solutions across advanced electronics, green tech, life & health sciences, and more. Home-grown solutions from HKSTP including smart irrigation system Rocket 2.0 by Full Nature Farms, assistive wearable Seekr by Vidi Labs, and World’s smallest 3-axis Micro Gimbal Stabiliser by Vista InnoTech, together with Mobile Ankle-foot Exoneuromusculoskeleton, a telerehabilitation device by The Hong Kong Polytechnic University and Thecon Technology, have been recognised by the CES Innovation Awards 2025.Albert Wong, CEO of HKSTP, remarked on the overwhelming success, “As an incubator, our ultimate goal lies in advancing the life of humankind. Be it breakthroughs to showcase at premier exhibitions like CES, or bridging between tech and talent with initiatives as Innovation Mixer does, HKSTP has been expanding our global footprint with great momentum in maximising salient achievements and potential opportunities over the years, that promises collaboration and confidence in carrying out our commitment to cultivate the I&T scene.”Part of its broader strategy to enable Hong Kong tech companies to scale globally and endow sustainable impact, HKSTP will be building on the momentum from CES, and continue the Innovation Mixer US expedition in San Francisco to actively engage with ambitious talent; and also in paving way for the second cohort of the Global Booster Programme, catered for stellar tech companies from Hong Kong to embark on an intensive six-month journey in the Silicon Valley to connect with all sorts of resources for technological advancements.About Hong Kong Science and Technology Parks Corporation
Hong Kong Science and Technology Parks Corporation (HKSTP) was established in 2001 to create a thriving I&T ecosystem grooming 13 unicorns, more than 15,000 research professionals and over 2,000 technology companies from 25 countries and regions focused on developing healthtech, AI and robotics, fintech and smart city technologies, etc.Our growing innovation ecosystem offers comprehensive support to attract and nurture talent, accelerate and commercialise innovation for technology ventures, with the I&T journey built around our key locations of Hong Kong Science Park in Pak Shek Kok, InnoCentre in Kowloon Tong and three modern InnoParks in Tai Po, Tseung Kwan O and Yuen Long realising a vision of new industrialisation for Hong Kong, where sectors including advanced manufacturing, micro-electronics and biotechnology are being reimagined.Hong Kong Science Park Shenzhen Branch in Futian, Shenzhen plays positive roles in connecting the world and the mainland with our proximity, strengthening cross-border exchange to bring advantages in attracting global talent and allowing possibilities for the development of technology companies in seven key areas: Medtech, big data and AI, robotics, new materials, microelectronics, fintech and sustainability, with both dry and wet laboratories, co-working space, conference and exhibition facilities, and more.Through our R&D infrastructure, startup support and enterprise services, commercialisation and investment expertise, partnership networks and talent traction, HKSTP continues to contribute in establishing I&T as a pillar of growth for Hong Kong.More information about HKSTP is available at www.hkstp.org.

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Network International’s digital payment solution to power new Money Fellows offering in Egypt

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18 hours ago

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January 8, 2025

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Network International

Network’s payment functionality to enable the first payment solution from Money Fellows, the leading money circles app

CAIRO, Egypt, January 8, 2025/APO Group/ — 

Network International (Network) (www.Network.ae), a leading enabler of digital commerce in the Middle East and Africa, has partnered with Money Fellows, the leading money circles app, to power a new solution that will leverage its best-in-class payment functionality.

Under the partnership, Network will provide Money Fellows with its ‘Digital Payments as a Service’ platform with value added services including advanced fraud prevention, fully secure payment functionality, as well as a full suite of back office managed services. This platform will enable Money Fellows to enhance the app’s versatility and user experience. Utilising its pan-regional experience, Network will support Money Fellows’ expansion across the Middle East and Africa region.

This collaboration signifies a major milestone in the fintech sector in the country that is currently experiencing rapid growth, aligning with the Egypt National Vision 2030 plan

Dr. Reda Helal, Group Managing Director – Processing, Africa & Co-Head Group Processing at Network International, said: “We are pleased to partner with Money Fellows to enhance their market offerings and competitiveness, while supporting the company’s expansion into new markets in the Middle East and Africa. This collaboration signifies a major milestone in the fintech sector in the country that is currently experiencing rapid growth, aligning with the Egypt National Vision 2030 plan.”

Ahmed Wadi, CEO & Co-Founder of Money Fellows, said: “We are thrilled to collaborate with Network International on this significant milestone for our company. We are taking this step with confidence, knowing we have the right partner in Network International to ensure the payment functionality and security that our users deserve. This launch marks a pivotal moment in our journey, reinforcing our leadership position in the market and setting the stage for our regional expansion.”

Distributed by APO Group on behalf of Network International.

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Rolls-Royce supply electricity for Africa’s first rice straw Medium-Density Fibreboard (MDF) production facility

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21 hours ago

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January 8, 2025

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Rolls-Royce

The plant avoids the usual practice of burning rice straw, which is a by-product of rice cultivation, and ensures its sustainable use by repurposing it into MDF

LONDON, United Kingdom, January 8, 2025/APO Group/ —

  • Egyptian Wood Technology Company (WOTECH) relies entirely on mtu island solution for energy supply
  • Factory is the second of its kind in the world and the first in Africa, and reduces air pollution and CO2 emissions

Working with INDE and EMC, we were able to deliver a power solution that met all the customer requirements

Rolls-Royce (www.Rolls-Royce.com) has commissioned ten mtu gas gensets in the Beheira province in northern Egypt to supply the Egyptian Wood Technology Company’s (WOTECH) production plant with electricity. Since there is no access to the public grid, WOTECH relies entirely on the 20-cylinder mtu gas gensets, which together have a total output of 25 megawatts.

The factory produces medium-density fibreboard (MDF) from rice straw, which is used for furniture and buildings. Supported by Egypt’s petroleum ministry, the plant avoids the usual practice of burning rice straw, which is a by-product of rice cultivation, and ensures its sustainable use by repurposing it into MDF. The factory is the second of its kind in the world and the first in Africa. It significantly reduces air pollution and CO2 emissions in Egypt. The rice straw replaces traditional wood as a raw material in medium-density fibreboard, which is used to make cabinets, doors, furniture and commercial and residential buildings.

Rolls-Royce worked with local partner Engineering for Industries Co. (INDE) and the Egyptian Maintenance Company (EMC), a provider of engineering support services in the region, to supply the mtu Series 4000 L64 FNER gensets, controls and accessories for the WOTECH project, which was established with full Egyptian capital from the oil sector.

Tobias Ostermaier, President Stationary Power Solutions at Rolls-Royce, said: “When supporting a project such as the WOTECH facility, where there is no access to the grid utility, the dependability of our mtu gas-powered gensets is paramount. Working with INDE and EMC, we were able to deliver a power solution that met all the customer requirements – being efficient, reliable and offering the combination of best-in-class power density with low emissions.”

Each of the 10 mtu gensets has a rated power of 2,500 kW and an operational lifetime of up to 84,000 hours before needing major overhaul (TBO).

Distributed by APO Group on behalf of Rolls-Royce.

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