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DBS and Mashreq partner to offer near-instant cross-border payments via DBS Globesend, enhancing convenience and security for customers in 190 markets. (Image source: Adobe Stock)

DBS and Mashreq, two prominent financial institutions in Asia and the MENA region, have announced a partnership to offer same-day and near-instant peer-to-peer cross-border payments to Mashreq’s retail customers in selected markets across Asia Pacific, Europe, and the Americas

This service is facilitated by DBS Globesend, a cross-border payment solution that provides cost-effective, fast, and transparent payments, supporting up to 132 currencies across 190 markets. Customers will also be able to make same-day cross-border payments to popular digital wallets, catering to the increasing demand for e-commerce transactions. Additionally, payments to Singapore and Hong Kong can be tracked in real-time, offering greater certainty and peace of mind.

The demand for secure, convenient, and affordable cross-border payments is increasing, driven by the digital economy and rising volumes of international trade, investments, and remittances. Global cross-border payment flows are expected to surpass US$250 trillion by 2027, up from nearly US$150 trillion in 2017.

Kartik Taneja, head of payments and consumer lending at Mashreq, said, “We are pleased to join forces with DBS Bank to broaden our network, providing secure and seamless cross-border remittance services to meet the needs of the expanding expatriate community in the UAE. This strategic enhancement allows for global money transfers in near real-time, epitomising Mashreq’s unwavering commitment to elevating customer experience through cutting-edge innovations.”

Terence Yong, global head of sales, global transaction services at DBS Bank, said, “Global cross-border payment flows have surged as businesses, investors and talent pursue opportunities in new markets. This is especially evident in Asia which has attracted considerable business attention globally, including from the United Arab Emirates. Our longstanding relationship with Mashreq aims to facilitate the seamless flow of capital, ultimately benefitting businesses, end-consumers and communities. The collaboration also highlights the role banks can play in strengthening the connectivity of business and consumer needs between regions.”

DBS Globesend aims to simplify cross-border payments. With just one bank account and one API integration via DBS’ RAPID (Realtime APIs by DBS) platform, financial institutions and payment service providers can seamlessly route their clients’ payments through DBS’ global payout network, connecting them with over 3 billion accounts and digital wallets. This enables clients to rapidly scale their cross-border payments propositions without having to build a payout network from scratch, while more effectively managing currency liquidity.

ITU and WATRA collaborate to enhance ICT infrastructure mapping across West Africa. (Image source: Adobe Stock)

The International Telecommunication Union (ITU) and the West Africa Telecommunications Regulators Assembly (WATRA) have jointly declared their commitment to enhancing collaboration on ICT infrastructure mapping throughout West Africa 

Accurate ICT infrastructure data and mapping are crucial for shaping effective strategies. According to the partners, these resources are vital for connecting communities currently lacking access to digital services. Geospatial Information Systems (GIS) will play a pivotal role in guiding investment plans and facilitating well-informed decisions.

Possibilities of the digital economy?

Through this partnership, ITU and WATRA aim to maximise their respective initiatives and projects, avoiding redundancy, cutting costs, and accelerating efforts to integrate communities into the digital economy.

The joint declaration delineates several areas of cooperation, including advocacy, capacity building, and implementing ITU guidelines on geospatial data. Activities will encompass technical support, improved network planning, data analytics for decision-making, regional integration, and promoting transparency.

Expected outcomes include enhanced data coherence, better informed investment choices, streamlined decision-making, strengthened regional ties, and greater transparency via accessible online infrastructure information.

Advocacy efforts will highlight the significance of comprehensive infrastructure data management. Capacity building will involve shared resources and joint training sessions for member states to enhance their infrastructure and broadband mapping capabilities.

Technical assistance will focus on reviewing and updating infrastructure data, while capacity development will improve network planning insights, influencing investment decisions across the region.

The partnership also aims to foster regional integration by identifying network interconnection opportunities and gaps, encouraging new investments, and forging partnerships. Additionally, it will advocate for increased transparency and stakeholder engagement through web-based infrastructure information accessibility.

Group photo with tech leaders from Microsoft and African organisations. (Image source: Microsoft)

At an AI Summit hosted at Microsoft South Africa’s offices, several collaborators on a recently launched whitepaper gathered to discuss findings and future considerations for work and AI opportunities on the continent

Africa has a unique chance to shape the future of work as large language learning models (LLMs) continue to evolve and applications are still in their early stages. This insight comes from the "AI and the Future of Work in Africa" whitepaper, produced by Microsoft alongside various industry experts from across the continent.

GenAI: Set to transform Africa

With nearly one billion Africans under the age of 35 and projections indicating that the continent will house nearly half of the world's youth population by the end of the century, Africa is set to contribute significantly to the global workforce. Currently, up to 12 million young Africans enter the labor market annually. However, a report from the International Labour Organisation states that over 20% of these youths are neither employed nor engaged in education or training.

“We see a significant role for generative AI to not only transform work environments but also foster opportunities for the youth to create jobs, innovate, and help drive economic growth and stability across the continent,” commented Ravi Bhat, chief technology and solutions officer at Microsoft Africa.

The whitepaper suggests that generative AI is expected to significantly alter knowledge worker jobs, impacting the nature of work, required skills, and produced outputs. McKinsey research indicates that generative AI (GenAI) could drive labor productivity growth by up to 0.6% annually through 2040, contingent on the pace of technology adoption and the reallocation of worker time to other activities.

“Generative AI has significant potential to advance human capabilities,” commented Jacki O’Neill, director at Microsoft Research Africa. “As more people across Africa gain access to GenAI tools through their internet-enabled devices and more affordable data, the barriers to access are being reduced and opportunities for skilling can increase.”

“But it is not only information workers that stand to benefit from GenAI.”

The potential of GenAI to revolutionise industries such as agriculture, healthcare, and services must be balanced by preparing the youth with the skills necessary for an AI-transformed labor market, ensuring they are not left behind in this technological evolution.

Therefore, it is crucial to develop skills across the spectrum, from deploying and using GenAI tools effectively at work to building innovative applications and technologies on top of these models. This also includes advancing post-graduate skills in areas such as machine learning, natural language processing, human-computer interaction, cybersecurity, and systems, among others.

Orange Energies expands its Orange Smart Energies platform to all African energy producers, enhancing energy access via prepaid solar kits and smart meters. (Image source: Adobe Stock)

Orange Energies is expanding its digital platform, Orange Smart Energies, to all energy producers in Africa 

This initiative aims to enhance energy inclusion by offering easy, prepaid access to energy through solar kits and smart meters. The IoT platform addresses profitability challenges faced by energy producers in Africa by mitigating the risk of non-payment.

Developed by Orange and upgraded in 2021, Orange Smart Energies is now available to all energy producers in Africa and the Middle East. It ensures customer payment via mobile money. The business model, based on a partnership between Orange and energy producers, allows Orange Energies to provide a digital service and distribution network that improves energy access in rural areas, reaching even the most remote locations. This universal platform uniquely supports both pay-as-you-go solar equipment and prepaid smart meters.

Since its launch in 2017, Orange Energies has aimed to make energy more accessible, becoming a preferred partner for energy producers in regions where half the population lacks electricity. It helps electricity companies enhance account receivable collections. Operating in 12 countries (DRC, Madagascar, Cameroon, Senegal, Côte d’Ivoire, Central African Republic, Burkina Faso, Mali, Sierra Leone, Liberia, Guinea, and Jordan), Orange Energies serves over 300,000 households daily and continues to grow its customer base and regional presence across the continent.

Jérôme Hénique, CEO of Orange Middle East and Africa, commented, “Using digital technology to improve the energy inclusion of African people has been our ambition since day one. By opening up our Orange Smart Energies platform to all energy producers, we are taking a major step forward in our commitment to universal access to energy in Africa and the Middle East."

Nat-Sy Missamou, senior vice-president of Orange Energies for Africa and the Middle East added, "We are working with energy producers to help them sustain their business in African markets. Leveraging existing digital and financial inclusion solutions, our pay-as-you-go service is delivered through a distribution model tailored to African markets."

"Learn Today, Lead Tomorrow," articulates MTN's vision of fostering a world where all young individuals are equipped with the necessary tools to excel. (Image source: Adobe Stock)

MTN Group celebrated its 30th year by expanding their volunteer programme to “30 Days of Y’ello Care

This special campaign, called “Learn Today, Lead Tomorrow,” aims to help students in less privileged areas get better education.

In 2024, marking three decades of MTN's establishment, this initiative symbolises the company's enduring pledge to utilise its resources for the collective good. Nompilo Morafo's articulation of the campaign's theme, "Learn Today, Lead Tomorrow," articulates MTN's vision of fostering a world where all young individuals are equipped with the necessary tools to excel.

“The theme – Learn Today, Lead Tomorrow, embodies our passion for creating a world where every young person has access to the tools required to reach their full potential,” said MTN Group chief sustainability & corporate affairs officer, Nompilo Morafo. “The 2024 campaign targets educational inequity, reflecting our deep-rooted commitment to empowering communities. It’s about fostering the next generation of innovators, entrepreneurs, and leaders who will shape their communities and the global landscape for years to come.”

Scheduled from June 1st to 30th, 2024, the "30 Days of Y’ello Care" initiative will witness the collective efforts of MTN employees as they endeavor to significantly enhance accessibility and quality of education for marginalised communities.

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