Connect with us
Anglostratits

Business

Backbase Acquires Kasisto as African Banker Survey Names Legacy Information Technology (IT) the Top Barrier to Artificial Intelligence (AI) Adoption

Published

1 month ago

on

Backbase

The acquisition embeds banking-grade agentic AI into Backbase’s operating model, closing the gap between African banks and cloud-native fintech competitors

JOHANNESBURG, South Africa, July 7, 2026/APO Group/ –Backbase (www.Backbase.com) announced the acquisition of Kasisto, a pioneer in agentic AI for banking and financial services. Kasisto’s agentic platform, financial services intelligence, and New York-based team are now part of Backbase and the AI-native Banking OS.

 

The transaction integrates Kasisto’s financial intelligence models into the Backbase platform, building an architecture that helps financial institutions overcome legacy IT constraints that have stymied digital transformation across Africa.

This announcement follows a recent survey of 277 bank executives across Africa, conducted by Backbase with African Banker magazine (https://apo-opa.co/4f7b9KZ), which revealed legacy system integration as the primary obstacle to AI adoption. This bottleneck prevents established institutions from scaling digital offerings fast enough to compete with agile, cloud-native fintechs and mobile money operators.

Legacy maintenance costs billions globally, but the impact is especially acute in Africa, where banks face high operational costs and a growing mobile-first unbanked population.

This acquisition addresses a structural constraint specific to how African banking has grown

“This acquisition addresses a structural constraint specific to how African banking has grown,” said Ayman Daoud, Vice-President of Africa regions at Backbase. “We see too many banks build AI in isolated pockets, like a chatbot in digital self-service or automation in the contact centre, without resolving the disconnect between those teams and back-office operations. By embedding Kasisto’s reasoning AI into the core operating model, we’re giving African banks one system that can answer a question and complete the work behind it within the governance and compliance regulators require.”

Banking-grade agentic AI, embedded in the Banking OS.

Kasisto’s platform, KAI, is purpose-built for regulated financial environments, unlike general-purpose AI models. It uses specialised financial LLMs that understand context, apply institutional judgment, and operate strictly within banking governance and compliance frameworks. In the continent, the platform has already been successfully deployed by Absa and Nedbank, where, in the latter, it cut the number of live agent conversations by half within just a year of launch.

Combined with Backbase’s flagship Banking OS, Kasisto’s conversational and agentic AI turns customer intent into governed execution: verifying eligibility, applying policy, and triggering workflows to resolve requests without manual handoffs. The result is AI that not only fields queries but finishes them, with proactive, compliant outbound engagement before a customer need becomes an inbound service request.

“Agentic AI will define how banks compete over the next decade. Africa is a particularly well placed to leapfrog western banks with decades-old core systems. Backbase and Kasisto give those institutions purpose-built agentic intelligence from day one, rather than retrofitting it onto legacy infrastructure later.” said Lance Berks, CEO of Kasisto.

Backbase’s engagement layer and Kasisto’s transactional AI give African financial institutions a way to bypass traditional IT modernisation cycles that often take years and have high failure rates.

Distributed by APO Group on behalf of Backbase.

 

Related Topics:
Continue Reading
Advertisement

Business

Senegal’s President and Energy Minister Confirm Official Patronage at MSGBC Oil, Gas & Power 2026

Published

4 hours ago

on

August 18, 2026

By

African Energy Chamber

MSGBC Oil, Gas & Power 2026 will take place from 1-3 December in Dakar under the High Patronage of President Bassirou Diomaye Faye and in partnership with the Ministry of Energy and Petroleum of the Republic of Senegal

DAKAR, Senegal, August 18, 2026/APO Group/ —MSGBC Oil, Gas & Power 2026 has confirmed the official participation of Senegalese President Bassirou Diomaye Faye and Minister of Energy and Petroleum Dr. El Hadji Abdourahmane Diouf at this year’s event, set to take place 1-3 December at the Centre International de Conférences Abdou Diouf (CICAD) in Dakar.

Held under the High Patronage of President Faye and in partnership with the Ministry of Energy and Petroleum, MSGBC Oil, Gas & Power 2026 reflects the Senegalese government’s commitment to advancing energy sector investment and development across the MSGBC basin.

Minister Diouf assumed office in June 2026 following the formation of Senegal’s new government, which restructured the former Ministry of Energy, Petroleum and Mines into separate portfolios to place dedicated institutional focus on the country’s expanding hydrocarbons sector. He previously served as Minister of Higher Education, Research and Innovation and as Minister of the Environment and Ecological Transition.

Their participation comes as Senegal consolidates its position as a new oil and gas producer. The Sangomar field produced 17.9 million barrels in the first half of 2026, while the Greater Tortue Ahmeyim LNG project – shared with Mauritania – is now operating at full capacity following its first export cargo in early 2025.

Organized under the theme Powering Investment, Delivering Prosperity: Executing the Region’s Energy Strategy, MSGBC Oil, Gas & Power 2026 will convene heads of state, ministers, investors, operators and development partners to shape the next phase of energy investment across Mauritania, Senegal, The Gambia, Guinea-Bissau and Guinea-Conakry.

For more information and registration, visit www.msgbcoilgasandpower.com https://apo-opa.co/4xL10v4.

Distributed by APO Group on behalf of Energy Capital & Power.

Continue Reading

Energy

Energy Intensive Users Group of Southern Africa (EIUG) and VUKA Group announce joint EIUG Conference and C&I Energy + Storage Summit

Published

4 hours ago

on

August 18, 2026

By

Energy

The EIUG Conference will provide a platform for open dialogue on electricity industry challenges and opportunities

JOHANNESBURG, South Africa, August 18, 2026/APO Group/ –The Energy Intensive Users Group of Southern Africa (EIUG), together with VUKA Group (https://WeAreVUKA.com/), will co‑host the EIUG Conference alongside the C&I Energy + Storage Summit, created by VUKA Group, on 28–29 October 2026 at The Maslow Hotel, Sandton.

The EIUG Conference is more than a gathering – it is a platform to shape South Africa’s industrial energy future

The EIUG Conference will provide a platform for open dialogue on electricity industry challenges and opportunities. It will bring together government, industry leaders, energy‑intensive consumers, and service providers to exchange perspectives, strengthen industrial competitiveness, and explore solutions for South Africa’s energy future.

The two‑day programme features ministerial and industry keynotes, panel discussions on tariff escalation, carbon tax, CBAM, and electricity market reforms, as well as masterclasses on financing, digitalisation, grid security, and hydrogen development.

Delegates will also benefit from networking functions, case study presentations, and practical workshops designed to accelerate the just energy transition.

“The EIUG Conference is more than a gathering – it is a platform to shape South Africa’s industrial energy future,” says Fanele Mondi, EIUG CEO. “ By bringing together government, industry, and service providers, we aim to foster open dialogue and practical solutions that support competitiveness, sustainability, and resilience.”

For more information, visit EIUG Conference (https://apo-opa.co/4x0Wzwd).

Distributed by APO Group on behalf of VUKA Group.

Continue Reading

Business

JSCCIB Joins Forces with Public Sector and World Bank to Launch “The Bangkok Business Summit 2026: Reinvent Thailand, Resilient ASEAN”

Published

10 hours ago

on

August 18, 2026

By

Bangkok Business Summit

Driving the Thai Economy and Charting New Strategic Pathways for the Future of ASEAN
BANGKOK, THAILAND – Media OutReach Newswire – 18 August 2026 – The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB), comprising the Thai Bankers’ Association, the Board of Trade of Thailand, and the Federation of Thai Industries, in collaboration with the Ministry of Finance, the Bank of Thailand, the National Economic and Social Development Council (NESDC), and the World Bank, has announced its readiness to convene a high-level leadership conference, ‘The Bangkok Business Summit 2026,’ under the theme ‘Reinvent Thailand, Resilient ASEAN.’

To be held at the Queen Sirikit National Convention Center (QSNCC), the summit will showcase the vision of public-private sector collaboration aimed at restructuring Thailand’s economy. This event serves as a milestone paving the way toward the IMF-World Bank Group Annual Meetings 2026, which Thailand will proudly host in Bangkok in October 2026, as well as Thailand’s upcoming ASEAN Chairmanship in 2028.

A key highlight of The Bangkok Business Summit 2026 includes a keynote address entitled ‘Thailand’s Offer to the World’ by Mr. Anutin Charnvirakul, Prime Minister of Thailand. The address will declare Thailand’s readiness as a global investment hub, shifting the nation from cost-based competition to enhancing capabilities, innovation, and digital infrastructure. Furthermore, Dr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, will deliver a policy address on ‘Unlocking the Next Growth Engines for Thailand & ASEAN,’ revealing policy reform steps designed to unlock private sector investment and drive the country’s new economic engines. Professor Dr. Yodchanan Wongsawat, Deputy Prime Minister and Minister of Higher Education, Science, Research and Innovation, will address positioning Thailand as a regional investment platform for high-tech industries.

Mr. Payong Srivanich, Chairman of the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB), stated that this event aims to answer a critical question: How can Thailand transform global shifts and its central location in ASEAN into new opportunities for investment, job creation, and sustainable growth?

“The Bangkok Business Summit 2026 is not merely a platform for exchanging perspectives, but a venue where Thailand presents its concrete strengths, opportunities, and development directions to the global business community—bridging the government’s vision, recommendations from international organizations, and the practical expertise of the private sector,” Mr. Payong stated.”Thailand’s challenge today is not just growth, but building competitive growth in a rapidly changing world. We need a platform for collaborative efforts to ‘Reinvent Thailand’ by creating new economic engines and elevating our competitiveness so Thailand can capture new opportunities and become an integral part of a ‘Resilient ASEAN’ capable of adapting to global dynamics.”

Key Highlights & Session Overview

Special Keynote: Mr. Vitai Ratanakorn, Governor of the Bank of Thailand, will present on ‘Thailand’s New Horizons: From Ambition to Delivery.’
Global Insights Panel: Featuring in-depth discussions with Mr. Carlos Felipe Jaramillo, World Bank Vice President for East Asia and Pacific, Mr. Sarvesh Suri, Regional Vice President for Asia and Pacific, The International Finance Corporation (IFC), and Mr. John W.H. Denton, Secretary General of the International Chamber of Commerce (ICC) exchanging views on economic trends, investments, and business opportunities.
Report Launch: Launch of the World Bank’s latest report, ‘Building Thailand’s Future Today: The Investment and Growth Playbook.’ The report proposes a roadmap for Thailand to achieve high-income country status through investment and reforms that create jobs, boost productivity, and lay the foundation for long-term growth, highlighting potential industries such as advanced manufacturing, sustainable & wellness tourism, digital services, agriculture & food, and the creative economy.
Luncheon Discussion: Thai Beverage Public Company Limited will host a special session entitled ‘Growth Reaches Communities: Sufficiency Economy Philosophy,’ presenting the Sufficiency Economy Philosophy as a framework that creates balance, strength, and sustainability from local communities to the business sector and macroeconomy.
Afternoon Tracks

Track 1: Building Resilience (Infrastructure, Energy, and Digital Finance): Led by Mr. Piti Disyatat, Deputy Governor for Monetary Stability, Bank of Thailand, in building competitiveness and the ability to attract future industries to the country. The session will include discussions on the topics of ‘Efficient Energy & Low-Carbon Infrastructure’ and ‘Policy Architecture and Low-Carbon Cities in Action’ focusing on investing in key infrastructure that will drive the industrial transition to a low-carbon society, with leaders from various sectors, including the Ministry of Energy, the Ministry of Natural Resources and Environment, PTT Public Company Limited, Gulf Energy Development Public Company Limited, Siam Cement Public Company Limited, Thai Airways Public Company Limited, and Google LLC and the topic of ‘Building Thailand’s Trusted Economy: Digital Public Infrastructure for Inclusive Growth,’ focusing on digital public infrastructure in the financial sector for sustainable growth, and safe and inclusive digital finance, with senior executives from Bangkok Bank, Krungsri Bank, TMBThanachart Bank, and Ascend Money.
Track 2: New Horizons (Future Industries, Agri-Food, and Human-Centric Economy): Led by Professor Dr. Yodchanan Wongsawat, Deputy Prime Minister and Minister of Higher Education, Science, Research and Innovation, focusing on developing high-potential talent within organizations and positioning Thailand as a regional investment platform for high-tech industries, semiconductors, AI infrastructure, and advanced R&D.
Additionally, the Bangkok Business Summit 2026 will feature a panel discussion titled ‘The Future of Agrifood Business.’ Under the concept of Elevating to a Regional Strategic Asset, leaders from top companies including Sea Value PCL and Olam Agri (Singapore) will share their perspectives on how Thailand’s agrifood industry is evolving beyond its traditional role as the ‘Kitchen of the World’ to become a vital strategic asset for regional food security, and another discussion on ‘The Future of the Human-Centric Economy,’ integrating health, wellness, tourism, and the creative economy centered around people rather than isolated sectors. Panelists include Minor International, Bangkok Dusit Medical Services (BDMS), and Cerecin.

Closing & Actions

To conclude the summit, leaders from the three JSCCIB member organizations will summarize actionable proposals to transform insights into concrete practices. These encompass enhancing competitiveness, building investment ecosystems, and developing future industries. The event will culminate in the signing of a Letter of Intent for Cooperation on the Digital & AI Compact between Thailand’s economic agencies and the World Bank.

 

Continue Reading

Trending