Fintech PR
Growth for Growth: utu Expansion to Harness Booming Middle East Travel
Travel-tech company raises US$33 Million, Acquires SC Ventures-Incubated CardsPal to Bring More Value to Travellers
DUBAI, UAE, June 29, 2023 /PRNewswire/ — utu, a travel technology company transforming the customer experience in tax-free shopping, has closed a deal of US$33 million in combined transaction value. The deal, comprising of an acquisition and a funding round, consists of both a portion of new funding, with SC Ventures participating, and the roll-over of earlier funding from Singapore-based investors, marking a major milestone in scaling up the brand’s endeavours to transform tax-free shopping experiences worldwide. Using the Covid hiatus to establish key partnerships with global airlines such as Emirates, Etihad Airways and Qatar Airways, along with hotel chains and retail brands, utu will use the funds to further expand rewards opportunities for tax-free shopping.
In May 2023, the UN World Tourism Organisation published data showing that the Middle East was the first region in the world to reach and exceed pre-pandemic travel levels during Q1 of 2023, surpassing 2019 figures by 15%. With growth of internal resources to meet this external growth in the region and beyond, utu, co-founded by travel retail and VAT refund veteran Asad Jumabhoy, is poised to disrupt the travel shopping industry by re-engineering the tax refund process, reaching more travellers.
Re-engineering tax-free shopping with Middle East rewards partners
Rather than competing with existing players, utu collaborates with refund and travel industry partners, enhancing refund value through innovative B2B and B2C solutions. With a reengineered approach that links payments, rewards, and shopping, utu introduces new value for tourist shoppers, retailers, VAT refund operators and the entire tax-free shopping value chain.
In the Middle East, this value chain extends to major airlines, specifically their frequent flyer programs. With Emirates Skywards, Etihad Guest, and the Qatar Airways Privilege Club as rewards partners, utu allows users to earn miles with VAT refunds with increased value and to choose among several top regional carriers’ rewards programs. It also partners with Accor, Europe’s largest hospitality brand.
Asad Jumabhoy, co-founder and CEO of utu, commented: “The cross-border travel market is ripe for a technology-driven transformation, with tax-free shopping presenting vast untapped potential. By enhancing the value of VAT and GST refunds for travellers, we’ve reimagined the cross-border retail experience and devised a technology-based business model unlocking previously inaccessible value. This strategy benefits all stakeholders while also enabling governments to compliantly recycle VAT refunds within their borders.”
In re-engineering the refund process, utu offers users two primary value-centric benefits when they opt to receive tax refunds via their utu Tax Free Card. Firstly, travellers can gain up to 40% more value by opting for frequent flyer miles or hotel points over cash refunds. Secondly, utu can issue an immediate store voucher equivalent to up to 120% of the VAT or GST paid during overseas shopping.
Accelerating availability of utu worldwide
The CardsPal acquisition equips utu with a digital marketplace, a unique promotions engine, a self-service merchant registration portal, and more. This technology will expedite utu’s rollout in major tax-free shopping markets like the UAE alongside some 50 countries offering VAT and GST refunds. Additionally, utu is developing plans to integrate CardsPal’s hyper-localised retail experience into an improved pay-with-points offer more value.
Gautam Jain, Member, at SC Ventures said: “CardsPal is a great example of why we at SC Ventures believe in the power of innovation and support our employees to have transformational impact. Through SC Ventures’ Intrapreneurship Program, CardsPal grew to become a substantial business with award winning UX. We look forward to utu’s continued success scaling its products across the globe using CardsPal’s technology.”
About utu
utu is a travel technology company on a mission to enrich the tax-free shopping experience. Leveraging over 27 years of sector expertise, co-founders Asad and Ameer Jumabhoy sought to create a platform that firmly positions tourists at the heart of the international shopping experience. By making use of innovative cross-border rewards technology, utu is able to reward travellers for every tax-free shopping transaction across 50 countries and with any VAT Refund Operator (VRO). utu is changing the world of tax-free shopping, transforming a once administrative process into a more rewarding experience for everyone involved – brands, VROs and tourists.
SC Ventures
SC Ventures is a business unit that provides a platform and catalyst for Standard Chartered to promote innovation, invest in disruptive financial technology and explore alternative business models.
For more information, please visit www.scventures.io and follow SC Ventures on LinkedIn.
View original content:https://www.prnewswire.co.uk/news-releases/growth-for-growth-utu-expansion-to-harness-booming-middle-east-travel-301866002.html
Fintech PR
COCA Unveils Black November: Zero Fees on Swaps, Spending, and FX with the COCA Crypto Card
HONG KONG, Nov. 5, 2024 /PRNewswire/ — This November, COCA is thrilled to announce its Zero-Fee Black November offer, delivering one of the most competitive zero-fee crypto wallet and card experiences in the industry. With zero fees on swaps, card spending, and FX, COCA is dedicated to helping users keep more of their crypto gains by reducing the costs that often come with swapping and spending cryptocurrencies in the real world.
Why COCA Leads the Way in Zero Fees
Most crypto apps, including Coinbase, Crypto.com, Revolut, and popular DEXs, add commission fees that reduce users’ earnings. COCA’s Zero-Fee Black November, however, offers the opportunity to transact with zero costs. Here’s how COCA stands out:
- Zero Commission on Cross-Chain Swaps: COCA users can swap assets seamlessly across 13 chains with no commission fees.
- Zero Fees on Card Spending: Every COCA card transaction—whether online or in-store—is fee-free.
- Zero FX Fees Worldwide: COCA cardholders can shop at 80 million+ merchants with no foreign exchange fees, ideal for international spending.
- No Membership Fees: COCA’s transparent structure means no annual card fees—users gain access to all benefits without hidden costs.
Earn Rewards with COCA Points
In addition to zero fees, COCA users earn COCA Points on every card transaction. These points can unlock exclusive rewards, including eligibility for an upcoming airdrop. This reward structure allows users to save with each transaction while gaining even more value with each purchase.
Zero-Fee Black November – The Perfect Time to Join COCA
Now through the end of November, users can secure COCA’s exclusive zero-fee offer by ordering a COCA card. COCA’s zero-fee structure, paired with COCA Points rewards, allows users to maximize savings and enjoy added benefits on every transaction.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
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View original content:https://www.prnewswire.co.uk/news-releases/coca-unveils-black-november-zero-fees-on-swaps-spending-and-fx-with-the-coca-crypto-card-302296499.html
Fintech PR
Gateway Gulf’s Second Edition Concludes on a High Note with over USD 12 Billion of Announcements and Deals
MANAMA, Bahrain, Nov. 5, 2024 /PRNewswire/ — A total of 32 landmark announcements and deals over USD 12 billion were announced at the second edition of Gateway Gulf 2024, which ran between 3 – 4 November. Organised by Bahrain Economic Development Board (Bahrain EDB), the forum was attended by 250 ministers and business leaders from around the world and highlighted significant trade and investment opportunities in Bahrain and the wider Gulf, as the region’s economies increasingly drive growth in non-oil sectors.
In finance, Al Salam Bank (ASB) announced the launch of ASB Capital, a newly established Category 3A asset management firm licensed by the Dubai Financial Services Authority (DFSA). Investcorp announced key investment related initiatives, and SICO Bank introduced diversified investment products. J.P. Morgan Payments announced plans to hire technologists in Bahrain. Additionally, Singapore Gulf Bank announced the launch of corporate banking services for the global digital economy.
Highlighting Bahrain’s digital transformation momentum, ARRAY Innovation signed three partnerships with the National Bank of Bahrain (NBB), Aluminium Bahrain (Alba), and the Labour Fund (Tamkeen) to promote advanced enterprise software, analytics, artificial intelligence, and machine learning solutions. Beyon unveiled its visionary digital city and signed a development agreement with Edamah.
In manufacturing, Alba and Daiki Aluminium reaffirmed their commitment to establishing a sustainable aluminium dross processing facility in the Kingdom of Bahrain. Racing Force Group and Bahrain International Circuit announced the completion of the Bell Racing Helmets factory extension and groundbreaking for its new open manufacturing production (OMP) facility. Meanwhile, Bapco Energies also announced reaching a decisive milestone of expanding its refining capacity in compliance with the latest sustainability regulations under Bapco Modernisation Program (BMP).
Key projects were announced by Edamah, the real estate arm of Bahrain Mumtalakat Holding Company, including the opening of its latest resort Hawar by Mantis. Infracorp, a leading company specialised in infrastructure investment and sustainable development, revealed an agreement with Kempinski to launch Harbour Heights Kempinski Hotel and exclusive branded residences in the heart of Manama’s exclusive Bahrain Harbour.
Government announcements included details from Bahrain’s Ministry of Industry & Commerce about a National Industrial Development Fund and SMEs Development Fund. The Ministry of Housing and Urban Planning outlined plans for the development of 3,000 residential units and apartments in Khalifa City, while Mumtalakat, Bahrain’s sovereign wealth fund, signed several partnership agreements across key verticals of their portfolio.
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View original content:https://www.prnewswire.co.uk/news-releases/gateway-gulfs-second-edition-concludes-on-a-high-note-with-over-usd-12-billion-of-announcements-and-deals-302296497.html
Fintech PR
FBOX Accelerates Growth and Innovation in the Cooling Industry with Strategic Initiatives
DUBAI, UAE, Nov. 5, 2024 /PRNewswire/ — In an impressive demonstration of agility and foresight, FBOX has embarked on a series of transformative initiatives over the past two months, affirming its status as a pioneering leader in the cooling industry.
At the recent exhibition Bitcoin Amsterdam, FBOX introduced its revolutionary clean energy green mining solution. The innovation effectively addresses the critical challenge of unstable power output in renewable energy mining, showcasing the company’s commitment to sustainability and eco-friendly practices.
Following this significant launch, FBOX made a strong entry into the data center liquid cooling sector at Gitex Global in Dubai. This strategic move highlights the company’s advanced cooling technologies, meticulously designed to meet the evolving demands of modern data centers and ensure optimal performance, enabling broader applications of cooling technology across various industries.
The momentum continued at the Blockchain Life Dubai, where FBOX unveiled a specialized cooling solution tailored for the Antminer S21 immersion miner. This initiative underscores FBOX’s dedication to delivering customizable, state-of-the-art solutions for the cryptocurrency mining industry, reinforcing its adaptability in a rapidly changing industry.
Looking ahead, FBOX will be exhibiting at the upcoming SC 24, the International Conference for High Performance Computing, Networking, Storage, and Analysis in Atlanta, USA in November. With two strategically positioned booths showcasing its innovative data center liquid cooling products, the company signals its commitment to establishing a robust presence.
These swift advancements underscore FBOX’s dynamic growth trajectory and strategic focus on capitalizing on high-demand markets. As the company continues to innovate, it remains dedicated to fostering sustainable solutions and driving excellence in the cooling solutions industry.
About FBOX
FBOX is a leading solution provider in the cooling industry, renowned for its innovative immersion, hydro, and air-cooling products. Committed to advancing cooling technology, FBOX offers stable, high-performance cooling solutions that are highly compatible across diverse environments.
By enabling efficient overclocking while ensuring thermal stability, FBOX products are widely adopted in North and South America, as well as the Middle East, positioning the company as a trusted leader in the market.
For additional details, visit:
Official Site: www.fboxdata.com
LinkedIn: FBOXDATA
Twitter: FBOXDATA
View original content:https://www.prnewswire.co.uk/news-releases/fbox-accelerates-growth-and-innovation-in-the-cooling-industry-with-strategic-initiatives-302296487.html
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